Good morning teachers and friends. I am glad to have this opportunity to speak
to you today as we launch Consumer Week. All of us are consumers. We buy all
kinds of goods and services. Unfortunately, not all of us are wise consumers. We
need to know how to be wise consumers so that we do not fall victim to
unscrupulous retailers who are out to take advantage of our ignorance. We need
to be smart consumers so that we can get the most of our money. I'm going to
give you some tips on how to be a wise consumer and receive fair exchange for
Here's my first tip. As a wise consumer, you should not buy too much
on credit. This is because when you buy on
credit you are actually adding to the cost of the product when you pay interest
to the credit card vendor. Therefore, make sure you budget your money before you
go shopping. Plan before you buy and make sure you have sufficient money before
you go shopping.
When out shopping, you shouldn't buy the first item you see.
As a wise consumer you should realize that you need to shop around. Look for
available discounts and special deals. You may find the same product going at a
lower price at different outlets. Thus, shopping around will make you a wise
consumer who can find the best price for the item you wish to purchase. This
will certainly save you your hard-earned money!
Let's move on to my third tip. To be a wise consumer you should avoid
impulse purchases. Do not make a purchase
just because it's on offer, or because the salesperson is very persuasive and
you find it difficult to say `no, thank you'! Always remember that retailers
will do their best to lure you into buying their products. If you are armed with
a list and are determined to stick to that list, you won't spend money
unnecessarily on items you don't need.
Next, as a wise consumer try to buy in bulk.
This is a good practice because it means you have to make less trips out in the
car. That will save you fuel and time. However, you should only buy as much as
you can use before the item spoils or expires. There is no point in buying so
much that you have to throw away most of it because it has passed its expiry
date and is not fit for consumption. So buy in bulk, knowing it usually works
out cheaper, but do so responsibly.
Finally, as you go down the aisle to select purchases, search the shelves
carefully. Look for items that are placed high or low on the shelves. Such items
are often cheaper compared to the higher-priced brand name products gnat are
conveniently placed at eye-level. Manufacturers actually pay to have their
products placed at the consumer's eye-level. That is why the products' at
eye-level are more expensive. As a wise consumer it is good to search for the
In short, being a smart consumer is not difficult. All you need to do is to make
a few small changes to your shopping habits, and exercise some self-control. You
will find that it will have a huge, positive impact on your bank account. And,
as you continue to make smart consumer choices you will learn to operate within
a comfortable budget, and in so doing, live within your means. Thank you.