Even the most planned and budgeted purchases can leave you dealing with buyer’s remorse. Here are some questions and methods that you should take into consideration before major purchases to help reduce this feeling.
DO AS MUCH RESEARCH AS POSSIBLE
Before a major purchase, such as a home or a car, take the time and do your research. Map out and then compare & contrast your needs and wants list as this will affect what you will be able to afford. For cars, test drive vehicles so you know exactly what you are getting yourself into. When those feelings of remorse or regret start to seep in, remind yourself that you have done everything you possibly could have to prepare before making this purchase. You took the proper steps and made the best possible decision for your situation.
Plan your budget as if you are already living with the expense. For example, if the home you want to buy will be about $1,200 a month for the mortgage, start taking $1,200 out of your monthly budget and put it into a separate savings account. If you can live comfortably with that amount and it’s not affecting other parts of your budget (such as retirement, emergency savings, etc.) you’re probably ready to make the purchase. If you feel like you’re drowning, maybe take a step back and reexamine the situation.
Don’t be afraid to walk away. In buying situations, you can often feel pressured by limited time offers, other buyers, salespeople, and more. If you feel that the situation is not a great one for you, take yourself out of it.