The expert recommends applying this '$1 rule' to achieve guilt-free shopping. Here's how it works.

• Despite paying off their $300,000 debt, Bernadette Joy and her husband didn't completely eliminate shopping.
• She developed her own cost per use metric to make more informed decisions.
• This holiday season, that same method may help consumers avoid regret purchases.

In 2016, Bernadette Joy received an MBA and her and her husband had approximately $300,000 in debt, consisting of student loans and mortgage balances.

By 2020, they were debt free.

As Joy searched for ways to achieve financial independence, the advice she received, such as "eat beans and rice; don't enjoy life; shopping is a waste of money," did not align with her values.

Joy discovered innovative shopping techniques that didn't make her feel guilty. This prompted her to develop a strategy known as "The $1 rule," which she outlines in her new book, "Crush Your Money Goals."

"Joy, a financial coach and debt repayment expert, stated that her twist on cost per use or cost per wear is the $1 rule. She simplified it further to say that it's acceptable to purchase an item if it costs $1 per use."

The biggest tax break can be obtained through this charitable giving strategy. Initiating money conversations with aging parents can be challenging. Many workers are caught off guard by the prospect of early retirement.

Joy helped her friend determine whether to buy an expensive couch by applying the $1 rule, which stated that it would be worth the investment if he kept it for five years and used it daily.

Joy has personally avoided buying low-quality items or things she won't use often due to the rule.

She considered a warming dish for entertaining but realized the $30 cost wouldn't justify its two times per year usage.

During the holidays, the "$1 rule" can be useful when buying gifts that people will truly appreciate, she stated.

Whenever Joy purchases gifts for others, she applies the rule, considering, "Would they frequently utilize this item?"

Impulse purchases can lead to regrets

This year, it is predicted that 183.4 million individuals will shop online and in-person during the five days from Thanksgiving to Cyber Monday, as stated by the National Retail Federation.

A recent survey by the industry organization found that more than half of consumers, or 57%, plan to shop because of deals that are too good to pass up.

Recent research from Bankrate reveals that 54% of adults made at least one impulsive purchase during the last holiday season due to good deals.

However, those impulse purchases can lead to regrets.

A survey by Bankrate on online purchases triggered by social media revealed that 57% of consumers felt remorse about at least one of those purchases.

Indulging occasionally is acceptable, as long as you have budgeted for it ahead of time, according to Ted Rossman, senior industry analyst at Bankrate.

Rossman stated that you do not wish to be paying off your holiday debts a year from now.

According to NerdWallet, 28% of individuals are still paying off credit-card debt from the 2023 holiday season.

Despite an average wage increase of 17% since the beginning of 2021, prices have risen by 20%, making overspending a possibility for many households, according to him.

The average credit card rate remains at approximately 20.4%, despite a decrease in interest rates, according to Rossman.

Take a pause before buying

Before making a purchase, pausing for a moment can help avoid expensive purchases that may result in carrying credit card balances, Rossman advised.

This holiday season, you can save money by following shopping tips.

Instead of material gifts, choosing experiences can make holidays more memorable, Joy suggested. For instance, friends can opt for a group outing instead of a "Secret Santa" gift exchange.

Rossman stated that retailers may use time-sensitive offers to pressure customers, but there is a high likelihood of another sale following it.

Rossman advised paying attention to the total cost when making a purchase, especially when using an installment plan like buy now pay later.

To determine if a retailer is offering the best deal, it is recommended to use price trackers such as Camel Camel Camel for Amazon, which can compare sales and show their differences.