Do you ever find yourself sitting there at 3 AM on Amazon.com sweating and anxious while staring at the checkout button? You carefully type in your credit card number and purchase whatever you want. Then, you begin to regret it as you check the price again and it looks more expensive now after you have bought it, even though it’s still the same price. Just me? Okay! Anyway, this can be considered buyer’s remorse.
What is buyer’s remorse? Buyer’s remorse is the regret you feel after a purchase. One example is after buying a candy bar, you think of better uses for that money. Or, after buying a bunch of V-Bucks and then stop playing Fortnite, you wonder if that purchase was smart.
Buyer’s remorse can be useful when trying to decide over buying something. If you have been considering buying a new laptop or video game and have a hard time thinking as you are staring at amazon or another website, the best suggestion experts have is to sleep on the idea.
If you wait 24-48 hours, you may realize the purchase isn't necessary and your money could be better used with another purchase. This saves you from experiencing buyer’s remorse and spending money that you don’t need to spend. I suggest you save this money in a savings account or invest it in a stock you believe in or an index fund. This way, you are making money on the money you were going to spend, anyway.
But if you are going to go through with the purchase, find coupons or cashback rewards. There are great websites (with whom we are not affiliated with) such as Honey and Rakuten. You install an app or extension on your browser and it notifies you of coupons, deals, cash back, or a better price somewhere else.
Another solution is to wait for special days such as Black Friday, Amazon Prime Day, or other holiday deals. During these special day(s), retailers such as Amazon and others will offer discounts on popular electronics, furniture, and other items. This is a brilliant solution when purchasing an item to “gift” or “reward” yourself. The last solution is if you have a credit card that offers cash back or airline miles, as it would give you back some cash to use for other purposes.
If you earn cashback and/or save money, I would suggest saving it or investing this money into a stock or an index fund you believe in. This money was going to be spent either way and can now grow in a savings account or the stock market to generate capital for you.
Now, you should be able to decrease your buyer’s remorse and have a happier wallet. Happy spending/saving/investing this holiday season and thank you for investing your time into reading my article. Don’t forget to become a Teen Trillionaire!
Written by Ian Cohen