It’s happened to all of us at some point. You purchase something then a few days or weeks later; you start to regret it. Maybe the item wasn’t what you expected, or maybe the price was too high. This feeling is known as buyer’s remorse and can be pretty darn unpleasant.
In this blog post, we will discuss buyer’s remorse, how to avoid it, and some tips for making sure you don’t regret your purchases.
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What Is Buyer’s Remorse?
Buyer’s remorse is defined as “the sense of regret after having made a purchase”. It’s that sinking feeling you get when you think about how much money you just spent – and whether or not it was worth it.
According to Finder.com, 64% of adults who purchased during black Friday sales experience buyer’s remorse.
Most companies will not offer returns or refunds on items that have been used, so it’s important to be 100% sure about your purchase before you make it.
What does buyer’s remorse feel like?
For some people, buyer’s remorse can be a mild feeling of regret or disappointment. For others, it can be an all-consuming feeling of anxiety and dread.
If you’ve ever made a major purchase – like a car or a house – and felt sick to your stomach afterward, you know what we’re talking about.
Ten tips to Prevent Buyer’s Remorse
Experiencing buyer’s remorse does not feel good; in many cases, it is already too late to receive a refund. Even small purchases can cause buyer’s remorse if you’re not careful.
So prevention is key!
Here are our top tips on how to avoid buyer’s remorse:
1) Take the time to research
When it comes to making any purchase, research is essential. You should know exactly what you want and your options before entering a store or browsing online.
If you’re unsure whether to buy something, take the time to do your research first.
Read online reviews, talk to friends or family members who may have purchased the same item, and get as much information as possible. Doing this will help you make an informed decision and avoid buyer’s remorse later.
You should also research their business practices. Buyer’s remorse can often occur due to a depreciation of initial perceived value, but it can also arise if you find out that the company has unethical business practices.
2) Set a budget and stick to it
Before you start shopping, set a budget and make sure you stick to it. It’s easy to get caught up in the moment and spend more than you intended, so having a spending limit will help keep you in check.
Not sure how much you can afford? Use our free budget tracker to find out!
You can also use various budgeting methods such as the envelope system to help you stay on track.
3) Consider the long-term cost
When making a purchase, it’s important to consider the long-term cost, not just the upfront price.
For example, factor in fuel costs, insurance, and maintenance if you’re buying a car. These purchases can become long-term liabilities rather than one-time expenses.
The same goes for big-ticket items like appliances and electronics – think about how much it will cost to use and maintain them over time.
However, if an item service will save you time and energy or give you peace of mind, it can be a good investment. This is because your time is also valuable and has a cost.
If something only brings you joy for a few minutes, it may not be worth it. Some examples may be an item that is popular but not long-lasting, such as fast fashion, fast food, and short-term gym memberships.
However, this is just a guideline and not a rigid expectation. For example, a two-hour movie and ice cream may not seem like it’s worth it. However, if you are experiencing it with someone you love, it can be worth it.
Some memories are priceless. This is also true for a two-hour networking event. If you meet someone that could lead to your dream job, it would be worth the investment.
4) Wait 24 hours before finalizing your purchase
First, wait 24 hours before finalizing your purchase. This will give you time to consider whether you need the item and whether it’s worth the price.
If you’re still thinking about it after 24 hours, that’s a good sign that you should buy it. But if you’ve changed your mind, it’s probably not worth your money.
5) Use cash instead of credit
If you have difficulty with self-control, use cash instead of credit when making a purchase. Doing so will help you stay within your budget and avoid debt.
Plus, studies have shown that people are more likely to experience buyer’s remorse when they use credit cards because they don’t “feel” the pain of paying with cash.
6) Avoid impulse buys
An impulse buy can be defined as “a spontaneous decision to buy something, without any prior thought or planning.” In other words, you buy something on a whim without giving it much thought.
Impulse buys are often driven by emotions like excitement, happiness, or even sadness. And while they can be satisfying at the moment, they usually lead to regret later.
To avoid impulse buying, take a step back and ask yourself if you need the item. If you can wait 24 hours to buy it, that’s usually a good sign that it’s not an essential purchase.
By combining these tips on this list, you are better equipped to fight off buyer’s remorse!
7) Compare prices before you buy
Before you make a purchase, take some time to compare prices from different stores or websites. You might be surprised at how much you can save by researching.
8) Read the return policy
Before you buy anything, make sure you read the store’s return policy. This will help you know what your options are if you end up regretting your purchase.
Some stores have a no-returns policy, so it’s important to be aware of this before you make a purchase. Being aware that you won’t be able to return it can make you think twice about creating an experience of buyer’s remorse.
9) Shop for quality, not appearance
When you’re out shopping, buying something solely because it looks good can be tempting. But before you make a purchase, always ask yourself if the item is well-made and will last.
Instead, spend a little more on something that will stand the test of time than to have to replace it every few months. Quality should always be your top priority.
For example, if you wish to save money on your appearance, focus on exercise, nutritious eating, and stress management. These practices are often much less expensive than plastic surgery, tons of makeup, and expensive jewelry.
By becoming a higher quality person through character traits and values, your appearance will increase without the high costs.
Quality can also help prevent wear and tear and allow for prolonged use. For example, a $500 designer t-shirt may look great, but they usually last just as long as a nice fitting $5 t-shirt.
Unfortunately, many people feel buyer’s remorse once they realize that their desire to appear of high status has cost them more money than necessary.
By reading articles on this website, you are investing your time in quality, and it is free of cost. Your quality will increase, and it won’t be just for appearance. This is an excellent way to save money and increase your quality of life!
Related Content: What Financial Minimalism Is and How To Achieve It (14 Tips)
10) Understand sales tactics
Salespeople are trained to use certain techniques to get you to buy something on the spot. They may try to create a sense of urgency by saying that the sale ends today, or they may offer a discount if you buy now.
If you feel like you’re being pressured into buying something, take a step back and ask yourself if it’s something you need or want.
You can always come back later – the “sale” will still be going on.
All in All
Buyer’s remorse is not a fun experience. Your hard-earned money is suddenly gone, and you are left with regret.
Hopefully, by following the tips on this list, you can start to avoid buyer’s remorse in the future.
Remember to take your time, research, and always think twice before making a purchase.
Make sure to share this article with your friends and family to help them avoid feeling buyer’s remorse!
Disclaimer:
We hope the information in this article provides valuable insights to every reader but we, the Biesingers, are not financial advisors. When making your personal finance decisions, research multiple sources and/or receive advice from a licensed professional. As always, we wish you the best in your pursuit of financial independence!
