Overcoming Buyer's Remorse: How to Move Forward and Avoid Future Regrets
When's the last time you had buyer's remorse over something you purchased? Why did you regret that purchase? Perhaps…
You knew finances were tight, yet you purchased anyway.
You brushed the red flags under the rug and put on your rose colored glasses.
You bought on impulse without thinking it through.
You didn't really need the item and it went to waste.
Living in guilt and shame over such purchases won't gain you anything — except maybe a trip to your therapist. So, what can you do to get over your buyer's remorse? How can you remedy this situation?
5 Tips to Remedy Buyer's Remorse
1. Return the Item
Check first to see if you can return the item. Track down the warranty, receipt or refund policy, and if you're within your rights to get a full or partial refund, go for it! Just, don't be a Karen who demands their money back outside the return window when the only thing "wrong" with the item is the buyer's poor judgement. Be a decent human and own up to your mistake... capeesh?!
2. Sell the Item
If you can't get a refund or make a return, consider selling the item. Sure, some things can't be resold — like an online coaching program or digital download — but for those that are sellable, it's worth trying. You may not get your full money back, but something is better than nothing... like when I bought a shirt for $40 on Poshmark but only got $12 for it at the resale shop.
3. Gift it to Someone
You could donate the item to someone in need; or, if it's in new condition, gift it to someone you feel would like it. That's better than letting it go to waste, and might even make that buyer's remorse fade away as you do a nice deed.
4. Give Yourself Grace
As stated above, living in guilt and shame doesn’t gain you anything. Consider it a loss, forgive yourself, and move forward without letting that decision drag you down.
5. Learn from Your Mistakes
Try to learn from your mistakes! Recognize your triggers or the typical circumstances that have lead to past purchases you’ve regretted, so you can avoid buyer's remorse in the future.
If you need help pinpointing exactly what led to your remorse, let's look at the top reasons why people regret their purchases.
The 5 Biggest Causes of Buyer's Remorse
1. Overspending
When your heart is set on something, you'll often turn off logic and convince yourself that the expensive purchase is worth stretching your budget. Maybe you failed to consider the long-term affects of how much you'd pay with interest over the years, never crunched the numbers to be sure it was within your means, or neglected the costs to maintain that purchase (that puppy you got for just a $50 rehoming fee... yeah how much did that cost you over the years?!).
Or maybe you had to tap into your retirement savings, empty your emergency account or open a line of credit to fund your purchase only to run into unexpected expenses you now can’t afford, or purchases you’d like to make now have to put off.
If you find yourself getting defensive over or having to justify the cost, it's a big ole red flag that you might need to examine your finances more carefully. "I deserve it" is not a strong enough reason to overspend — sorry! "But I neeeeed it!" Oh friend, you need basic food, water and shelter... so no, you don't really need that pair of Prada shoes. Once the "honeymoon phase" of the shiny new product/service wears off, you still have to pay the bill.
2. Inopportune Timing
Whether you buy something too early or wait too long, either scenario could lead to buyer's remorse.
If you purchase too early, even if it's the perfect product or service at an amazing price, you may end up not using it at all, or by the time you're ready for it, the content could be obsolete or the product no longer functions at full capacity. Like buying a car for your kid before they get their license and letting it sit unused in the hot sun for months — you'll likely discover battery issues, spoiled fluids, corrosion and other issues (not to mention the cost of paying insurance on a vehicle that's not being utilized). Or if you purchase a course on Facebook ads, but don't log on for half a year, most likely the algorithm will have changed since the time the content was recorded, leaving your course content outdated.
Or maybe you're just impatient and decide to make some big purchases without tracking their prices and waiting for a deal (if it's not something you needed right away). You kick yourself when you see what you could've paid if you’d just waited for a holiday or other promotional period.
On the other hand, if you wait too long to make a purchase, prices and/or interest rates could rise, costing you a whole lot more in the long-term, or the item could sell out.
3. Improper Research
Failing to do proper research can definitely lead to buyer's regret. Emphasis on proper — you need to have reliable sources and enough research to make a competent decision, without over-researching.
Be careful with who you listen to or what you read! While vacationing in Mexico, my husband and I were lured to this restaurant wayyyy off the beaten path (and not in the nicest district), because it was the #1 restaurant on TripAdvisor, with thousands of reviews compared to just hundreds for most others. The meal and service were just okay... so we questioned how they had so many raving reviews. But then, our server brought us out the most delicious free dessert, accompanied by a little card asking us to leave them a review on TripAdvisor. AHA! They were using the Principle of Reciprocation — where people feel compelled to reciprocate when given a gift — to land thousands of top reviews, and in return draw in suckers like us who didn't see the unprecedented number of reviews as a red flag. Whomp whomp.
Therefore, be careful to do proper research — reading through reviews instead of just looking at how many stars they have, talking with others who've made a similar purchase, looking up the parent company if needed. The bigger the purchase, typically the more you'll want to do research
But, of course, don't over-research... because that can be a huge waste of time and energy, as depicted in this article on overthinking.
4. Being Too Easily Influenced
Oh the joy of the thousands of advertisements we're bombarded with every day. Billboards. TV commercials. Mailers. Web ads. Social media sponsored posts. And the oh so tempting Instagram stories from your favorite influencers. When we see an awesome ad, especially when someone we love is raving about it, we tend to skip the research phase or overlook our finances.
5. Buying on Impulse
This could be a compilation of some others above: You jump so quickly after being influenced by an ad, a mention from an influencer, or just something in front of you in the store, without doing proper research, calculating finances, or really thinking the decision through. Those shiny objects — and the dopamine spike that follows — are just so hard to turn down in the moment!
How to Avoid Buyer's Remorse
With Black Friday, Cyber Monday and so many holiday deals coming up, let's make sure you don't buy anything you end up regretting. Here are some steps to help you avoid buyer's remorse:
1. Be proactive instead of reactive
Rather than buying impulsively based off things you stumble upon (helloooooo holiday ads), make a list of what you actually want or need. Prioritize that list and examine your finances to create a budget for your spending. That way you can take advantage of deals — rather than being taken advantage of by brands with flashy ads.
2. Do your research
Now that you have a list of items you want and need, you can research to find the specific item to buy and look out for deals on. For instance, if you recognize that your vacuum is on the fritz, read the reviews and narrow your options before the deals drop, so you can be sure you purchase the best one and at the best price. Otherwise, you might be tempted to purchase whichever vacuum has the best price, even if it doesn't meet your specific needs.
3. Take my buyer's decision quiz!
If you need help deciding whether or not to purchase something, I'm here to help! I've created a fun and quick quiz to help you decide whether to purchase, pass or pause on that product or service you're eyeing. Check it out here: AnchoredDecisions.com/buyers-guide
*Note: this quiz is meant for helping you decide on one particular item, such as "should I buy a boat" or "should I purchase Marie Forleo's B-School?" not "should I buy a boat or an RV?" or "which online course should I purchase?" If you need help with narrowing your options or choosing between several items, set up a coaching call and we'll work through your decision together — or stay tuned for more decision guides!
So, make sure to be proactive this holiday season — instead of reactive — to avoid buyer’s remorse!