Most Aussies regret shopping splurges - but a budget can help
If you’ve ever bought something regrettable, you’re not alone - MyState Bank finds that Aussies are spending $13 annually billion on purchases they regret.
Most Australians (94%) are splurging on themselves despite current cost of living pressures, the new report finds. The generations most likely to do this are Gen Z (68%) and Millennials (56%).
MyState Bank says that nearly 45% of those that splurge say the instant gratification doesn’t last and almost five million Australians regret something they bought in the last week.
The items that Aussies most regret are exercise equipment and health accessories, with 25% of respondents noting these categories.
As well as impacting your bank account, MyState Bank has also found that “regret purchases” are impacting mental health, with a third of people saying this is taking a toll. These people also think that they are too set in their ways to manage their money better.
MyState Bank says that the purpose of releasing these findings is to “give Aussies the opportunity for a clean state and to start fresh with their finances.”
“We’ve all made mistakes, and MyState Bank is committed to helping Australians get back on track with their money, and remind them that it’s never too late to start saving,” says MyState Bank managing director, Brett Morgan.
“We hope this clean-slate initiative will inject some positivity into the conversation, turning our money mishaps into an opportunity for a fresh financial start.”
How to better manage your money
If you are guilty of regret spending, the good news is that it’s never too late to change your ways and start saving.
Here are some tips to get you started:
- Make a budget so you know how much money you can afford to spend. If you need help, check out our budget calculator!
- Make a realistic savings goal based on your budget so that you have something to work towards.
- Check out money savings apps. There are lots of budget and saving apps on the market, here’s a list of ones we recommend.
- Consider opening a savings account that lets you lock your savings so you aren’t tempted to withdraw money. For example, Virgin Money has a feature on their Virgin Money Boost Saver and Grow Saver accounts that allow you to lock your savings and they provide an extra 0.3% interest when you choose this option.
For more tips on how to better manage your money, check our feature on 10 ways to save on the cost of living.