PHOENIX (AZFamily) \u2014 A new NerdWallet survey shows 60% of Americans have spent money on something expensive that they later regretted.<\/p>\n
The survey found buyer\u2019s remorse spans luxury items, gambling and vehicle purchases. About half of people say they regularly stress about their debt.<\/p>\n
Kimberly Palmer, a personal finance expert at NerdWallet, said most people with a money regret actually have more than one.<\/p>\n
\u201cMost people have money regrets. And the most common kind of money regret is spending on something that is a luxury,\u201d Palmer said.<\/p>\n
Breakdown of common money regrets<\/p>\n
According to the survey:<\/p>\n
20% regret a luxury item19% regret spending on gambling18% regret a vehicle16% regret a vacation13% regret their home12% regret spending on their education<\/p>\n
Toward the bottom of the list, 6% regret money spent on a honeymoon, hiring a financial advisor, and a boat.<\/p>\n
How to avoid buyer\u2019s remorse<\/p>\n
Palmer said slowing down before making financial decisions can help prevent financial regrets.<\/p>\n
\u201cThe best way to make a decision with money that you\u2019re 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,\u201d Palmer said.<\/p>\n
For people who already have money regrets, Palmer said to move forward.<\/p>\n
\u201cForgive yourself and just say OK, let\u2019s make a better decision next time,\u201d Palmer said.<\/p>\n
Palmer said planning ahead is key, especially heading into the holiday shopping season.<\/p>\n
\u201cYou want to make your shopping list before you start browsing online or go to a store. When we don\u2019t plan, that\u2019s when we tend to make those last-minute impulse purchases that we really wish we didn\u2019t,\u201d Palmer said.<\/p>\n
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.<\/p>\n
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