At some point, everyone has experienced the sinking feeling of buyer’s remorse. Whether you paid too much for a big-ticket item or you made an impulse buy you came to regret, you may find yourself wishing you’d made a different choice before you pulled out your credit card.
The good news is, there’s a way to help prevent buyer’s remorse. By making careful, informed decisions and taking your time with your purchase, you can eliminate that unfortunate feeling. Here’s how to do it.
Buyer’s remorse occurs when you regret making a purchase. It may be because you didn’t need the item, you didn’t find the best deal, or it was just too expensive. Many people experience buyer’s remorse after a large purchase, but you can feel it for anything you buy.
Taking a more careful, measured approach to your purchases can help you escape buyer’s remorse for good. Use each of these steps when you buy something, and you’ll likely feel more confident and satisfied with your purchase.
Before you buy something, you should ask yourself why you want it. Do you actually need this item, or are you buying it for another reason? Maybe you’re bored, sad, or tired, and you need a distraction. Maybe you saw that your neighbor purchased one, and you immediately wanted one, too. Sort out the “why” behind your desire.
You’ll often have a good reason for wanting to make your purchase. Perhaps your old porch umbrella broke, and you want a new one because your family spends lots of time outside. But sometimes, you’ll find that your motivation for buying something doesn’t hold up. For instance, you shouldn’t get a new car just because your neighbor got one — especially if your current car is working fine. It’s not a good idea to make a large purchase during a time of personal or financial crisis, either.
You can also look at justification as determining wants and needs. If something is a need, such as a bike helmet for your child, that’s easy to justify. It contributes to safety. If it’s a want, however, you may find you would be just as happy without it.
Buyer’s remorse can come from buying something overpriced or underwhelming. Researching a product ahead of time can stop you from making the wrong purchase.
If something is worth buying, it’s worth saving for rather than overspending in the moment. Examine your household budget and see what you can shift around to save for the product. For instance, you might skip your monthly dinner date and accompanying babysitter for three months and put that money into saving for your purchase instead. Small changes add up quickly.
You know your justification for buying, found the product you want, and you’ve saved up your money. You’re ready to make the purchase. Still, to avoid buyer’s remorse, you need to take a few more steps to ensure you get the best deal and the right product.
By taking the time to justify your purchase, determine your budget, and research the many choices available, you should feel confident about what you want to buy once it’s in your cart. Avoiding buyer’s remorse is mostly about being prepared. When you take the time to educate yourself, you won’t regret what you buy.
To learn other financial preparedness strategies, visit our WalletWorks page.