Most common spending regrets

No matter how spending-savvy you are, there will be things on which you have wasted money. But have you fallen into the trap of these common spending regrets?

Elaborate celebrations

While you may not have spent $36,200 (the average cost of an Australian wedding) on your own nuptials, you may have splurged for a son or daughter. Or maybe a big 60th birthday celebration? Looking back no doubt you enjoyed your time, but was it really worth the money?

Now-defunct technology

Betamax video recorders, Commodore computers and 3D televisions have all been the latest must-have technology as some stage, but how many are still being used today?

Home shopping products

Ok, the list here is endless – gadgets to help move a car with your bare hands, equipment to stop you from having to go to the gym, squares of cloth which mop up as much liquid as 50 rolls of kitchen paper, kitchen implements which peel, slice and dice… need I go on?

Extended warranties

You know how it goes, you barter with the salesperson to get the best deal and then cough up your savings on an extended warranty, only to misplace it, or find that you’re already covered under consumer protection policies.

Subscriptions

Be it magazine, gym or online, it’s easy to sign up for something and even easier to forget to cancel, especially once your free trial is over.

Unnecessary insurance policies

It’s nice to feel safe knowing that you’re covered should something go wrong, but how many policies do you need and what should they cover?

Timeshares

You’re in the holiday mood, hoping that this feeling could last forever when all of a sudden you’re given the chance to own your own little slice of paradise for one week each year. Sadly, it’s usually the one week no one else wants to be there!

Don’t be embarrassed if you can tick off more than one or two of these spending errors, you’re not alone. The key, as always, is to learn from your mistakes and only make a purchase once you’ve seriously considered how much you really need what’s being offered.

Written by Debbie McTaggart



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