DON’T BE PENNY WISE AND POUND FOOLISH

The Consumer Affairs Commission is continuing in its effort to assist members of the public in making “wise” decisions while shopping this Christmas. Today’s focus is on all those advertising campaigns and promotions being put on by several vendors that provide incentives and gifts for high volume shoppers. For instance, the more you shop the more you get points towards winning a gift, or the more you shop the more chances you have at winning a house or a “free” trip to a destination of your choice whether or not you have a visa or can afford the other expenses associated with travelling.

The truth is everybody likes getting a gift, especially at Christmas and we know the old saying, “Encouragement sweetens Labour”, but, what we must realize is that for us to benefit from these promotions we have to shop, shop and shop in very high volumes. In some cases, to even qualify for the grand prize or to qualify for a benefit worth $5,000.00 we have to shop in excess of say $50,000.00 and even so what are the odds that your receipt may actually win. To be more specific there is a promotion in one store that gives one entry for purchases over $500.00 and an additional entry for every additional $300.00. In another store the consumer gets one entry for every two items purchased of the same brand of an expensive skin care line. In yet another case, there is a 25% discount on your purchase if you buy three or more shirts of the same brand. What if all you wanted was just one shirt?

The important point is all that glitters is not gold, and the important message to remember here is to stick to your budget, and match your budget with your needs. So if you have decided that you need only one shirt, and that shirt cost $750.00, then purchase only that shirt for $750.00. Instead of purchasing three shirts for $2,250.00 to get a 25% discount of $562.50, and therefore you will have spent $1687.50 or 2 1/4 times (125%) more than you have budgeted.

It is important to remember your other needs and keep focus always on the amount of money you can afford to spend and pay less attention to what you could, possibly, maybe, probably, if you are lucky win!

Even more importantly, be careful of those promotions where you are required to drop your receipt in the box. That way, you will not have your receipt to prove that you had made the purchase, in case there is something wrong and you need to request an exchange, get a refund or the repair services covered under your warranty. Consumers, be smart, don’t be penny wise and pound-foolish.

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