5 top tips for spending wisely in 2022
New year, new me? Here are our top tips for making the most of your moolah in 2022.
1. You probably don’t need the extended warranty!
When you’re buying a pricey product like a laptop or fridge, some retailers tout an extended warranty as a way of giving you peace of mind and extra protection. However, in most cases, you’re paying for protection that is already provided by the law. The Consumer Guarantees Act requires goods to be of acceptable quality. If they’re not, you’re entitled to ask the retailer to put things right. Here's our guide to your rights.
2. Don’t assume the most expensive model is the best.
We’ve tested thousands of products at Consumer NZ and found some budget products can perform just as well as the premium ones. For example, a pair of Apple Airpods Max will set you back nearly $1000, whereas for less than $200 you can get a pair of AKG N60NC headphones, which perform well and we recommend.
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3. Use unit pricing at the supermarket.
Some supermarkets include unit prices on their price labels, making it easier to compare apples with apples. They show the cost per unit measure – for example per 100g or per litre – so you can tell if a large pack of pasta is better value than two smaller ones. Unfortunately, this isn’t mandatory for supermarket products, so you might still have to brush up on your maths.
4. Watch out for scams.
Online scams have skyrocketed during the pandemic and are getting more sophisticated and harder to spot. From parcel delivery to cryptocurrency investments and fake Facebook accounts, scammers will stop at nothing to trick you into handing over your hard-earned money. Here’s our guide on some of most common – and uncommon – scams we’ve seen doing the rounds, and how you can avoid them.
5. Don’t be sucked in by big box retailer sales
Last year we checked the pricing of several products at Briscoes, Farmers, Harvey Norman and Noel Leeming over 13 weeks. We found 27 out of the 31 goods were on sale at least four times. Some were on “special” every week! Do your homework before forking out to make sure you’re really saving money. If you’ve got your eye on a particular product, you’d do well to wait until it goes on sale – odds are it will be soon enough.