PHOENIX (AZFamily) — A new NerdWallet survey shows 60% of Americans have spent money on something expensive that they later regretted.
The survey found buyer’s remorse spans luxury items, gambling and vehicle purchases. About half of people say they regularly stress about their debt.
Kimberly Palmer, a personal finance expert at NerdWallet, said most people with a money regret actually have more than one.
“Most people have money regrets. And the most common kind of money regret is spending on something that is a luxury,” Palmer said.
Breakdown of common money regrets
According to the survey:
20% regret a luxury item19% regret spending on gambling18% regret a vehicle16% regret a vacation13% regret their home12% regret spending on their education
Toward the bottom of the list, 6% regret money spent on a honeymoon, hiring a financial advisor, and a boat.
How to avoid buyer’s remorse
Palmer said slowing down before making financial decisions can help prevent financial regrets.
“The best way to make a decision with money that you’re not going to regret is to go slowly because a lot of times we make our biggest money mistakes when we feel a sense of rushing and urgency,” Palmer said.
For people who already have money regrets, Palmer said to move forward.
“Forgive yourself and just say OK, let’s make a better decision next time,” Palmer said.
Palmer said planning ahead is key, especially heading into the holiday shopping season.
“You want to make your shopping list before you start browsing online or go to a store. When we don’t plan, that’s when we tend to make those last-minute impulse purchases that we really wish we didn’t,” Palmer said.
There are less than 100 days until Christmas. People paid bi-monthly have 7 or 8 paychecks left before the holiday. Saving $75 per paycheck would total between $525 and $600 for the season.
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