The truth is that we all make unwise purchases and financial decisions at some point in our lives. Nobody is perfect. Even with the best of intentions, we occasionally make mistakes that lead to buyer’s remorse. However, it can be difficult to pick yourself up and move on afterwards. Here are some tips and pieces of advice to help you deal with and get over buyer’s remorse.
What is Buyer’s Remorse?
In the simplest terms, buyer’s remorse is the feeling of regret after making a big purchase or investment. The regret is often accompanied by stress, anxiety, or panic as well.
For most people, these feelings usually happen after making expensive purchases, such as a house or vehicle. However, we also experience them after buying smaller things that we believe we paid too much for. In some cases, you may even consider returning the item or pretending the purchase never happened.
Most psychologists attribute buyer’s remorse to the concept of cognitive dissonance. The reason it happens is because the action of buying something expensive contradicts the perception you have of yourself as frugal or having responsible spending habits. Buyer’s remorse is a result of your internal battle between the need to avoid risks and consequences versus the desire to get what makes you happy.
How Do You Deal With and Get Over Buyer’s Remorse?
For many people, these emotions are so deeply ingrained that they never fully get over buyer’s remorse. However, there are always ways to cope with it. Like most problems, the first step is to find the cause and understand where the regret is coming from. Once you know the source of your feelings, it becomes easier to accept that you made a mistake and move on from it.
If you are experiences feelings of regret over a recent purchase, here are some methods to help you get over and move past your buyer’s remorse.
1. Remind yourself of all the reason for making the purchase.
Unless you made an impulse buy, you probably had several reasons for spending the money. Take a few moments to remind yourself of the reasons why you made the purchase. Reflect on the circumstances the led to your decision to help you determine whether your feelings are valid or misplaced.
2. Determine whether you actually regret the purchase, or just the amount you spent.
Sometimes buyer’s remorse is confused with the guilt about spending money in general. If you are experiencing these emotions solely based on the sticker price, you can get over buyer’s remorse by reminding yourself of the value of quality over quantity. Investing in better quality homes, vehicles, and items will require more money up front. However, they will also last much longer, saving you more money over time.
3. Practice self-forgiveness.
If you truly have made a mistake, you have to remember you are only human. We all stumble at times, but you cannot continue to beat yourself up for past mistakes. Practice a little self-forgiveness and cut yourself some slack. You cannot always undo a mistake once it has been done. So, it is better to take the lesson from the situation, but leave the regret behind. Holding on to guilt is a waste of valuable time and energy.
4. Try to recoup some of the financial losses.
In some instances, you may be able to recover a portion of the money you lost. Reselling unwanted items can at least help lessen the sting of large financial mistakes. Don’t force yourself to keep something you don’t like just because it cost a lot of money.
Even if you are unable to sell the unwanted item, you can always give it to someone who really needs it or would appreciate it more than you. Furthermore, you can adjust your budget and tighten the purse strings in other areas to save a little extra to compensate for your buying indiscretions.
How Do You Avoid Buyer’s Remorse in the Future?
Once you realize where you went wrong, the best way to get over buyer’s remorse is to make a plan of how you can avoid it in the future.
1. Research and compare before you buy.
Before making any big purchase, spend some time comparing your options and researching what features you actually need. The more you know about the item you are buying, the more difficult it will be for salesmen to talk you into buying more than you need. Doing your homework also means you are less likely to regret your decision later on.
2. Make a pros and cons list.
Whenever I am struggling with a decision, I use the old Ben Franklin approach. I list out the pros and cons of the purchase so I can better evaluate my decision. More often than not, I have an answer by the time I complete the list. Sometimes things become clearer when they are plainly printed out for you in black and white.
3. Stick to the list of budget you have created for yourself.
Once you have decided that the purchase is necessary, the next step is to set a clear budget and list of required features. When you know exactly what you are looking for, it is easier to resist the temptation to buy upgrades or add-ons you don’t really need.
4.Take a day and sleep on your decision.
This is one of the easiest and best techniques to help you avoid buyer’s remorse. First, it removes any pressure you feel to make a decision on the spot. Second, it also allows the excitement dissipate so reason can prevail.
Sleeping on your decision gives you more time to revisit your pros and cons list, compare options, and gather information. Taking an extra day to decide can help you make more practical decisions. When you remove your emotions from the equation, it is easier to see whether you are acting on impulse or making a good decision.
Feeling buyer’s remorse after a large purchase is perfectly natural. However, understanding where your feelings come from and recognizing your mistakes can prevent you from making them again and help you get over buyer’s remorse.