Posted by: coastcontact | August 24, 2013

10 Common Spending Regrets

Get rich quick schemes. 10 spending regrets.This information was posted on the AARP newsletter but the regrets are applicable to everyone.

Time-shares

The times share industry, known for its seductive sales pitch of owning a property and swapping for others for a few weeks a year.  Maintenance fees turn those properties into financial nightmares.  Worse is that selling a time share is nearly impossible to sell.

First Generation Technology

New consumer electronics devises tend to be difficult to use and are expensive. By the third or fourth version the prices have dropped and the gadget works easily.

“As Seen on TV” Products

From kitchen knives that will cut through steel bars to other miracle products many fall short of their promised performance.  Of course they are offered at an “unbelievable low price.”  Try getting your money back.

Elaborate Weddings

The average American wedding now costs $28,000.  My daughter is in for a big disappointment.  With half of all wedding ending in divorce is it any wonder that there are big regrets.

Extended Warranties

Device failures usually occur in the first year of use.  Most products come with warranties of a year or more.  Consumers Reports advises that the only benefit is to the seller.  AARP says these warranties are a great deal for the party selling them.

Trendy Fashions

Buying quality apparel and classic designs will save money in the long run.

Get Rich Schemes

From buying homes in foreclosure to “collectibles” if it seems too good to be true it probably is.  These ideas are making the hawkers rich.

Gym Membership/Exercise Equipment

It is estimated that gym memberships go unused after the first two or three visits.  Exercise equipment advertised on television looks easy to use but most of us lose interest after just few weeks.

Pet Toys and Novelties

Animals may be cute but the care is an ongoing responsibility.  Novelty toys sold in malls are fascinating for an hour or two.

We now have two “cute” dogs that now require walking, feeding, grooming, and medical care.

Prepaid Funeral Plans

These plans are costly and do not deliver as promised.

My mother told me everything was pre-paid for her funeral.  When she died I had no proof of the pre-paid plan.  The cemetery did acknowledge the plots had been purchased but that most people do not understand the plans.  The casket cost an additional $6,500.  Flowers were not part of the pre-paid plan.

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Responses

  1. Really good points


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