What step should I take prior to making a purchase?

As a housewife, I am in charge of purchasing groceries for my family. Before making any

purchases, I identify which items in the house are running low and must be filled. For
example, poultry, vegetables, and fruits are items that should be stocked frequently. Once I
have determined which items I need to stock up on, I will look for information on which
supermarkets are offering discounts. I usually get my information from the supermarket's
website and check if they have any special deals.

What steps should I take while making a purchase?

As a consumer, I always make sure that the money I have is sufficient to purchase the items I
require for that particular period. I usually do not go over my grocery budget because it is
exciting to be able to save some money for an emergency. Before making a purchase, I
usually compare the prices of local and imported goods to see if I can save some money.

What steps should I make after I make a purchase?

After purchasing vegetables and fruits to avoid waste, I separate them appropriately and store
them in containers that can keep them fresh for at least a week. This ensures that the money I
spend on my purchases is well spent.

What is buyer's remorse? Have I experienced it?

Siegal and Yacht (2009) define buyer's remorse as "a feeling of regret or anxiety that occurs
after a purchase is made, usually associated with an impulse purchase" (p. 150). It happened
to me occasionally while grocery shopping. I already know what my household needs are, but
sometimes the store's promotions tempt me to buy more, which results in a disappointing
feeling because I will have little money to save for other purposes. As a result, my
opportunity cost would be more money saved.

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Reference

Siegal, R. & Yacht, C. (2009). Personal finance. Saylor Foundation. Licensed under Creative
Commons CC BY-NC-SA 3.0.