[ChrissyM]

A friend just sent me this article from the Wall Street Journal "The Wealth Report"

I thought it was something my fellow tFS-er shopaholics might appreciate

Interesting topic I think...

I can't think of any splurges that I really regret...

Quote:

Splurging Is Good for Your Health Buying overpriced indulgences may feel good in the short term, but you pay the price later. Or at least that’s the conventional wisdom. But a study by a couple of business-school professors says splurging now makes you happier later. Even more surprising: Not splurging now gives you pangs of regret later. Anat Keinan, an assistant professor at Harvard Business School, and Ran Kivetz, a professor of marketing at Columbia Business School, make their case for the vice lifestyle in an article in the Harvard Business Review. One of their studies polled college students and alumni on the subject of spring breaks. Regret about not having spent more money or traveling during breaks increased with time, whereas regret about not having worked, studied, or saved money during breaks decreased with time. The authors write: “We saw a similar pattern in a study of how businesspeople perceived past choices between work and pleasure. Over time, those who had indulged felt less and less guilty about their choices, whereas those who had been dutiful experienced a growing sense of having missed out on the pleasures of life.” (As the old saying goes, nobody dies saying “I wish I’d spent more time at the office.”) The authors also did a study of mall shoppers, asking about their regret about buying an expensive item of clothing. Those who anticipated short-term regret bought less-expensive items, while those who anticipated long-term regret splurged. “Thinking about short-term regret drives consumers to be virtuous, while thinking about long-term regret leads them to be extravagant,” the authors write. Luxury-goods makers, of course, will eat this up. I can see the slogan now: “Luxury: It’s Good for Life.” Or “Cartier: You’ll be sorry you didn’t.” Whether luxury is good for your finances is another matter. (Nobody goes bankrupt saying “I wish I’d spent more on Gucci bags). Wealth Report readers, what do you think? Do the long-term benefits of indulgence outweigh the short-term risks of regret?

http://blogs.wsj.com/wealth/2008/07/...r-your-health/

[papa_levante]

My father reads a lot of psychology journals online, and he read one that said compulsive shoppers know that they have no control over what they buy but they buy anyway.

This article reminds me of that.

[snowqueen]

i know personally if im feeling down or in one of my depressive moments a good shop makes me feel 100x better i know it will give me a buzz for weeks a massive spree .. if im feeling down for no reason i know its because i need a shop haha .. ok maybe thats jsut me .. and i think i hve a problem with shopping haha

[baRose]

I wonder who their audience or was. Is Discover Card behind this?

[chaneladdict]

^ haha seriously..I usually feel more guilty IF i buy something and happier when I resist!

[softgrey]

i couldn't agree more actually...
i am always the one who is very sensible..

even though i do splurge...it;s nothing compared to some people i know..
*we are talking about fashion industry people after all......

and i have to say..
my friend who splurges the most and is the most in debt is one of the happiest people i know...
...

and i am often regretting that i did not buy that chanel bag or dries shoes or whatever...
or the DAMN ann demeulemeester wedges.........


...

* i just splurged on some fabulous sunglasses and i could not be happier!..
i was in such a good mood actually that i went and bought some more stuff..
(but that stuff was on sale......)

[quimby]

when i saw the thread title, i rolled my eyes. but as i read the article, it kinda made sense. as my friend once said, you regret more the sins of omission than the sins of commission.

[rollagasper]

I think splurging can indeed be a good thing, but there has to be a balance to everything. Randomly splurging on things and not thinking it through might lead to a rush of regret later, but if you really covet an expensive, over-my-budget item, then I think it's great to invest however much it may hurt your bank account. I've regretted waiting to buy certain designer pieces and then get mad at myself when my size sells out.

[baRose]

^^

This is true with me, especially with shoes since my size sells out so fast (US 10). I am holding out on certain purchases (including eating out at work so much) so that I can buy a handbag in a couple of months. I know I wont regret that spurge (at least I hope not ).

Using credit cards that I dont plan on paying off the next billing cycles or not really thinking about the purchase will lead to regret.

[rollagasper]

^Yeah, I buy what I really want, but stop before I get to the point where I can't pay off my credit. And good luck saving up for the handbag - I think it'll be a great investment. If I worked hard, waited and saved up for a big splurge, I never feel guilty.

[Erin]

Quote:

Originally Posted by softgrey and i have to say.. my friend who splurges the most and is the most in debt is one of the happiest people i know... ...

As far as I'm concerned, being in debt is nothing to be happy about...

Perhaps it is how I was raised. Live within your means. Especially if a huge financial issue may arise.

This article made me laugh, really.

[eeyore]

what a ridiculous study

[ChrissyM]

splurging occasionally within reason can be healthy i think...
and enjoyable

when you splurge constantly and get yourself into debt.. that's when it becomes a problem..

but i have to say i enjoyed the article and i thought it brought up some good points..
which is why i chose to share it to begin with

[Feline]

I think having a good shop is a real pick-me-up, especially when i pick things up in sales, charity shops or can use discount vouchers. It's another thrill when I get home, unpack my bags & look at all my lovely new things. Of course, the best bit of all is the actual wearing/using them, feeling confident & good, and hopefully getting positive feedback from other people