Black Friday and Cyber Monday sales are upon us, but the thrill of a bargain can quickly turn into regret. Neuroeconomist Dr Uma R Karmarkar, who studies consumer decision-making, offers advice on how to shop smarter and avoid ending up with unwanted items.
Karmarkar recommends setting a budget before browsing deals. 'We make boundaries in our personal lives, and we make boundaries in our calendars. It’s not the worst thing to put boundaries on shopping and gift giving so that you can have the fun part and enjoy it, and not have that regret afterwards,' she says.
She also warns against being fooled by discounts. 'Have a sense of what things cost ahead of time, which sounds so obviously easy but is something we’re terrible at,' she notes. Tools like Camelcamelcamel can show price histories on Amazon to spot misleading price hikes.
Making a list is another key strategy. 'I sort of have a loose list of the kinds of things that I’ve been thinking about buying. And then it’s a question of matching that list to the opportunity,' Karmarkar explains. This helps avoid impulse buys.
Finally, she advises trusting your instincts to avoid 'ambition purchases' – items for a life you’re not living. 'If there’s that tiny nagging bit of doubt, it tends to mean it’s going to sit in my closet, and then I just feel guilt every time I see it,' she says.
