I’m a sucker for As Seen on TV products. I own a Snuggie, Mighty Putty, Handystitcher, Swivel Sweeper, Quick Chop, Aqua Globes, PedEgg, Bendaroos, Doggy Steps, Pet Wheel-Away, Peticure, Crazy Critters, and a Clever Clasp. Some of these have been hits, but many have been misses. One common denominator for each of these purchases for me has been boredom. I only impulse shop when I am depressed or bored.
The excitement of buying something new is often too strong for me to resist. In addition, the price for these products is set so low that it seems like a good deal, especially when they double the number of items for free. The psychology of money and how we rationalize purchases is a fascinating topic, and clearly relates to critical thinking. When I purchase an As Seen on TV product, my assumption is that this purchase will be worthwhile, and will make me feel better. It rarely does.
This week, PsyBlog posted “Why We Buy: How to Avoid 10 Costly Cognitive Biases.” This article is a great reminder of how our mind tricks us into believing we need to purchase an item (or rationalize the purchase once we’ve realized our error).
I know that I am especially susceptible to the Present and Restraint Biases.
How about you? Which cognitive biases impact your bank account?
In the meantime, enjoy this fun video (Sky Mall Kitties) and the associated ear worm.
Editor’s Note: Breanne Harris is the Solutions Architect for Pearson TalentLens. She works with customers to design selection and development plans that incorporate critical thinking assessments and training. She has a Master’s degree in Organizational Psychology and has experience in recruiting, training, and HR consulting. She is the chief blogger for Critical Thinkers and occasionally posts at ThinkWatson. Connect with her on LinkedIn and Twitter for more of her thoughts.