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30 Things People Spent Money On Only To Realize Later How Stupid It Was
Interview With Expert
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 their spending.
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 the dumbest things that they’ve ever bought, and their regret is almost palpable. Scroll down to read their stories and for a relatable reminder that buyer’s remorse is a common visitor in many a household.
We reached out to personal finance expert Rick Orford, the author of 'The Financially Independent Millennial,' for his thoughts on emotional spending and compulsive buying. Read on for the insights he shared with Bored Panda!
This post may include affiliate links.
#1
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.
Foxxy says Hello 5 months ago
Even more so in Australia, where a pack of 40 cigarettes costs approx $75. Glad I quit, couldn't afford it otherwise.
"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 Orford told 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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#2
Extra lives on candy crush.
Little Wonder 5 months ago
I don't even want to think about how much money I spent on Simpsons Tapped Out.
#3
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.
PeepPeep the duck 5 months ago
My first pay as a teenager, I got some Chanel mules (little heels), I got them from the sale rack so they were around $800 in 2005 and I wore them as much as I could and they fell apart after about after maybe a month 😂 paid $20 for Betts brand wedges around the same time that I wore daily in the bar serving drinks in my skimpy days and the $20 wedges lasted 15 yrs
According to Orford, emotional spending can be characterized as an addiction 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.
#4
Never loan money to friends.... you'll never see it again.
arthbach 5 months ago
Never loan money to friends or family. If you are able to afford it, and wish to do so, give it to them. I have a friend who would not take money, unless it was loan. She 'owes' about £500, but, in my head, that money is gone; it's served its purpose of helping out a friend who was in need. If this money come back to me I'll use it for something fun.
#5
My Go-Pro camera 10 years ago. Turns out, I don't live the exciting life I thought I did.
#6
My wedding. We are now divorced so I feel I could have used that money for something more worthwhile. Lesson learned.
Bernd Herbert 5 months ago
It's a party. Nothing more. Your life won't change afterwards, except for some, hopefully nice, memories, which could have come at a much cheaper price. In the end it matters that you have a great time with the people you love. There's no need for a 3 story cake or a gazillion dollars worth of flowers.
"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 that send 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 making silly purchases or 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.
#7
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 a*s home and made better for cheaper.
Ample Aardvark 5 months ago
You're paying for someone else's time for cooking and washing up, sometimes it's worth it even if not as tasty
#8
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.
Tucker Cahooter 5 months ago
Let's hope OP got a good plot and wasn't swindled into buying a mosquito infested swamp up there
#9
Once, just ONCE, I purchased in-game cash with real cash in a videogame.
I felt *dirty* afterwards. Never again.
what (she/they/it?) 5 months ago
i don't think it matters too much if it's in small amounts and its a game you play a lot
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.
It’s very easy to look back on your life and judge yourself for being so rash/dumb/whatever. You assume that if you could redo everything, you’d make better decisions. The caveat is that you can only make those better decisions with the extra information you have now. Namely, about how you could have saved more, invested smarter, chased better employment opportunities, and been more frugal.
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.
#10
I bid on a guitar signed by Metallica through a radio station auction, where the proceeds would go to a charity. This was over the phone (before cell phones were big and everyone still had home phones) and live on the air. Me and one other dumb a*s got into a bidding war for this guitar signed by Metallica. I "won" by making a crazy ending bid of $8000, $1500 more than the last bid. The goal was to be the crazy one, and it worked. The other dude bowed out and I "won" it.
I went down to the radio station to pick it up. No party hats, no "great job!", no greeters, just me and my shame of paying waaaay too much for a s****y, Chinese made Fender with 4 sigs on it. They gave it to me in an open cardboard box with no COA.
It's worth about $300 now, probably. Even worse, I played it a few times and wore down one of the sigs. I mean, it's still there, but you can tell it's been rubbed off a little.
The only saving grace was that I got to write it off on my taxes and got back like 6K that year or something like that.
So yeah, used a credit card with 12% interest. Luckily I had a good job, so it only took 6 months to pay it off.
Do I win?
Jrog 5 months ago (edited)
Guitar signed by all the four active Metallica members are a common memorabilia of the band, still produced and sold in a few online shops. They retail for $2k-4k. Guitars signed by former members sell for five times that. Guitars signed by the early 1980s formation featuring Cliff Burton -who died during the Master of Puppets tour- are very rare and sell for much, much more. Not having a Certificate of Authenticity shaves a lot off the price, but in OP case it would be trivially easy to have one made since all the members are still alive, there is plenty of documentation on the campaign and he has the payment stubs.
