Buying things are fine. But, what if you end up regretting it?
Ever Regret Your Purchase?
Many people may have experienced this: buying something then end up regretting it. I shouldn’t have bought this dress, should I? Now that I think about it, this pair of shoes is actually expensive, why did I buy them when I still have several other pairs of shoes?
The feeling of regret after purchasing something is known as buyer's remorse. Buyer's remorse can occur as soon as you finish making payment or some time after. This feeling of regret that arises may also have an impact for some time. Nobody knows for sure (reference: Ramsey Solutions).
What causes impulse buying?
Impulse buying or purchase is usually caused by emotions. This is of course different from buying something that has been well planned (reference: Market Business News).
There are no specific limits to the products purchased when experiencing impulse buying. So, your impulse purchase may involve something that isn't too expensive, such as cooking utensils and snacks. However, it could be that someone impulsively buys something that is quite expensive, for example gadgets and works of art.
How to Avoid Buyer's Remorse by Managing Money with Jago
If you have ever regretted buying something, there are several things you can start doing now to prevent the same remorse from happening again in the future.
1. Budget for shopping and other needs using the Jago Pocket
Budget is a very important word in financial management. By budgeting regularly, finances will become more orderly.
A budget needs to be made for every expense, by first prioritizing important and routine needs. When budgeting, don't forget about savings as well.
So that the budget for each expense is clear and can be monitored at any time, you need multiple bank accounts. It is best not to mix the budget for paying bills with the budget for shopping. It is likely that all the budget for bill payment is used up for shopping, and you won't have anything left to pay the bills.
By having a Jago account, you can open multiple accounts via the Jago application. The way to open multiple accounts is to create Jago Pockets. Because, 1 Jago Pocket = 1 bank account.
Want to know whether there are account opening and monthly administration fees at Bank Jago? Find the answers here.
The most important thing after budgeting is done is to consistently stick to it. So, if your monthly budget for shopping has run out, you will have to resist temptation to buy. In this way, buyer's remorse can be avoided.
2. Use a debit card or QRIS when shopping
To always consistently stick to the budget, use a debit card or QRIS as much as possible when making purchases.
The Jago Visa or GPN Debit Card and QRIS Jago can both be linked to the Spending Pocket that you choose as the source of funds. This way, when shopping you only use the budget in that Pocket.
What if you only have 1 Jago debit card? It's not a problem because you can change the Pocket linked to your debit card whenever you like.
3. Give it time to think through
Giving it time can also help you decide what you are about to buy. Do you actually want to buy it?
When you are interested in buying something, don't immediately follow this impulsive behavior. But, give it time to think it through. Do you really need it? Will you use it often so that the price is commensurate with the benefits you will enjoy? Has your hard work really paid off by owning what you are about to buy?
If the answer is "no" or if you feel regretful when you think about it, it means you don't need to buy it!
Just the way you want, you can allocate a budget for each type of expense and be jago in managing your finances practically and easily. Frequent buying, impulsive behavior and buyer’s remorse can all be prevented and avoided.
