We’ve all felt it and it’s such a terrible feeling! Here are some tips and tricks for preventing the dreaded BUYER’S REMORSE!

Avoid Buyer's Remorse

First, try to determine if there’s a trend to you feeling buyer’s remorse. The next time you feel it, write down the following:

  • The Date
  • The Item Purchased
  • The Amount Spent
  • Where You Bought It
  • Did anything else happen that day that may have led to you feeling emotional? (Were you having a good or bad day?)
  • Were you alone or with someone else?
  • Was the item on sale?
  • Was it a planned purchase or an impulse buy?
  • Did you use cash, debit or credit?

Second, create “rules” for your spending. Here’s a few ideas:

  • A purchase over a certain dollar amount requires you to wait X number of days. The idea here is that buying a car should involve more research, time and evaluation than buying a sweater.
  • Once the current pay period or months begins, I can’t buy anything that’s not already planned or budgeted for. It’s not that you can’t buy it, you just can’t buy it YET. The new pay period or months begins and you can go buy it. You’ll either still be thinking about it so you go buy it, or by then you’ve completely forgotten all about it so it’s no big deal.
  • What will you take on new debt for? Be specific. For example, “I will only take on new debt for a house or a car.” Then if you see a new furniture set you just have to have, if taking on debt is the only way to buy it, that’s no longer an option for you.
  • I must do X, before I can buy Y. For example, “I must have $5,000 in savings before I buy myself that Coach purse.” Or “I must pay down my debt by $3,000 before I buy a new bed.”

For help getting control of your money including advice and accountability customized for YOU, reach out to Kelsa at Fiscal Fitness Phoenix today!