The five biggest spending regrets – and how to avoid them
Ever splashed out on something you REALLY wanted in the moment – only for it to regretfully languish in your wardrobe or spare room, unworn, unused and unwanted? If so, you are not alone.
To uncover the spending habits people regret most, UK shopping platform Dig, which helps consumers unlock discounts whilst they shop, has analysed Reddit conversations to discover the purchases consumers regret the most. And, to help you avoid these common traps, Ashley Bailey, CEO at Dig, has shared expert advice on shopping smarter.
The five biggest money regrets (and how to avoid them)
Let’s now look at the five biggest purchase regrets – and how you can avoid them.
1) A brand-new vehicle
Vehicles are the most common cause of buyer’s remorse among Gen Z and Millennial drivers. Over half (55%) of 18 to 34-year-olds who bought their car outright regret aspects of their vehicle.
One user shared how a brand-new car turned sour: “My dad pushed me into buying a brand-new Nissan Juke even though I just wanted a used car. A year later I sold it for £16,500 out of its £26,000 initial value… I should have listened to myself.”
Bailey’s Advice: Always compare the price of a new car to pre-owned or nearly new models. A three-year-old car can be just as reliable and cost much less. Cars that lose value right after you buy them can also really hurt your finances. Using online car valuation tools before you buy will let you know how much a car’s value will drop once you drive it.
2) Designer labels
Many people regret spending money to appear wealthier than they are, a shift in mindset that’s reflected in the return to high street shopping. One user pointed out how odd it is spending all your money on designer clothes to sit in a village pub, while another admitted to buying Prada shoes at £45k annual income.
Bailey’s Advice: Before buying designer, ask yourself: can you afford it on your salary, and do you need it right now? If the answer is yes, don’t pay full price, prices fluctuate, and you can often find it cheaper. If you decide the designer option isn’t worth it, don’t forget to look for high-street alternatives and use discount codes to maximise your savings. It’s also wise to check you aren’t buying from a scam shopping website before parting with your money.
3) Jumping on the latest trends
Reddit users also admitted to spending a lot of money on tech that soon went unused, often because they wanted the latest trends. In fact, 69% of consumers aged 13 to 39 are more likely to buy brands considered cool, making it easy to fall into the trap of impulsive tech purchases.
One user shares their tech regret: “I bought a top-tier VR headset and a high-end juicer when they were trending. They were fun for two weeks, then sat in the closet for a year. It was over £800 spent on items that are now worth pennies on the resale market.”
Bailey’s Advice: Before you buy something on impulse, wait 48 hours. Most things you think you need lose their appeal after a day or two. Also, compare new and pre-owned options, since you can often find barely used tech for much less.
4) Forgotten subscriptions
Regular charges can quietly add up to significant losses; with many losing out on around £400 a year on unused subscriptions. Whether it’s the gym or a streaming service, almost half (48%) admit they delay cancelling because direct debits make it too easy to forget.
One contributor admitted: “I realised I was paying for four different streaming services, a gym membership I never used, and a monthly subscription box for clothes I didn’t need. It didn’t feel like much at the time, but looking back, I wasted thousands over three years.”
Bailey’s Advice: Check your monthly statements. If you haven’t used a service in 30 days, cancel it and use that money for something more valuable. Free subscription management tools can help you spot forgotten charges by showing all your subscriptions in one place, making it easy to cancel or manage them.
5) Rushing into home buying
Property was the third most common regret, and buyer’s remorse in the housing market is widespread. Almost two-thirds (63%) of UK homeowners aged 18 to 34 regret some aspects of their purchase, with underestimating the true costs of owning a home the biggest regret of all.
One user summed up their regret: “Not having bought a flat when I started my first job. BUT that is solely a financial statement. I wouldn’t have liked living in an apartment. Financially not nice, but quality of life much better.”
Bailey’s Advice: For big purchases, look at the full picture, not just the main price. Remember to include running costs, council tax, service charges, survey and legal fees, and any renovations you’ll want. Be honest about whether you can afford it long-term. It’s better to have a home you can comfortably afford than struggling in a bigger one.
Think before you buy!
When shopping, the golden rule is to think before you buy. Before making a purchase, ask yourself if it’s something you really need or will still want in a week’s time. For bigger buys, giving yourself a few days to think it over can help you avoid impulse spending.
Once you’re ready, take ten seconds to see if cashback is available before you check out. Stack it with a voucher code, use the right payment method, and you can easily double the value. You don’t always need to spend more – just spend a little smarter.
