As the holiday season approaches, we prepare for the festive times ahead by buying gifts, planning family meals and organising events and vacations; all activities that tempt us to spend more money than we might have budgeted for. On top of that, some of us are paid our December salaries, and in some cases, bonuses or thirteenth cheques are paid earlier in the month, so by the time the New Year arrives, we are out of money. So how do we fix this?
Kabelo Makeke, Head of Inclusive Banking at Standard Bank shares 6 tips to help us shop savvy this festive season.
Online banking
Use online banking rather than wasting petrol or money travelling to the bank. It is convenient and will save you time as you can make payments, transfer money between your accounts, view your bank statements, check your account balances and buy prepaid airtime, all at a click of a button.
Cellphone banking
With cellphone banking, you don’t have to leave the comfort of your house, your office or disturb your family holiday to make payments. You can check your balances, and buy prepaid airtime and prepaid electricity on the move, anytime and anywhere. You can also view your latest transactions for free and at any time so you are aware of what is going on with your accounts. If money leaves your account, you will get an SMS notification.
Shop when sales take place
Most stores have sale seasons when products can be bought for much less. You can become shopping savvy by not buying items in the festive season as prices are very high. Instead, you can wait for January when items are more affordable. Alternatively you can visit retail outlets which sell chain store overruns and big brand cancellations for lower prices.
Shop only when necessary
Consumers sometimes make the mistake of purchasing items just because they are caught up in the festive and holiday mood or because an item is a bargain or on sale. Shop only when you need things and if they fit into your budget.
Always try to buy the item at a cheaper rate
When shopping for items such as furniture or high-end electronics, look around at competing retailers. It always helps to compare prices to make sure that you are getting the best possible price at the most affordable rate.
Not all bargains are bargains
Be careful of false goods and cheap items that claim to be a specific brand on the label, but aren’t. The quality often isn’t good, so these products end up costing you more in the long-term. You can avoid counterfeit goods by buying at reputable stores.
“By shopping smart, we can save a huge amount of money, even in the holiday season,” says Mr Makeke. “All the money saved can be put towards something really worthwhile, such as saving for emergencies or planning for your child’s education.
