We’ve all made purchases we regret, but hopefully, we also learn a very important financial literacy lesson and make wiser decisions with our coins moving forward. Some women adore designer threads and duds, many enjoy dining out or drinks with friends, and others still would rather flex with the latest gadget or spend on A1 travel. These six industry influencers have graciously shared their splurge stories – maybe you can relate? BAUCE baes work hard for what we have, so at times a sweet reward is deserved, but continue to read (and take heed) as these women remind us to practice smart spending and constraint with our banks!
1. Yvonne Simone Powless (IG: @yvonnesimone)
Occupation: Model (Wilhelmina), yoga instructor (RYT-200) blogger and health enthusiast.
“When I got my first six-digit paying job I instantly started spending money buying clothes and shoes from places I’d wanted to shop at forever. When I actually got paid for the job, I regretted spending money before it was even in my bank account. Never spend money that’s not in your account yet, Expensive shoes and clothes are one of the last things I choose to spend my money on now. Invest in something that’s going to make you more money, not something that loses value as soon as you buy it.”
2. Kia Imani Robinson (IG: @DearKiaImani)
Occupation: Public Relations professional and Associate with Weber Shandwick in NYC.
“While it may not seem major in the moment, at the end of each month I regret how many times I opted to take an Uber rather than hopping on the train. I live in NYC and I purchase an unlimited monthly metro card each month. This essentially means all my train rides for the month are already paid for. So at the end of each month, when I calculate how much I spent on Uber rides, I regret not just hopping on the train. The cost really adds up after a while. I’ve been doing much better, but I realized it helps to have an accountability partner. Someone who reminds me that my monthly metro card is already paid for and taking an Uber really isn’t necessary most times.”
3. Dawn Skeete-Walker (Twitter: @Dskeetewalker)
Occupation: Associate Vice President of Communications and Marketing at SUNY Downstate Medical Center in Brooklyn, New York.
“The diet products I bought haha! I could have chosen to simply eat and exercise wisely, and save myself several hundred dollars. I understand we all want to look and feel our best, but we look for the shortcuts and then sometimes make decisions based on what we anticipate to be the immediacy of results. The bottom line is regardless of the result, you still have to put the hard work in. Buying the diet products and not fulfilling the other part of what you’re supposed to do in terms of exercise just doesn’t cut it. It’s a waste of money if you’re not committed to making the best of it. If you’re just sitting there eating these diet meals thinking the weight is going to disappear that’s not going to happen. Being women, running left and right with other responsibilities, you get to a certain place in your life where the weight doesn’t go away as quickly as it used to when you were younger. Maybe you could put your money toward a trainer instead where you see tangible results.”
4. Margie Merritt (IG: @Merritt.margie)
Occupation: Production Associate for Good Morning America.
“I’ve been actively trying to budget, but I consistently find myself going over and making purchases I regret. I usually don’t regret all of my dinner/alcohol purchases at the end of the month. I love going out with friends to test new spots and decompress, but I also purchase groceries on a weekly basis – so I’m just over purchasing. I regret the fact that I over purchase when I could plan better, but then laziness kicks in. It’s actually pretty ridiculous the amount I spend on food, but maybe I’ll get it together one day.”
5. April Woodard (IG: @1aprilWwoodard)
Occupation: Broadcast TV host of WTKR’s Coast Live in Hampton Roads, Virginia (previously of Inside Edition), and Hampton University journalism professor.
“I would say the purchase regret I had were an iPhone X and a pair of Loubies. I upgraded to iPhone and my life didn’t change. Sure my pictures looked better, but I don’t think it was worth it. Also, I love my shoes, but I splurged on my Red Bottoms — my bloody shoes.
We love to have the latest tech and style but always remember asset versus liability. Both purchases were liabilities, they don’t increase my worth, can’t leave it for my kids – it doesn’t grow interest. That’s the difference between what you need and what you want.”
Occupation: President and CEO of the Black Public Relations Society of New York, as well as an advocate for diversity, social justice, and women.
“I fell for the grass is greener on the other side promotion to switch phone providers, received a contract buyout and traded in my then current devices for new ones. I lost on every count. From the valuation of my devices (which were superior in quality to the brand the sales associate suggested I take) to the buyout amount eventually allocated (which took forever to receive), to the actual plan choices. A rare failure to analyze the offer in detail was quite costly.”