7 Steps to Avoid Buyer’s Remorse
Posted by John Draper | Filed under Smart Shopper
Lots of people shop emotionally instead of with their heads, buying stuff they don’t need because they’ve had a bad day, had a great day, or been with someone who is very convincing – be it a salesman, a best friend, or a wife/husband with a itch to acquire.
So, have you ever bought something you just couldn’t live without and afterwards find yourself scratching your head and wondering, what the hell was I thinking? Then you’ve experienced something called “buyer’s remorse.”
Want to avoid that horrible sinking feeling, the guilt, the wish-I-could-take-it-back sense of waste? Here’s what you should do.
1. Make a list, and never buy anything that’s not on your list. If you see something you really, really want, add it to your list.
2. Once you’ve added it to your list, go home and sleep on it. If you want it tomorrow, go to step three.
3. Do some research before you buy. Buyer’s remorse often climbs on our backs when we find out we’ve paid too much for something. Make sure you know how much the item you’re buying is really worth.
4. Get a second opinion. Take your sister, your best friend, your mom or dad with you, and ask if they think it’s worth the price.
5. If there’s any financing involved, figure out what the item will end up costing you once you’ve paid the financing charge. If you don’t do this step, you’re deluding yourself and you deserve to feel like a dope.
6. Ask yourself, “Do I need it or do I just want it?” If it’s a need, put it on your list in a position of priority. If it is simply a want, it goes at the bottom of your list. Take care of your “needs” before you start scratching your “want” itches.
7. Ask yourself, “What else could I do with the money I’m spending on this item?” Are you working towards a goal that would be served well by this money? Is there another priority that should take precedence? Put your money where it will do you the most good.
April 25, 2008 at 10:04 am
Great advice Gail! My husband and I saved for a down payment on our house instead of making just “want” purchases. We now are living in our home, and we only do renovations when we can afford to. So many people today are worried about how their home appears, but right now, I’m content with my college furniture until we can afford better. Our first priority was a house and we became homeowners at the age of 23 and 26.
It really pays off to consider what you are purchasing big and small and not making impulse purchases. Also you don’t have to make a lot of money to live well! It is all about perspective. We try not to compare ourselves to anyone else and be happy with what we have.
April 25, 2008 at 12:41 pm
So smart for such a young woman!
April 25, 2008 at 1:20 pm
Gail, I was thinking the same thing! You make us proud!
I have to laugh sometimes with the things I used to bring home because I used to absolutely have it because in the store it was either the neatest thing and of course, I thought everyone else would love it.
Buyer’s remorse items:
Buying my sister a Christmas wreath made of white turkey feathers! She had two little kids at home and to be honest, it just didn’t last very long because the children wanted to constantly remove the feathers! We still laugh about that!
Buying a metal tree you could sit fruit on – it had little cirlces that you could put the fruit in. In the store it looked great but at home, there wasn’t any space for it and I immediately had to give it away.
I definitely find your suggestions very workable as I do this every time…my most recent buyer’s remorse is feeling that the presents I buy don’t add any value to my children/grandchildren’s lives – too many toys already, a cupboard full of clothes. I have stopped doing it and am thinking of other ways to add value to their lives.
April 25, 2008 at 3:09 pm
Wanda- as a mother of children who have too much stuff, try offering to spend an afternoon/lunch/dinner with the child/grandchild to celebrate their birthday. I know my children would love to have one on one time with their grandparents (without the other siblings around!) and would enjoy simple things such as a car trip to a special country store for ice cream, a movie or concert that I can’t afford to take the whole family to, supper at a special (does not have to be expensive)restaurant or afternoon tea at the grandparents or at a cozy tea house. Just having your undivided attention for an afternoon /evening can be very special.
Others will say to give them money or contribute to their RESP but I would rather have my children remember special times they spent with family.
Don’t forget to take a picture!
April 26, 2008 at 12:22 pm
Wanda, I have to agree with Cynthia.
Growing up my parents always took me out for a nice supper for my birthday. It wasn’t an expensive restaurant, but a treat for us all. We didn’t eat out very often.
