Be financially savvy this festive season
Most families have a very strict budget to adhere to come the festive season and the Consumer Council of Fiji is reiterating on the need for consumers to practice prudence while doing their shopping and avoid wastage.
Gift exchange with loved ones is an important component of Christmas however this should not result in people taking loans which burdens them to pay back that loan for the greater part of the following year.
It is also important to note that the new year holiday is followed by the back-to-school sales and a child’s education should remain paramount for any parent.
And guess what? You can still have a great Christmas with family and friends for less this festive season by following these simple saving tips:
Set a Christmas budget
If you want to curb your Christmas spending, make a budget and stick to it.
It’s not a Scrooge thing to do - it it the sensible thing to do. Consumers must plan to shop within a realistic budget and their means.
This can be done if a consumer makes a list for loved ones for whom the gifts will be purchased.
Then put a budgeted amount that can be spent beside each name. This will give consumers an idea of how much he/she need to come up with to buy all of the gifts for Christmas.
Sometimes making a list is easy but following is hard which results in impulse buying.
Buy for less people
This might just be the time to bring the infamous phrase, “It’s the
thought that counts” to reality.
You do not have to buy the entire gift store to show your family just how much you love them.
For some people, the thought of spending time together really is better than the joy of a physical gift.
You can save money this year by being together in whatever way you can.
This year, value experiences over accessories and conversations over clutter.
Do you need to buy a gift for everyone?
Instead of buying gifts for every member of your extended family, opt for Secret Santa and set a limit to how much you are going to spend.
When buying your children’s gifts consumers need to know that they
do not have to buy everything on the wish list provided by the child.
Get creative with gifts
Focus on smaller, more meaningful or creative gifts and talk to your family and friends before the gifting begins to set expectations upfront.
Remember, it is okay if you do not spend a lot of money on Christmas presents.
Rather, when making your shopping list for presents, consider creative gifts which are within your budget.
Think about how you can use your special talent to make a gift for the recipient instead.
Track your spending.
A lot of people spend like crazy throughout December and never
check in on their budget.
They just think, I will worry about it in January, which only comes back to haunt you.
Always ensure to track your expenses as you go so you do not end up overspending and ruining this months and next month’s budget.
The Council further reiterates on the importance of exercising consumer responsibility when out for Christmas shopping.
Consumers are reminded to collect receipts of all their purchases and seek prior information and knowledge of the product they intend to buy.
In particular, when buying presents, consumers should ask about the ‘exchange or refund policy’ from the trader.
Moreover, consumers intending to purchase items using the hire purchase method are advised to be especially careful about the terms and conditions of the hire purchase agreement.
Some shops are known to entice consumers with zero or low deposits on hire purchase items and
hence, consumers will need to make smart decisions about their intended purchase.
Be a smart and responsible shopper.
The word ‘responsibility’ encompasses the following:
■Exercisi■g your right to seek information on your purchase;
■Exami■i■g a product carefully before purchasing it;
■Scruti■isi■g a service carefully before using it;
■Doi■g comparison shopping on products, services offered and their prices;
■Not allowing yourself to be enticed with free gifts, zero deposits or interest holiday, especially when purchasing expensive items and items on hire purchase; and
■Bei■g aware of your rights when you shop for a product or service.
A merry Christmas from the Consumer Council of Fiji family - to yours!
Source: Consumer Council of Fiji