What is buyer’s remorse? And how to avoid it
Have you ever bought something and then regretted it?
Buyer’s remorse refers to negative emotions—such as regret, anxiety or guilt—that consumers may experience after buying an item.
Is it normal to feel buyer’s remorse?
A person could experience buyer’s remorse for a number of different reasons. For example, impulse buys or overspending could cause a consumer to regret their purchase. Others might feel like they made the wrong decision or didn’t do enough research before buying.
Buyer\’s remorse can happen for various reasons:
- Impulse Buying: Sometimes, people make purchases on a whim without thoroughly considering whether they actually need or can afford the item.
- High Expectations: If you have high expectations for a product or service and it doesn\’t meet those expectations, you may feel regret.
- Financial Stress: If the purchase puts a strain on your finances or you feel you\’ve overspent, this can lead to remorse.
- Lack of Research: Not doing enough research before buying something can lead to disappointment when you discover better options or realize you could have gotten a better deal.
- Peer Pressure: Sometimes, people make purchases because of pressure from friends or societal expectations, and later regret not sticking to their own preferences or needs.
Whatever the reason, buyer’s remorse is something many people may feel at some point in their lives. It’s normal to have buyer’s remorse sometimes, so don’t be too hard on yourself. Instead, it’s helpful to think about why you bought a certain item. Understanding your current spending habits can help you make better financial decisions in the future.
How to deal with buyer’s remorse.
If you have regrets about a recent purchase, these strategies might help you manage your buyer’s remorse.
Try to return smaller purchases
If you’re experiencing buyer’s remorse over a smaller purchase—like new clothes—returning the items may help these feelings pass.
Make a budget to manage spending
Instead of beating yourself up over money missteps, you can use them as a learning opportunity. Creating a budget can help you see where your money is going and help you take control of your finances
24-hour rule: Some personal finance experts suggest budgeting with the 24-hour rule to limit unplanned spending. Followers of this rule wait a full 24 hours before purchasing an item they want.
Sinking funds: Starting a sinking fund is another money-saving strategy that could help you manage feelings of buyer’s remorse. A sinking fund lets you save money for a specific purchase or goal.
Make the most of your situation: It’s helpful to figure out why you’re experiencing buyer’s remorse. Did your purchase come with unexpected costs? Are you wondering if you could have gotten a better deal elsewhere? Is the item not living up to your expectations?
Consider Future Value: Think about the long-term value of the purchase. Will it continue to be useful and bring you joy over time?
Talk to Someone: Discuss your potential purchase with a friend or family member who can provide a different perspective.
Learn from Mistakes: If you do experience buyer\’s remorse, use it as a learning experience to make better choices in the future.
How to avoid buyer’s remorse in the first place.
If you want to avoid buyer’s remorse, it may be helpful to consider the following:
Assess an item’s value. If you’re shopping for clothing, it could be a good idea to consider cost per wear. Is the item you want a trendy piece you’ll only wear a few times?
Do your research. Are you buying a new home appliance, cellphone or computer? If so, research product details and consumer reviews to help you make an informed purchase. You may also want to read the fine print. Some items can have hidden costs—like service fees and charges—that can increase your total purchase price.
Prepare for big purchases. If you’re planning for a large purchase, it’s helpful to make a budget. It’s also a good idea to save up for a down payment and determine a realistic monthly payment range. Having these figures in mind can help you make a purchase that fits your financial situation.
Buyer’s remorse in a nutshell
Buyer’s remorse can be unpleasant, but there are ways you can overcome this feeling—or even avoid it in the future. It’s a good idea to research your options ahead of time and budget for big purchases.
Avoiding impulse buys and understanding a retailer’s return policy may also be helpful. And if you find out your recent purchase is actually defective, you can explore consumer protections that may apply to your situation.