• When Bernadette Joy and her husband were paying off their $300,000 in debt, she didn't nix shopping altogether.
• Instead, she came up with her own measure for cost per use that helped her make better decisions.
• This holiday season, that same method may help consumers avoid regret purchases.

When Bernadette Joy graduated with an MBA in 2016, she and her husband had around $300,000 in debt, including student loans and mortgage balances.

By 2020, they were debt free.

As Joy sought financial independence, the financial tips she found — "eat beans and rice; don't have any fun; shopping is terrible" — didn't resonate with her.

Instead, Joy found more creative ways to shop without feeling guilty. That led her to come up with a method she calls "The $1 rule," which she details in her new book, "Crush Your Money Goals."

"The $1 rule is my twist on cost per use or cost per wear," said Joy, who is a financial coach and debt repayment expert. "But I simplified it even more to say, it's OK to buy something if it comes out to $1 per use."

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For example, when a friend was looking to buy an expensive couch, Joy used the $1 rule to help him figure out it would be worth it as long as he kept it for five years and used it daily.

The rule has also helped Joy personally avoid buying low-quality items or things she won't use often, she said.

She had her eye on a warming dish to use when entertaining, for example, and realized the $30 cost wouldn't justify the two times per year she would likely use it.

The "$1 rule" can also be very helpful during the holidays when you are trying to buy gifts for people they will really enjoy, she said.

Joy said she uses the rule whenever she buy gifts for people, thinking, "Is this something that they would use a lot?"

Impulse purchases can lead to regrets

A record 183.4 million people are expected to shop both online and in-person in the five days from Thanksgiving through Cyber Monday this year, according to the National Retail Federation.

More than half of consumers — 57% — say they plan to shop then because of deals that are too good to pass up, the industry organization found in a recent survey.

Good deals can lead to impulse buying, according to recent research from Bankrate, which found 54% of adults made at least one spur-of-the-moment purchase last holiday season.

However, those impulse purchases can lead to regrets.

A separate Bankrate survey on online purchases prompted by social media found 57% of consumers regretted at least one of those transactions.

It's OK to indulge occasionally, so long as you have made room for it in your budget ahead of time, said Ted Rossman, senior industry analyst at Bankrate.

"You don't want to still be paying off this holiday season a year from now," Rossman said.

To that point, 28% of people are still paying off credit-card debt from the 2023 holiday season, NerdWallet found.

Overspending can still be a reality for many households, since prices have gone up 20% since the beginning of 2021, while wages have only gone up an average of 17% in that time, he said.

While interest rates have come down, the average credit card rate is still about 20.4%, according to Rossman.

Take a pause before buying

To help avoid expensive purchases that may lead consumers to carry credit card balances from month to month, it can help to take a moment and pause before making a purchase, Rossman said.

Meanwhile, other shopping tips can help you get the most for your money this holiday season.

Choosing an experience instead of material things can make the holidays more memorable, Joy said. For example, instead of a "Secret Santa" gift exchange, friends can plan a group outing.

While retailers may put on the pressure with time-sensitive offers, "there's a good chance there's going to be another sale behind it," Rossman said.

When making a purchase, be sure to pay attention to whether the total cost works within your budget, particularly if you're using an installment plan like buy now pay later, Rossman said.

And be sure to compare to see whether a particular retailer is truly offering the best deal, he said. Price trackers like Camel Camel Camel for Amazon can help show you how a sale compares.