Extravagant Expenses can Mishap Your Savings at Times

People do not think twice before spending on happy or solemn occasions while buying an engagement ring, desserts for a birthday party or even cremation urns. The expenses during weddings and even at funerals can be exploitative, say researchers. //

"People's buying behavior changes when they're making purchases out of love because it feels wrong to engage in cost-saving measures," said lead author Peter McGraw from University of Colorado Boulder.

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‘People choose the more expensive item and avoid choosing a low cost one or avoid bargaining when it comes to purchasing for a loved one.’

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People abandon cost-saving measures when it comes to sentimental buys because they want to avoid having to decide what is the right amount of money to spend on a loving relationship, McGraw added in the paper published in the journal of Judgment and Decision Making.

The study involved nearly 245 participants and the team asked attendees at a wedding show about their preference between two engagement rings.

The attendees nearly always chose the more expensive ring when deciding between a more expensive ring with a bigger carat and a less expensive ring with a smaller carat.

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Even when they identify a less expensive alternative to be equally desirable, people choose the more expensive of two items.

They also avoid searching for lower prices and negotiating better prices when the goods they're buying are symbolic of love, the researchers explained.

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"The loss of savings can really add up and put people in compromising financial situations," McGraw stated.

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