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July 13, 2021

That's right, some purchases are just plain stupid

Ever wonder how much money you could have saved if you had hung on to it somehow instead of blowing it on another tchotchke?

Book If you want to feel a bit better about your silly situation, check out Spendster. Run by the National Endowment for Financial Education, it’s a fun place to share videos and stories about some of the really dumb purchases we’ve all made.

Entrants who've created a video showing their regretful purchases qualified themselves to win one of several prizes, ranging from $100 to $1,000.

It’s all in good fun, of course, much like the late Speaker's Corner.

In addition to video and photo uploads, you’ll also find a calculator that determines the actual cost of unnecessary and poorly used credit card purchases and how much these expenditures could have generated in savings.

45-year-old Cindy Spry didn’t realize how out of control her clothes-buying habit had become until she emptied out three dressers and an entire closet full of stuff she never wears.

Grand prize winner Kelli Johnson now realizes that she needs to be more careful when hitting since she ends up spending pocket money on shiny or trendy clothes that ultimately land at the bottom of her closet.

However, if you’re really serious about the fact that you may be overspending, have a look at April Benson's book, To Buy or Not to Buy: Why We Overshop and How to Stop, which draws on recent research and on decades of working with problem shoppers.

What’s the worst purchase you’ve ever made? Is shopping a real problem for you? Or do you just make the occasional goof?

By Gordon Powers, MSN Money

* Follow Gordon on Twitter here.




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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...