Being A Wise Consumer
A consumer is a person who purchases goods and service for their own, personal use. All of us are consumer, but unfortunately we are not all wise consumers. To be a wise consumer you have to be able to spot spending traps, avoid impulse buying and be able to get the best value for the least amount of money. Being a wise consumer means doing your research before purchasing item online, and knowing exactly where your money is going. When shopping online make sure you are using a trusted, secure website especially if you are transacting money. At times it can be difficult to spot a 'dodgy', illegitimate website so that is why we have listed a few red flags to help you spot corrupt websites:
It is important to be consumer smart so you know exactly where your money is going, if a website looks illegitimate it probably is. Even though internet phishing scams are advancing day by day making the internet a scam filled environment is important to remember not all scams are on the internet. The advertising market is filled with empty promises disguised as products that make you "live longer" "look younger" or help you "lose 5 dress sizes" or "reduce wrinkles". If a product is advertising something that sounds to good to be true...it probably is. Unfortunately many teens fall into the traps of advertising without looking further into the results and for a better deal.
Another thing running teenagers dry is impulse buying. Impulse buying is the buying of goods and services without planning to do so in advance, as a result of a sudden urge or impulse once shopping. To be a wise consumer it is important to understand the situations in which we impulse buy. These are commonly when we are with our friends as they encourage us to buy unnecessary items another is when we have received large amounts of cash and are able to spend it. Follow the tips below to avoid impulse buying:
- Check the signs- Before entering your bank account details make sure you look for the padlock next to http:// in your web browser bar. This means the website is recognised as a secure website, therefore it should be safe.
- Recognise phising: If a websites url is incorrect...get out of there! Always type the url and never follow links from websites or advertisements. If a website asks for your bank account details or any sensitive information there is a good chance it is dodgy. Banks will never ask for you to verify your account information, they will always verify it for you!
- Misspelled words and lots of gramatical errors- This should be an obvious red flag! This website is not for real! Often websites/emails will place sly spelling mistakes in order to trick you without getting caught in the scam scan, that most email providers do to source out junk from the inbox.
- Displays low quality + low resolution images in logos- If a hacker erects a website in a rush, it normal shows in their work. Low resolution images and logo are another red flag that should be avoided.
It is important to be consumer smart so you know exactly where your money is going, if a website looks illegitimate it probably is. Even though internet phishing scams are advancing day by day making the internet a scam filled environment is important to remember not all scams are on the internet. The advertising market is filled with empty promises disguised as products that make you "live longer" "look younger" or help you "lose 5 dress sizes" or "reduce wrinkles". If a product is advertising something that sounds to good to be true...it probably is. Unfortunately many teens fall into the traps of advertising without looking further into the results and for a better deal.
Another thing running teenagers dry is impulse buying. Impulse buying is the buying of goods and services without planning to do so in advance, as a result of a sudden urge or impulse once shopping. To be a wise consumer it is important to understand the situations in which we impulse buy. These are commonly when we are with our friends as they encourage us to buy unnecessary items another is when we have received large amounts of cash and are able to spend it. Follow the tips below to avoid impulse buying:
- Make a list and stick to it: Shopping with a list decreases the chance of impulse buying as it allows you to shop within limited aisles and stores as you know what you need.
- Avoid shopping on pay-day: This will further your cash throughout the week without allowing unnecessary purchases you have made purely because you have the money.
- Pay in cash- If you are prone to impulse buying avoid shopping with your credit card! When paying in cash only take the amount of money you need, if you have a list you should be able to work out the costs of each item.
- If you can stick to paying in cash, freeze your credit cards! Literally!! Put them in a tub of water and stick them in the freezer overnight, this will ensure you wont impulse shop
- Avoid temptation! - Don't window shop or browse... this includes online! If you already have it you don't need it.
- Limit your purchases to 3 things when you are with your friends- Don't buy just because of their encouragement!