As we ease out of the current recession amid positive reports of a bright future, consumers will become more aware of the spending power of their wages. The many lessons learned from the financial crisis that plagued the Unites States of America four years ago are still fresh in our minds and we should take steps to protect ourselves from the impact of a future re-occurrence of that tragedy.
Consumers are encouraged to contribute to the recovery of the local economy by purchasing items as they are needed. However, as individuals, we should be mindful of our personal cash reserves and ensure that every penny is well spent. I refer to this as getting true value for money.
Checklist for verifying value for money
a) Authenticity – Is the product real or an imitation?
b) Has the cost increased excessively within the last 6 months?
c) Does the vendor have competition?
d) Is the Item a need or want?
e) What is the lifespan of the product?
f) Will the product add value to the living conditions of my family?
g) Where the product manufactured and what is the retail price at that location?
Considering these questions will create a trend of thought that will aid decision making when purchasing a particular item. Take a few moments to think about the answer to the question and find out if you are really getting value for your money.
By Ralph Lewis
