Watch: Dr. Maria Nemeth featured on ABC’s Inflation Shopping
Tips for avoiding inflation when shopping for Christmas
According to ABC News, although the government forecasted a falling inflation rate of 7.7% to 7.1% from October to November 2022, the high cost of goods and services has kept consumers on the defensive for some time.
Consumers have seen a noteworthy increase in prices by a few dollars, which has subsequently influenced their shopping decisions. For example, preparing a meal no longer costs the normal lower amount; rather, there has been a dramatic and noticeable shift.
In order to prepare for the Christmas season, shoppers must be savvy in the face of rising pricing.
Dr. Maria Nemeth, a psychologist, discusses how inflation affects investors and regular people; while investors profit from the rising prices, ordinary families suffer.
Although gas prices and car costs have decreased, the slowdown has not yet impacted the high cost of food and energy. There is a noticeable difference in inflation for products and services.
General advice to the public is to budget wisely during the holidays, concentrate on saving money, and look for inexpensive ways to spend time with family and friends.
Importance of Budgeting
Dr. Maria emphasizes the importance of budgeting your money to prevent the aftereffects of reckless expenditure. Holiday shopping might make it simple to overlook paying attention to your mindful spending on items that bring value. Focus on strengthening your relationships with family and friends instead. It would be wise to postpone some expenses until later or to make purchases with a budget in mind to help control impulse spending.
Avoid shopping when you’re hungry as this may increase the urge to buy items that may not necessarily add value, may merely satisfy your immediate needs, or even those that you may come to regret later.
Shopping with a companion who can help you stay accountable for your spending, especially when you’re on a tight budget, will keep an eye on the necessities and probably enable you to focus more on needs rather than wants.
Avoid shopping when sleepy or tired since you’re more likely to make poor decisions because your judgment is impaired. You may also feel overwhelmed by the number of options available and settle for anything without much thought. It demonstrates unequivocally that we lack the stamina to make wise decisions when physically or mentally exhausted. At that time, our self-control is weak, leading to impulsive purchases of products that weren’t planned for or might not be very valuable.
In conclusion, it is advisable to spend carefully both during and after an inflationary era, especially when on a budget, establish a strategy, avoid triggers, and seek for alternatives to spend less, like working in a charity.
Dr. Maria Nemeth
A must read.