When my parents split, my father still took me out for dinner on my birthdays. When I started working I then took him out for his birthday and fathers day. We really enjoyed the time out together just relaxing and enjoying each others company. In the past few years we haven’t been doing that as much and I miss it. It really IS the time together that’s important, not the gift.
I struggle with my parents & in-laws. My son is 2 1/2. They spent way to much last Christmas on him. He ended up with a lot of STUFF and it was just wasteful. I don’t want them going in the hole to buy him presents. He knows they love him. He’s only 2. He doesn’t need a ton of STUFF. I limited how much Santa brought because I don’t want him growing up expecting too much and holidays becoming about greed. I would much rather they put some money in his savings or RESP. We will be talking about this again this year.
As for Christmas this year, I am making a new budget and sticking to it. I may even talk about not exchanging gifts and just planning a nice meal togther.
As for thinking about purchases, I really have been trying hard to think about what I NEED verses what I WANT. I would love to buy a new Dyson vacuum but I have decided that I need to save for it. I have enough in my savings now to buy it but it would drain my savings. So I’ve decided I need to save seperately for it. My current vacuum will have to do until I have the funds.
I recently bought an expensive original painting. I’ve wanted a painting by this artisit for years and I absolutely love the painting. It is a perfect fit in my house and I’ll have it for ever, but I charged it. I do regret that. I should have waited until I had the money to buy it. I can’t change it now. I just have to be sure to pay for it now.
Gail, reading your blog keeps me in check. It reminds me to be mindful of my money and my goals. I’m working on an emergency fund and I don’t want to dip into it. I’m proud of myself looking at what I’ve saved in just a few months. Thank youf ro your guidance!
April 26, 2008 at 1:19 pm
I remember that as a kid, going to McDonald’s, KFC, Dairy Queen’s … was something special.
April 26, 2008 at 1:39 pm
Melanie: Keep saving. You won’t regret the Dyson. It’s a heck of a beast. A liiittle bit heavy to carry around the house but sucks like nothing else. We used all our Christmas money and some savings to buy ours.
April 27, 2008 at 11:38 am
Marie, you’re so right.
McDonald’s, Wendy’s etc WAS a big treat. Now it’s expected.
I am trying very hard with my son to keep these outings as a treat. He doesn’t get to buy something just because we are a store etc.
H, thanks for the vote of confidence in the Dyson. I have a birthday coming up. Maybe I’ll have some funds to add to the Dyson fund.
Melanie : )
April 27, 2008 at 8:24 pm
Cynthia and Melanie, Thanks so much for the ideas! You are so right…you both sent me down memory lane when I asked myself what I enjoyed most about my grandparents – they all involved very simple things – peeling potatoes on the front porch with my grandfather at his resort, going to the sugarbush, fishing. My grandmother was always too busy and you know I wasn’t really close to her but my aunts and uncles they were so wonderful! With 12 children in my family, my aunts and uncles took us for weekends and it seemed all of us had a favourite aunt and uncle! Thanks for reminding me that the gift of time and not just unconditional love is so important
May 15, 2008 at 12:08 am
Well NOW you come up with the seven steps! Where were you when I needed you? Oh yeah. Right here. Where was I? Lost in cyber space and busy finding my own stupid way to fight buyer’s remorse.
It ain’t pretty but it works for me because my way of determining what I should buy and what I shouldn’t all hinges on the fact that I am basically quite a lazy person. I simply took our weekly net income and divided it by the number of hours worked to arrive at a net hourly wage. Then I divided that amount by 4 because on Gail’s Interactive Budget Worksheet the “Life” category is 25% of your net income.
Now when I get the irresistible urge to buy something I ask myself how much time is it going to take us to earn the money to buy this irresistible item? Funny how easily an irresistible can become a resistible when you factor in sweat equity. Some things are worth every drop but trust me there is NO WAY we are EVER AGAIN going to work for 33½ hours to buy a sweater that I will undoubtedly shrink the first time I wash it anyways.
My little formula does not take into account how much interest I would pay (and how many additional hours I would have to work} if I bought the item on a credit card because (a) my head would explode if I tried to do that much math and (b) I don’t have the time or energy to dig up the city land fill in order to find our cards – not at my hourly wage.
P.S. Anyone interested in buying a Cashmere cat blanket with sleeves?