No matter what your old economics textbooks might suggest, human beings aren’t entirely rational. Emotions, hype, and assumptions drive all of us to a greater and lesser extent. What this means is that you’ll find very few people who have ‘perfectly’ optimized theirspending.Meanwhile, the majority of us will have at least one big purchase in our lives that we deeply regret wasting money on. Thanks, hindsight, you’re still 20/20! The members of the popular r/AskReddit community spilled the tea about thedumbest thingsthat they’ve ever bought, and their regret is almost palpable. Scroll down to read their stories and for a relatable reminder thatbuyer’s remorseis a common visitor in many a household.We reached out to personal finance expertRick Orford, the author of’The Financially Independent Millennial,‘for his thoughts on emotional spending and compulsive buying. Read on for the insights he shared withBored Panda!This post may includeaffiliate links.
No matter what your old economics textbooks might suggest, human beings aren’t entirely rational. Emotions, hype, and assumptions drive all of us to a greater and lesser extent. What this means is that you’ll find very few people who have ‘perfectly’ optimized theirspending.Meanwhile, the majority of us will have at least one big purchase in our lives that we deeply regret wasting money on. Thanks, hindsight, you’re still 20/20! The members of the popular r/AskReddit community spilled the tea about thedumbest thingsthat they’ve ever bought, and their regret is almost palpable. Scroll down to read their stories and for a relatable reminder thatbuyer’s remorseis a common visitor in many a household.We reached out to personal finance expertRick Orford, the author of’The Financially Independent Millennial,‘for his thoughts on emotional spending and compulsive buying. Read on for the insights he shared withBored Panda!
This post may includeaffiliate links.
Cigarettes. I didn’t mind at the time, but having been off them for a decade, it is such a stupid way to spend money in retrospect.
“Emotional spending means buying something to make yourself feel better. It could be as simple as buying a favorite dessert to make yourself feel better after a long and difficult day. Unfortunately, for some, it can become a behavioral issue, leading to compulsive buying,”personal finance expert Orfordtold Bored Panda in an email.He warned us of the fact that the benefit of emotional spending is usually short-lived. “Stuff purchased online or in a store quells our emotions—only temporarily. Once eaten, the dessert is gone forever.”
“Emotional spending means buying something to make yourself feel better. It could be as simple as buying a favorite dessert to make yourself feel better after a long and difficult day. Unfortunately, for some, it can become a behavioral issue, leading to compulsive buying,”personal finance expert Orfordtold Bored Panda in an email.
He warned us of the fact that the benefit of emotional spending is usually short-lived. “Stuff purchased online or in a store quells our emotions—only temporarily. Once eaten, the dessert is gone forever.”
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Extra lives on candy crush.
A pair of Christian Louboutin stilettos that I absolutely could not afford and paid for with my whole credit card limit. I wore them twice. They are INDESCRIBABLY uncomfortable, the soles are paper thin, and the red scrapes off pretty much immediately if you wear them outside. I was young and clearly very stupid.
According toOrford, emotional spending can be characterized as anaddiction to shopping. As with any addiction, it’s possible to try to replace it with a healthy (or, well, a less harmful) activity in order to curb the negative effects.“In my own experience, the key to limiting emotional spending is to replace the addiction with something else—ideally less expensive. For example, when I quit smoking, I took up house cleaning, starting with my own home. After a few weeks, I had the cleanest apartment in my complex,” the expert opened up to Bored Panda.
According toOrford, emotional spending can be characterized as anaddiction to shopping. As with any addiction, it’s possible to try to replace it with a healthy (or, well, a less harmful) activity in order to curb the negative effects.
“In my own experience, the key to limiting emotional spending is to replace the addiction with something else—ideally less expensive. For example, when I quit smoking, I took up house cleaning, starting with my own home. After a few weeks, I had the cleanest apartment in my complex,” the expert opened up to Bored Panda.
Never loan money to friends…. you’ll never see it again.
My Go-Pro camera 10 years ago. Turns out, I don’t live the exciting life I thought I did.
My wedding. We are now divorced so I feel I could have used that money for something more worthwhile. Lesson learned.
