Mid December is here and the holiday mood is creeping in. With holiday usually comes Spending! There are promotions and offers all over and thousands of people will succumb to the usual routine of signing vouchers after each shopping spree that holds the promise of more gifts. We are also paid for January in mid December. This temporary boost to our account balance gives us a false sense of wealth which we are ready to spend.
A study was done in University of Texas on how men and women shop. They noted that men, in general, spend less time in a stores, make up their minds what they want ahead of time, go in, grab it and get out quickly. However they tend to overspend on one item. Conversely, women tend to often go shopping for the experience. They tend to buy many less pricier items that were not planned for and on impulse. For example, if men want to buy pants they will simply enter a store, buy the pants at the first price they see and leave. A woman will be more likely to sweep the entire mall ponder numerous choices and leave with pants, shirts, shoes etc.
So what are the practical ways that we can deal with this December shopping phenomenon?
1) It helps to have an idea of what you want to buy. Set a limit for how much you will spend on each person or each present. Be prepared to look around and get the best price.
2) Don’t become emotional about the gifts you want to purchase. Just because you know that the other person will be upset if they don’t receive that special gift, do not succumb if you can’t afford it.
3) Ask the people that you wish to buy presents for what they would like rather than buying them something they don’t want. It might just surprise you that they want an inexpensive gift.
4) Don’t borrow money just to pay for a great Christmas as this money will need to be paid back at a later date and it will cost you a lot more money. Be realistic and spend what you can comfortably afford today and don’t go into debt!
5) Shop before or after Christmas. A lot of prices are hiked up during Christmas because of the demand. Remember the word SALE is extremely relative. It does not necessarily mean that reduction in price that will never be available again.
Remember January does exists and comes with its own expenses i.e. school fees, insurance etc. The next paycheck will only comes around at the end of January. If you are in business most likely work will only start picking up at the end of January. Responsible Shopping during this Merry Christmas leads to a much happier New Year!
Waceke Nduati Omanga| waceke@centonomy.com