We are all guilty of splurging money on something we regretted buying later. Buyer’s remorse is natural and expected, especially after spending your hard-earned money on an item gathering dust in your home.
However, take heart — you’re not alone. According to a UK study with 2,490 respondents, 89 percent currently owned something they regretted buying. This means that you shouldn’t let regret turn into despair or stress. Instead, let your regret be a lesson for future purchases.
This article compiles expensive items that too many people regret buying so that you can learn from their impulsive mistakes.
Designer items
The luxury goods industry is worth billions of dollars and keeps growing yearly. Most people who have purchased designer goods, real or fake, end up regretting it. First, the item looks way better on the model than when the buyer wears it.
Another problem is that you will only find a few occasions to wear your designer items, so you end up with a collection of expensive stuff you rarely use. This doesn’t mean you should skimp on quality and buy cheap stuff. Buyers should prioritize needs over wants and assess expensive purchases before buying them.
Over-the-top weddings
Weddings are unique and memorable events for those involved. However, if it’s money you could use to jumpstart your life as a married couple, an expensive wedding can be something you regret for the rest of your life.
According to The Knot, a wedding planning website, American couples spend an average of US$30,000 to $40,000 on their weddings. This may be affordable for some people, but most have an extravagant and overwhelming wedding to appease their guests. Smaller and more affordable weddings and receptions turn out better for most couples.
Experts recommend not letting other people’s opinions determine your ceremony. Please discuss with your partner which aspects of the wedding are the most important and budget your resources around them.
Personal loans
Most people have become victims of loaning money to a friend or family member, only for it to go down the drain. Kindness is a great trait, and it’s good to help friends or relatives when in need. However, you must be able to help and ensure your helping won’t leave you in financial limbo.
Financial experts advise people to set up savings for family emergencies. This way, you don’t use money earmarked for your personal needs for personal loans to friends.
House appliances
It’s easy to be tempted to buy high-end appliances like refrigerators with glass doors and screens, ultra-luxe dishwashers, restaurant-style dishwashers, and more. Jason Gelios, author of Think like a REALTOR, told Yahoo: “Many times, new homeowners, especially first-time homeowners, overindulge on appliances, only to realize they didn’t need to spend that much on them.”
These big purchases are not the only dints in your wallet because you may be wasting your hard-earned cash on many small appliances you will store in your cupboards. People have regretted buying ice cream makers, cotton candy machines, air fryers, pasta makers, and fancy coffee machines, among other kitchen appliances.
Home exercise equipment
At the beginning of the year, when you have a New Year’s resolution to work out, getting a gym membership, getting gym wear, or buying weights and other exercise equipment may make sense. However, after a month or so, people start regretting their purchase because they may not have enough time to train or lack the motivation to train at home.
Gym equipment and wear may cost hundreds to thousands of dollars, so assess your schedule and motivating factor before splurging on an exercise bike, rowing machine, or weights you’ll never use once the novelty wears off.
Lottery tickets
Most people hope to win big from their lottery tickets one day. After all, we hear rags-to-riches stories from lottery companies every day. However, in reality, the average lottery ticket buyer loses more money than they win, and that’s how betting and lottery companies make lots of money. That five-dollar ticket may not seem extravagant, but if you track your winnings and losses, you’ll see the costs increase quickly.
Swimming pools
Homes with swimming pools look glorious. However, most people don’t see the costs associated with them, including maintenance, utility bills, repair, and the labor and time it takes to maintain one.
If you know the costs of maintaining a swimming pool, isn’t an above-ground pool cheaper? However, many buyers have regretted this purchase because these pools take up a considerable part of their yard and lose shape if improperly maintained.
Cheap low-quality items
We’ve focused on expensive items that you may regret buying, but it’s worth mentioning that you may also regret buying low-quality items. For instance, low-quality items furniture costs more because you spend more to replace or repair them. This also applies to most items in your home, so you have to find the right balance between overspending and underspending. Don’t skimp on quality if you need it for the long haul.
Avoiding buyer’s remorse
People regret buying outdoor appliances, kid’s playgrounds, toys, expensive cars and houses, skin care products, dieting and weight reduction products, holidays, and more. Most people buy things they don’t need because of pressure and fear of missing out. That’s why financial experts advise buyers to assess their purchases and determine if using their hard-earned money on them is worth it. In short, how many hours did you work to buy that item, is it worth it, and can you invest that money elsewhere?
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