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Money Mistakes: Shoppers Remorse

BOSTON (CBS) – Shoppers remorse usually sets in once you get home after a shopping trip with friends. Or when the credit card bill comes due. If you go shopping with friends leave your credit cards at home. Take enough money for lunch and one treat.

Buying trendy clothes or accessories can be fun but remember those plaid pants in the back of the closet. You are far better off buying classic stuff which will last longer. Or really cheap trendy stuff so you can give it way next season when it’s out of style.

Buying the newest phone or computer. First generation phones often do give you bragging rights but better to wait until the bugs have been worked out. I am certain it is not worth standing in line all night to be the first to buy the next new phone. And a $1,000 price tag is very expensive.

An inground swimming pool. The kids or grandkids beg for a pool, so you put one in. Pools can affect the resale value of your home negatively, and you need to maintain them. You also needed to put a fence around the pool, you may need to purchase water and don’t forget the insurance will increase.

The shopping channels. I believe you can easily get talked into buying almost anything. My normally thrifty neighbor bought small vacuum cleaners for her entire family. So if you are using the shopping channels as entertainment, stop.

As Seen on TV Products. You are watching TV late at night and up pops an ad for furniture polish made in the Pennsylvania Dutch country by the Amish. Sounds so good for it renews old furniture and heaven knows you have old furniture. So you order it.

A very simple question to ask when purchasing anything. Is this something I need or is it just something I want at this moment? If it falls into the need category, then get it. If it’s the want category think about it for 24 hours. Impulse shopping almost always produces remorse.

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You can hear Dee Lee’s expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m. and 3:55 p.m.

Subscribe to Dee’s Money Matters newsletter here.

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