“While I’m not suggesting you clean your home specifically, there are other things one could do instead, such as volunteering, engaging in light to moderate physical activity (e.g., walking, hiking), or taking a free class. And if you’re really craving to buy something, try looking for companies thatsend free samples of their items online,” Orford suggested.“Anything one can do to limit their spending will go a long way towards improving their own mental health, relationships with others, and hopefully their bank accounts.“Probably nobody is completely immune to makingsilly purchasesor buyer’s remorse. That sort of thing can happen to anyone, whether they’re living from paycheck to paycheck or they have lots of savings and a history of fiscal responsibility.Not all bad purchases are equally dumb, though. It’s one thing to buy a candy bar and instantly regret it because you’re supposed to be eating healthier and spending less on random snacks. It’s an entirely different ball game to go all-in on a hyped-up gadget, appliance, car, house, or major investment while riding a wave of intense emotions. The burst of impulsiveness behind both decisions can be similar, but the consequences are going to be vastly different for your wallet.
“While I’m not suggesting you clean your home specifically, there are other things one could do instead, such as volunteering, engaging in light to moderate physical activity (e.g., walking, hiking), or taking a free class. And if you’re really craving to buy something, try looking for companies thatsend free samples of their items online,” Orford suggested.
“Anything one can do to limit their spending will go a long way towards improving their own mental health, relationships with others, and hopefully their bank accounts.”
Probably nobody is completely immune to makingsilly purchasesor buyer’s remorse. That sort of thing can happen to anyone, whether they’re living from paycheck to paycheck or they have lots of savings and a history of fiscal responsibility.
Not all bad purchases are equally dumb, though. It’s one thing to buy a candy bar and instantly regret it because you’re supposed to be eating healthier and spending less on random snacks. It’s an entirely different ball game to go all-in on a hyped-up gadget, appliance, car, house, or major investment while riding a wave of intense emotions. The burst of impulsiveness behind both decisions can be similar, but the consequences are going to be vastly different for your wallet.
Honestly, fast food. I always crave a specific thing and buy it and then it’s just ok. Why did I spend $20 on a s***y burger and fries? I could have just taken my lazy as home and made better for cheaper.
I got given a voucher for a iwantoneofthose.com about 15 years ago, and could find nothing I wanted, so I now “own” a square kilometre of the moon.
Once, just ONCE, I purchased in-game cash with real cash in a videogame.I felt dirty afterwards. Never again.
Broadly speaking, there are two types of buyer’s remorse. The first is immediate: you feel bad the moment you fork over your hard-earned cash. In short, you start double-guessing your choice because now that you’ve already parted with the money, the way you feel about the purchase might not be what you had expected.
The second kind of remorse comes much later when you’re reviewing and analyzing your life decisions. Hindsight is both an ally and an enemy. It can help us learn hard lessons about our behavior so that we can shore up our weaknesses and avoid making the same mistakes in the future. On the flip side, though, the guilt you feel might not always be warranted.
But back then, in the past, you were making the best decisions that you could with the information that you had. Not to mention that your choices largely depend on your character, personality, and values. Being more aggressive/frugal with money might have made sense at that particular period in your life.
I paid upfront for a 4 year gym contract.Price was mind blowing.I went once in 4 years, my own fault.
Drones were such a fad. I bet 90% of people found themselves in a single situtation where they thought “Damn, I wish I had a drone here” bought one and never did again.
Moreover, it’s not like you can predict what you’ll need money for in the future, how much you should allow yourself to splurge, and which purchases are smart and which ones should be avoided no matter what.Yes, it’s a good idea to have an emergency fund to last you half a year or more. It’s smart to save or invest a large portion of your paycheck. It’s admirable to take the time to research products and think about their impact before buying something.That said, there’s nothing horrid about having a budget for your ‘wants’ as well, not just to cover your ‘needs.’ It’s all right to have fun and enjoy life, whether that’s going to the cinema, traveling abroad, eating steaks with your friends, or buying art supplies. Life is meant to be lived! That, inevitably, means spending some of your cash on experiences and things that might not look rational on a spreadsheet.
Moreover, it’s not like you can predict what you’ll need money for in the future, how much you should allow yourself to splurge, and which purchases are smart and which ones should be avoided no matter what.
Yes, it’s a good idea to have an emergency fund to last you half a year or more. It’s smart to save or invest a large portion of your paycheck. It’s admirable to take the time to research products and think about their impact before buying something.
That said, there’s nothing horrid about having a budget for your ‘wants’ as well, not just to cover your ‘needs.’ It’s all right to have fun and enjoy life, whether that’s going to the cinema, traveling abroad, eating steaks with your friends, or buying art supplies. Life is meant to be lived! That, inevitably, means spending some of your cash on experiences and things that might not look rational on a spreadsheet.
