They may sparkle in the store window or feature on your ultimate designer shopping list, but lavish purchases can come at the cost of financial security and mental health.
Regret over purchases is common, with four in five Americans reporting they experience buyer’s remorse. The belief that money can buy status and happiness is as pervasive as it is false.
Buying something expensive brings a rush of adrenalin that’s intoxicating at the moment. Unfortunately, the anxiety from spending more than you can afford lingers much longer.
At the end of the day, peace of mind is priceless.
Here are 12 lavish purchases you should think twice about before buying.
Five-Star Vacations
It can be easy to believe the only vacation worth having is at a five-star resort in a glamorous destination. But the realization that fancy interiors, celebrity endorsements, and multiple pools aren’t all they’re made out to be can put a real damper on a trip. The magic of travel almost always lies in what’s beyond the hotel doors. Fulfillment comes with trusting the experience and people outside the hotel doors, not the thread count.
Luxury Vehicles
A luxury car or motorcycle with all the latest bells and whistles may seem worth the substantial investment. However, the price tag doesn’t include the high insurance premiums and maintenance costs in the future. A vehicle is also an asset that depreciates, so the moment it leaves the dealership, it loses value. Buying a brand-new, overpriced vehicle may feel like a joy ride at first or even a status boost, but in the long run, the stress of high repayments may eclipse the excitement of ownership.
Designer Clothes
Handbags that cost several salaries and outfits resulting in rising credit card debt – designer clothes can bring more stress than style. With anxiety around wear and tear, stains, and theft, coupled with the fact that trendy items quickly go out of fashion, it’s clear why these items often end up living in the closet.
Multi-Carat Engagement Rings
Despite what the marketing campaigns say, love can’t be measured in carats. Chances are, opting for a ring just as beautiful but not quite as lavish and keeping the extra cash to grow your nest will give you ease at the beginning of your marriage.
Lavish Weddings
Weddings are often seen as a once-in-a-lifetime fairytale event, which can lead to unrealistic expectations. There is a lot of pressure to have the perfect dress, expensive flowers, and a jaw-dropping venue. But when the day is over, the total cost of the celebrations can be sobering. In the long run, cutting costs on your big day is a wiser investment in your future than a one-day celebration.
Top-Of-The-Line Musical Instruments
Learning to play an instrument is fun – but not if you’re convinced you need a top-of-the-line guitar/drum set/grand piano (the list goes on). Music lovers and maestros may also have their wish lists, but they can tell you the instrument doesn’t make the musician. Buying an instrument within your price range also means it won’t be the end of the world (and your bank balance) if you decide it’s not for you.
Expensive Hobbies
A fancy digital camera and lights, a candle-making studio, state-of-the-art woodworking tools, or a gift-wrapping room – sometimes a hobby can be one of the most lavish expenses. When the tools go untouched and the hobby loses its novelty, buyer’s regret is not uncommon.
A Dream House
A foot on the property ladder may be a good step towards financial security. However, it can backfire when you stretch your budget to breaking point by buying that “dream” home. High mortgage payments are a heavy financial burden, especially with property maintenance, taxes, and insurance premiums. Being tied down to a property can also be challenging if your lifestyle, family, or work situation changes.
Renovations
Before you bring out the paint cans and renovation crew, ask yourself what a refreshed color scheme, a new extension, or the latest kitchen is worth. Renovation costs can add up quickly, and unexpected extras are part of the process. This can result in running out of funds and stopping alterations midway – not ideal for peace of mind.
Antique or Designer Furniture
Whether it’s rococo armoires, Bauhaus chairs, or the latest piece from a contemporary designer, spending a large sum on furniture is not always the investment promised. These items are often impractical, and the fear of them getting scratched and damaged can induce constant anxiety and even encroach on how you live in your space.
The Latest Electronic Devices
The latest tablet, laptop, or smartphone upgrade can make you feel like you’re on top of the tech game, but it’s short-lived. New models are released constantly, each shinier and more advanced than the last. Electronics are also targets for theft and can break easily.
Appliances
A lavish vacuum cleaner? It exists. High-tech appliances come with hefty price tags and big promises. Robot vacuums with smart features, coffee machines with precision temperature control, hot dog toasters, and beer keg fridges – all claim to change your life and make it easier, but they seldom do. The features that are so appealing are also often tricky to understand, leading to the expensive appliance gathering dust.
Lavish or Worth It?
Only you know whether a lavish purchase will bring you joy or destroy your peace of mind. It can be helpful to ask about the motivation behind the desire to buy and decide if it’s worth it. Ultimately, the power of mindful spending is in your hands.
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