Common Spending Regrets
Have you ever wasted money on a purchase? Here’s a look at items people buy and wish they didn’t
Time-shares
The time-share industry, known for its seductive marketing practices, plays on people’s fantasies of owning property in popular vacation areas and being able to travel the world by simply swapping time-shares. In reality, many time-share owners find that ever-increasing “maintenance fees” turn their fantasies into financial nightmares. Swapping — let alone ever selling — their time-shares is next to impossible.
First-Generation Technology
Consumer electronics and other technology tend to both improve in quality and drop in price after the bugs in the first-generation are worked out and market demand increases. If you camp out to be first in line to buy the latest gadget, you’ve probably learned this lesson the hard way.
‘As Seen on TV’ Products
From kitchen knives that claim to cut through steel bars, to electronic belts promising to remove body fat overnight, many products sold only on TV fall short of their sales pitches. Miracle products offered at an “unbelievably low price” or even for free usually come with high shipping and handling costs. And if a product fails to perform as promised, getting your money back requires, many times, a true miracle.
Elaborate Weddings
With the average American wedding now costing more than $28,000, many newlyweds later regret not saving a bit of that small fortune for other things, such as a down payment on a house. Of course with nearly half of all marriages ending in divorce, it’s little wonder so many people regret the cost of their weddings, elaborate or not.
Gym Memberships/Exercise Equipment
If you buy them and actually use them, great. An estimated 60 percent or more of gym memberships go unused after an initial visit or two. A sign posted recently at a local thrift store — a veritable graveyard of donated exercise equipment — reads “We Are No Longer Accepting Donations of Used Exercise Equipment (Even If Never Used).”
Prepaid Funeral Plans
OK, so maybe this isn’t one you’ll literally live to regret. Funeral packages are often complicated, overpriced, costly to cancel and don’t deliver all that you think they do. Sure, make plans for your own final arrangements and even set aside money specifically to pay for them, but don’t fall for prepaid funeral plan rip-offs.
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