How waiting 24 hours can avoid buyer’s remorse
Here’s a common scenario you might be familiar with: you’re in a mall and an item catches your eye. You want it, but buying it is going to throw off your budget. After a minute or so of looking and holding that item, you think, “Why not?” At first, you think you made a good buy. But after a few hours or days, you start to regret making the purchase and think of all the other things you could have done with your money.
This is known as “buyer’s remorse”﹘or that feeling of regret after making an expensive impulse purchase that did not meet your expectations.
If that sounds like something you usually experience, one of the ways to avoid buyer’s remorse is by using the 24-hour waiting principle.
Here’s what you need to know about it.
Taking stock at what you buy
The 24-hour waiting principle suggests that if you want to avoid making an impulse purchase and the inevitable buyer’s remorse that comes after it, you should give yourself 24 hours to decide before buying any expensive item.
If you still want to buy the item after 24 hours, it means you really want it and are less likely to experience buyer’s remorse. Otherwise, if you find that you’re no longer interested in purchasing it, it might have just been an impulse purchase that you would have regretted later on.
The beauty of this principle is that you see a purchase for what it is without rose-colored glasses. When you see a sale, you may feel pressured to make the purchase immediately because the deal may no longer be there after 24 hours. But even if an item is on sale, you are still vulnerable to experiencing buyer’s remorse over the actual money you spent for that expensive item.
For wants, not needs
Waiting for 24 hours is important because it takes away the pressure to make a purchase at that moment. When you give yourself time to decide, you can weigh in on your decision to make that purchase.
Take note, however, that this principle only applies to purchases that fall under your “wants, not needs.” Essential items and emergency purchases should not be delayed–you will definitely need these items.
More tips to avoid buyer’s remorse
Combined with the 24-hour waiting principle, these additional tips can help you determine how you can avoid making impulse buys that will not spark joy later.
Avoid the bandwagon. When you see the latest high-end phone in the market or the newest pair of shoes that everyone is buying, give yourself time to think if you want the item or you just want to buy it because everyone else has it. When the hype dies down and people stop talking about it, you may be stuck with an item you don’t want or need because you gave into the trend.
Make allowances for your budget. Ideally, your budget should have provisions for your wants. When you spot an item you want and it falls within your budget, ask yourself if the item is worth taking up most or all of your provisions for that month. If it goes over budget, ask yourself if you are willing to sacrifice the provisions for your needs to purchase that item. When you see how much that item will affect your spending for the rest of the month, it can help you put things into perspective and see if the purchase is worth it.
Think long-term. Sure, you’ll get a bit of a kick when you purchase it and bring it home, but think about it long-term. Are you buying something that can make you happy in the long run, or are you just giving yourself instant gratification?
Most Important: Don’t compare
So you decide to follow all these steps to avoid buyer’s remorse. You wait for 24 hours and realize you want an item, so you buy it. You’re happy, but later you start to notice signs of buyer’s remorse. Why is that?
One reason may be because you’re still comparing and wondering the what-ifs of not making a purchase.
Let’s say that you bought the latest phone in the market and, for a while, you’re happy about it. But a new phone comes out after a couple of months, and you find yourself wishing that you waited instead of buying the phone you already have.
There will always be different products in the market. But if you’re constantly searching for the best thing without being content with what you have, it might indicate either of these things: you’re never happy and always remorseful about your purchase, or you’re constantly breaking your budget to buy new things.
Buyer’s remorse has happened to a lot of us. For expensive items, it’s important to think clearly and make sure you truly want something rather than feel pressured to buy it to avoid regretting your purchase later.
