Never Experience Buyer's Remorse

Money SmartsJuly 10, 2018

You really want that handbag or maybe you just know that gigantic entertainment center will transform your weekends. So you swipe your card and the dream item becomes yours. You’re thrilled!

That is, until a few weeks later when the credit card bill comes, and buyer’s remorse hits. You can’t help wondering: Was it really worth the price?

Don’t get sucked in again! Before you say “yes” to a large purchase, ask yourself these questions:

 

  1. IS THIS THE BEST PRICE?

When making a large purchase, it’s important to comparison-shop by checking several online listings and some brick-and-mortar shops as well. Try finding the best season for buying this particular item and wait for a sale if it makes sense to do so. Finally, consider purchasing a previously owned item for less. 

 

  1. HOW MANY HOURS WOULD IT TAKE TO PAY FOR THIS?

Calculate the total number of hours you’ll need to work to pay for this “must-have” item. Is it really worth the price?

 

  1. WHAT ELSE COULD I BUY?

Think about the money you’re about to spend on this single item. What else can that money buy? A few weeks’ worth of groceries? A year’s worth of monthly dinners out? Take some time to think of other ways you can spend this money before making a final decision. 

 

  1. HOW OFTEN WILL I USE THIS ITEM?

Yes, it seems essential today, but looking ahead, how often do you think you’ll really use this item? If you can see yourself only using this purchase a few times a year, you may want to re-think your decision.

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