If you want to buy less, take an economist with you

Living in a capitalist society, Americans are constantly being force-fed the notion of consumption. We are constantly inundated with advertisements of new products that we “have to have.” Not only do consumers mentally allocate different values to money depending on their source, but consumers find justification in their irrational actions.

Just as the dieter convinces herself that one more bite of chocolate cake won’t ruin her diet, and a teenager stays out an extra 10 minutes past his curfew when he is already running late, shoppers can always find a reasonable justification for a purchase. This symptom is called cognitive dissonance, and no matter how much one denies it, we all suffer from this burden. Ever splurge for the $200 pair of jeans because they were “on sale” (even if it is just 10%) or raid the clearance rack and buy a stack of unnecessary items because they were “such a good deal”? Sales are especially alluring – consumers tend to focus more on how much they are “saving” on the purchase than truly examine the money being spent on the purchase. The exhilaration of a great purchase, whether it be clothing, a new television, or a piece furniture, soon fades after the initial swipe of the card, leaving you with a sinking feeling in the pit of your stomach – “buyer’s remorse.”

Some fortunate people can experience the sensation of buyer’s remorse before throwing away the receipt or taking off the tag of that expensive purchase and return it. Others are not so fortunate and will perpetually be haunted by their overzealous purchase.

Personally, my worst cases of buyer’s remorse come from regret of not purchasing something, and of course, it is always the items that I cannot go back for that I yearn for afterward. Most days, I find myself holding an item in my hand or staring at an article of clothing in the dressing room mirror, listing pros and cons in my head (of course, I always look at the price before even looking to see if the store has my size). If I really like something, I can make a nearly instant decision to purchase, but if I begin to mentally debate for too long, I simply put back the item – rationalizing that if I really wanted/needed it, I would not need to take such a long time making a decision. That is not to say that I never regret putting something back, but it does save me a lot of money.

So next time that you go on a shopping trip try to remember that all money has the save value regardless of the source, and it is not how much you save, but what you spend that counts, and if all else fails, please just save the receipt.