A PorscheBecause midlife crisis.
A life-size Danny Devito cardboard cutout. I use him as a seasonal decoration so right now he’s wearing a flower crown. In the winter he become a Christmas tree.
I got my degree in audio engineering right before everyone stopped buying CDs and the music industry completely changed… So that.
A soup tureen. I thought a married lady who throws dinner parties and fancy brunches (which I was at the time — widowed recluse now) just HAD to have one. I searched for two years to find one that blended with my taste and looked good with my China but not so good that it was all matchy-matchy. Finally found the perfect one, bought it (expensive!) and put it in a cabinet. And NEVER used it, not even once. Turns out I’m too control freaky to serve from a tureen — have to plate the soup so I can get the swirl of sour cream or truffle oil or scattering of minced chives just right.Kept tureen for a few years then took it to my cousin’s annual yard sale. It didn’t sell.
Actually my first cat.I saw her and fell in love. Knew she had never seen a vet, was way too small and ill.Regret came after I brought her to the vet.I was dumb a f … that was expensive. (Cat is healthy now - and I am broke) .
You know that box on your tax form that asks for $1 or $5 for the presidential re-election fund?I checked it.Once.
$40 on a pair of jeans and belt just to get into a club with my friends never wore them again.
I went for one of these stuffed animals vending machine with a claw. It was a big machine with a lot of empty space but a few animals on the right side. Actually it was so big that it had two payment terminals, two claws, etc. I paid for it using my CC on the left side and went for the controls. Well, guess what, it was not one big vending machine, but two separate machines with a god damn glass window between them, and the one on the left that I was using was completely empty.The laugh my fiancee and I had was well worth the $1 I wasted. Actually after that I went for the other machine and… Also didn’t manage to get the stuffed animal. But my fiancee tried and got one in her first try!
A factory sealed copy of the Bibleman PC game.
DLC and pay-to-play on phone games.
Know that replica frostmourne blizzard and epic weapons made? yeah one of those.Doesnt even steal souls, what a rip off.
When I was around 10 I traded some Pokémon cards for a nude picture from a Hustler magazine.
My ex-wife, of course.
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A diet program that cost a fortune. Ended up binging on pizza instead.
I currently have 130 untouched games on Steam. 120 beaten games. I am buying less games but I know the summer sale starts next week.
When QVC was new I came home a bit tipsy & ordered a bunch of caboodles.
Panera.
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Alcohol.
When I just turned 21, I went to a casino in Vegas where I played War, the card game, for $25 a hand. It was like being in the casino from National Lampoon’s Vegas Vacation.
A t shirt from Philip Plein with bedazzled skull on it. Never wore it once. I was THAT embarrassed.
I spent $3k buying LuLaRoe leggings. I only wear about 10 of them. Total waste of money.
I bought one of those dumb fkn space helmets to wear in the height of the pandemic. 😭😭😭 It was like $700. 😭😭😭 Long story short, turns out I have ADHD. Anyways, I made some dorky videos with it.
Gym membership for a year and a Switch with ring fit. They weren’t dumb in the beginning but when I stopped going/using it.
Door dashed from next door.
I would say counter strike skins back in the day but I actually did the math and came out ahead. I unboxed a sapphire Doppler m9 bayonet and sold it for like $2300. I have since sold all my skins and haven’t played in a while though.The obvious answer for me is nicotine pouches now. I am 30 and have played baseball all my life, even play now. When I was 12 my coach introduced me to dip and I dipped from 12 to around 28 years old. Then I switched to nicotine pouches because it’s healthier. The problem is that I spend a ton of money because I use 4 nicotine pouches at once on my bottom lip to mimic the feeling of dip. Loved that coach but hate him for introducing me to dip at such a young age. Such a waste of money!
A little tiny speaker that danced side to side.
My ex girlfriend.
As a then 27 year old, a bunch of Beyblades and some Beyblade arenas. Shockingly expensive. But whip those bad boys out at a Halloween, Christmas, or any other boozy kind of party, and watch an actual pit form around the arenas as grown men and women jostle for their turn to let it rip. Oftentimes money will begin changing hands as actual betting rings coalesce around the arenas. It’s like the ethical man’s gladiatorial combat entertainment.
My viper, which at the same time is the best money I’ve ever spent on something.
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