If you have a budget, your spending will be more likely controlled and you will be able to avoid futile spending.
PRACTICAL ADVICE
- Take note that an unpaid balance on a credit card with an interest rate of 18% will take 115 months to fully reimburse (a little less than 10 years), if you only pay the minimum required payment of 3% of the monthly balance. Imagine the delay if the interest rate is 28%.
- Avoid impulsive purchases. Ask yourself whether you really need the product; wait until the next day and ask yourself the same question.
- Assess the quality of the product (workmanship, brand name, manufacturing standard);
- Compare before buying;
- Take advantage of sales, discounts, coupons, etc. and of course, make sure that the purchase serves the purpose;
- Find out about the retailer’s policies regarding exchanges, reimbursements, and lay-away plans;
- Read the labels, the the product guarantee information and the manufacturer’s instructions;
- Keep the sales invoice and product guarantee information.
REMEMBER THAT AN ADVISED CONSUMER:
- Takes seriously the purchase of goods and services;
- Attempts to get the most for his/her money;
- Makes a note of and compares the sales advertisements and discounts to be had;
- Is cautious of tricks, traps and frauds;
- Negotiates whenever possible;
- Reads the labels, the best before dates and the guarantee information;
- Verifies and compares the quantity unit price and total price;
- pays cash whenever possible;
- Keeps the sales invoices, the product guarantee, and the manufacturer's instructions;
- Avoids impulsive purchases.
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