I mull over purchases for months before I make them and research most of the products I buy thoroughly. But I’ve still made some financial mistakes and have bought a few things over the past couple years that I regret.
Here are the top 3 purchases that have given me the most buyer’s remorse and the lessons I’ve learned from wasting my money on them.
High-End Memory Foam Mattress
I have chronic pain and fatigue, so I need a comfortable mattress to be able to get a good night’s sleep. After months of research, I decided to purchase a high-end memory foam mattress for $5,000.
It was very hard for me to part with that much money, but I saw it as an investment in my health that would last for years to come. But unfortunately, price isn’t always an indicator of quality. Just 5 years after I purchased it, I discovered that black mold was growing all over the underside of the mattress.
As soon as I threw it away and got a different mattress, I started feeling better. I had more energy and less chest pain, so I believe the mold was affecting my health.
After doing more research, I’ve learned that this is a common problem with memory foam mattresses. It can even happen with regular mattresses too because they have a layer of foam in them, which is susceptible to mold growth.
Because this could happen again, I’m definitely not going to invest in another expensive mattress.
A good night’s sleep is important, but it isn’t worth spending thousands on a mattress if you have to throw it away a few years later. So from now on, I’m sticking with cheaper options.
Another major purchase I regret is my car. Even though I live in an area with a lot of snow, I decided to purchase a used Ford Fiesta with two-wheel drive instead of four-wheel drive because it was cheaper.
Although it would probably be a great car for someone in a warmer climate, it doesn’t really meet my needs. It’s gotten stuck in the snow and has had to be towed away on several occasions. At this point, getting a car with four-wheel drive probably would’ve been less expensive.
I’ve learned that while it’s great to save money, you shouldn’t skimp on the essentials. Buying a cheap car may seem like a good deal now, but you’ll probably spend much more on future repairs than you’ll save.
Another purchase I regret is my luxury handbag.
I purchased a faux leather handbag from Stella McCartney for $400 when it was on sale. Considering it retails for about $1,000, I got a pretty good deal. But I still regret spending that much money on a purse that I just don’t use.
Everything I need to take with me when I leave the house fits in my coat pockets, so I only reach for my purse a few times a year. While it’s been great to take on trips when I need to carry extra stuff, I probably could’ve gotten an inexpensive backpack to serve the same purpose.
Although I regret wasting my money, these purchases have taught me a lot about what I value and will impact my spending habits going forward.
In the future, I plan to find a middle ground with everything I buy. I’m not going to choose the most expensive option, which often isn’t worth it. But I’m not going to skimp on quality just to save a few bucks, especially when it comes to essential purchases like cars.