#11
I paid upfront for a 4 year gym contract.
Price was mind blowing.
I went once in 4 years, my own fault.
#12
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.
Undercover 5 months ago
My nephew has one to track the position of our cows in the mountains (yes, they are contained by an electric fence, but sometimes they escape nevertheless). Pretty cool timesaver 👍
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.
#14
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.
#15
I got my degree in audio engineering right before everyone stopped buying CDs and the music industry completely changed... So that.
Time or money spent with people you care about doing the things that you love isn’t wasted. However, this shouldn’t be used as an excuse for bad spending habits. If you know you’re an impulsive buyer and you deal with stress by shopping for things you don’t need or use or binge on fast food, alcohol, or nicotine, then you need to sit down and reevaluate some of your priorities. Speaking to a therapist can help reframe your relationship with money.
What is the dumbest purchase you’ve ever made that you regretted a ton, dear Pandas? How did you deal with buyer’s remorse? On the other hand, have there been any purchases that you were on the fence about buying that ended up being very useful or enjoyable? Feel free to share your thoughts in the comments!
#16
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.
Rayne OfSalt 5 months ago
I inherited a soup tureen from my aunt. I don't like soup, and have never cooked soup. So I turned it into a pot for growing herbs. Currently has a batch of lemon grass coming along nicely.
#17
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) .
#18
You know that box on your tax form that asks for $1 or $5 for the presidential re-election fund?
I checked it.
Once.
Jill Rhodry 5 months ago
Wow, can't even imagine seeing that on a tax return - in Australia government departments, agencies and non-political public servants are apolitical - they simply serve the government of the day.
#19
$40 on a pair of jeans and belt just to get into a club with my friends never wore them again.
#20
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!
#23
Know that replica frostmourne blizzard and epic weapons made? yeah one of those.
Doesnt even steal souls, what a rip off.
Ray Ceeya (RayCeeYa) 5 months ago
Didn't a guy get arrested recently for taking one of those to the airport? Or maybe that was the Master Sword from Zelda.
#24
When I was around 10 I traded some Pokémon cards for a nude picture from a Hustler magazine.
clairebear 5 months ago
The correct way to get porn in the olden days was to find a rain-damaged magazine, that's gone all wavy and stiff, in the woods or under a hedge. Everyone knows that.
#25
A Furby. I actually still got it somewhere, more than 25 years later.
Foxxy says Hello 5 months ago
My daughter had one and we could never figure out how to turn the f*****g thing off. Would hear it making sounds at the most random times.
#27
A diet program that cost a fortune. Ended up binging on pizza instead.
#28
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.
#29
When QVC was new I came home a bit tipsy & ordered a bunch of caboodles.
Karenj 5 months ago
Caboodles were like tackle boxes but girls would put their makeup or earrings or little collectibles in them. QVC was (is?) a TV channel that showed products on the screen and you could call a phone number to purchase the items. It was maybe mid 80s through mid-90s, not sure if I’m remember correctly.
#30
Panera.
What do you think ?
FABULOUS1 5 months ago
Online gambling. My wife won $72,000 playing on her phone, so I thought hey I will try my luck. First I have to say I am one who normally does not touch my savings, but the thought of making it back got the best of me. I kept on moving money over to play and about $4000 later I had to tell myself enough is enough. I opted to close the account with the option to never be able to open it again. Every time I go to my savings I think about what I wasted, even though I still have a really nice amount of money in there. It was hard work making that and its been hard work trying to put that amount back. I would of been better off getting cash and throwing it out the car window.
FABULOUS1 5 months ago
Online gambling. My wife won $72,000 playing on her phone, so I thought hey I will try my luck. First I have to say I am one who normally does not touch my savings, but the thought of making it back got the best of me. I kept on moving money over to play and about $4000 later I had to tell myself enough is enough. I opted to close the account with the option to never be able to open it again. Every time I go to my savings I think about what I wasted, even though I still have a really nice amount of money in there. It was hard work making that and its been hard work trying to put that amount back. I would of been better off getting cash and throwing it out the car window.
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