- It's common to splurge on Amazon Prime Day and regret the purchase later — and many people do.
- Now that Prime Day is over, you might be looking back at some of your purchases and wishing you had thought twice before clicking "buy."
- Here's are some tips from a financial planner on what to do next.
Amazon's 48-hour Prime Day is over, which means regret over some of your purchases might be sinking in.
You're not alone.
Eddie McNamara, a 43-year-old cook in New York, still regrets his Prime Day purchase of two Instant Pots — one for him and one for his sister — back in 2016. He spent around $60 on each of the pots, which have been popular items since the first Prime Day was held four years ago.
"I kind of got wrapped up in Prime Day," McNamara said. "I saw it was on sale and got overexcited."
McNamara said he made a few recipes with the pot that turned out badly. His sister never even took hers out of the box.
"I ended up sort of hating the thing," McNamara said. "It was haunting me, this lousy purchase."
Katie Raffa, an executive assistant in New York, snapped up a $65 juicer during last year's Prime Day, thinking it was a bargain.
"It ended up sitting in my closet really high up, where I can't reach it, for 11 months," Raffa said. "I regretted making an impulse purchase that I wasn't going to use."
She ended up regifting it at a wedding last month.
Impulse purchases are common. In 2017 a survey conducted by personal finance website finder.com found that 88.6% of American adults have impulsively shopped, each spending on average $81.75 per shopping session.
Events like Amazon Prime Day can trigger uncontrollable spending, said April Lane Benson, a psychologist and author who specializes in compulsive shopping.
A sense of urgency kicks in when there's a buzz around a deal, encouraging shoppers to whip out the plastic.
"You think you're never going to get this kind of deal again," she said.
Do you regret buying two Fire TV sets? Here's what to do.
"We think we're the only ones who splurge," said Brent Weiss, certified financial planner and co-founder of Facet Wealth. "We feel like we're the only ones who made a mistake."
Forgiving yourself is the first step to learning from the mistake and ensuring it doesn't happen again, he said.
Act quickly to return your impulse purchase.
Most items you buy from Amazon can be returned within 30 days of receipt, according to the company's return policy.
Different rules may apply to digital products, baby items and prepaid phone and game cards.
Further, if you buy an item from a third-party seller on Amazon, that merchant might have a different return policy.
Another option is regifting the item, as Raffa did.
Draw up your budget and commit to it.
Weiss uses a vision board to track his progress toward different goals, including vacations and saving for retirement.
"You want to hack your mind and not your money," he said, adding that seeing our plans visually can make us act differently.
It's particularly important to do this when you're behind, like after a splurge. "It will get you back in the balance," Weiss said.
Avoid dramatic changes, such as cutting out all discretionary spending, said Weiss. "Small changes over time add up. You don't have to cut out all the fun stuff."
Prepare for the next Prime Day so that you don't blow your budget. Start by making a list of items you actually will need, and buy only what you will use, Weiss said.