There’s nothing like saving up your money to pay for something you want. I’m talking big and small purchases, really, any purchase. When you know you can afford the purchase you’re making, you feel much better about moving forward. However, there are common purchases most people regret.
Regardless if you have the money for the item you’re buying or not, some purchases leave you with buyer’s remorse. I’m sharing 8 purchases most people regret, even if they save for them. Imagine how people feel about these purchases when they buy them on impulse? Be smart about your financial decisions, so you can avoid that negative feeling associated with buying something you may not need.
8 Purchases Most People Regret
#1 – Unused gym memberships
We’ve all been there. It’s the start of the New Year, your birthday, or some other milestone in time, and you’ve been hit with the motivation bug. You vow to get in the gym to get healthy or lose those extra few pounds that won’t go away. You sign up for the gym and go regularly for a few months…max.
Then, the gym is a far-off memory. You keep the subscription, because you know you need to get back to it, but you never do. The longer that gym subscription continues to hit your account, the worse you feel. If you know you won’t be going to the gym, just cancel it. You’ll save the money and the internal guilt trip!
#2 – Magazines, especially subscriptions
Here’s another one that I can relate to. I love magazines. I used to buy them at the checkout line, read them once, then toss them. My thought process was “at least I can read them in the comfort of my home”. That was, until I realized just how much money I was (literally) throwing away on magazines. Now, I go to the local library and read a copy or two there. I don’t feel bad about wasting money on magazines anymore! This is just one of a few unexpectedly expensive habits.
#3 – Pet insurance
I’m a big advocate for insurance. I feel like it wouldn’t be worth the risk of not having insurance when you need it, versus the price you have to shell out. The only form of insurance I regret having is pet insurance. When my puppy needed to make an emergency trip to the vet, the bill was $247 and my deductible was $250. The deductible was $250 per incident!
Meaning, any time something new happened to my puppy, I would still have to pay a deductible. My puppy has only gone to the vet once and insurance was useless. Maybe I’ll reassess when he gets older, but I regret the pet insurance I’ve previously purchased.
#4 – Expensive weddings
I don’t have any experience with paying for an expensive wedding, or any wedding for that matter, but I do have clients who do! The overall consensus is that the expensive wedding wasn’t worth it in the long run.
The wedding was a one-time event, but paying it off has taken much longer than anyone would have liked. Paying for your wedding in cash as much as possible is the best way to go…so I’ve been told and can’t see a reason to disagree!
#5 – Brand new car
Considering that brand new cars drop in value seconds after you drive it off the lot, it makes sense why a brand-new car purchase can be regretted. What happens if you total your new car a few weeks after purchase? You’ll go through insurance and only get back what the car is worth at that time. That’s an instant loss of money. My recommendation? Go with a newly-used car and bank the savings.
#6 – Luxury fashion pieces
Being in the age of social media, we have easy access to celebrities and what they wear. Now, more than ever, it’s easy to purchase the same luxury fashion piece that Kim Kardashian wore. I believe in saving for a goal and treating yourself.
If you know you want a designer handbag, save for it and go all in with your decision. Be happy with your purchase and get your money’s worth out of that bag! Otherwise, you’ll instantly feel guilty for dropping such a large amount of cash on something that won’t yield you any form of return.
#7 – Wine clubs
I included wine clubs on this list, but this category can apply to any subscription a person signs up for and they don’t need. I use wine club specifically because I’ve had two separate clients become surprised with an automatic payment to the wine club they signed up for six months ago.
They instantly cancelled it, but wished they had done it sooner. If there are any subscriptions you aren’t using, cancel them. If you can avoid signing up to begin with, you’ll feel better about it and won’t be caught off guard.
#8 – Timeshares
Timeshares sound great in theory. You pay for a vacation spot at a discount and you can choose whenever you want to go there. When you sign up, you likely aren’t thinking about the additional recurring maintenance costs, the fact that time creeps up and you may not visit as much as you’d like, and what it will take to get out of the deal. Timeshares usually end up costing you more than you get out of it. Avoid the remorse and stay away!
If you’re struggling to control your spending, schedule a free consultation with me now and let’s work through it together!
When it comes to purchases most people regret, the list can go on and on. Everyone has a different spending personality, but what everyone can do is make sure they think through their purchases. Don’t buy something you don’t need or saved for. You’ll feel much better that way. Have you ever regretted a purchase? If so, what was it and how much did it cost you? Post a comment below to share your experiences with buyer’s remorse.
The CGS Team