7 tips to prevent panic buying from affecting your finances

The increase in social activities during this festive period brings with it a significant increase in our expenses, especially if they are carried out at the last minute and without prior consideration.

The main recommendation will always be to plan ahead and not wait to buy an exchange gift or dinner ingredients at the last minute. However, if you haven’t planned enough and still have a few expenses to cover, Juan Luis Ordaz, director of financial education at Citibanamex, shares some recommendations to avoid your finances being out of balance:

Shop off-peak, In this particular month, going to the mall or department store can be quite a complicated task. Customer traffic increases significantly, and this scenario can lead to an increase in your costs for transportation, gas, and even your own time. Try to go very early or at night, for sure your experience will be better at less saturated times.

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Avoid overusing your credit card, it is during these holidays that we want to pamper our loved ones the most. However, don’t let the emotion of the moment lead you to buy out of your budget. Even if these are last-minute purchases, take a few minutes to think about how much these expenses will affect your financial stability and, most importantly, whether you will go into debt to make it.

Consider taking advantage of interest-free months, While this is a great option for buying durable consumer goods like furniture or appliances, it’s not so great for paying for dinner or something you’ll use up in a few hours. Is it worth going into debt for 6, 12, 18 (or more) months for something that will only interest you at that moment? Always keep this question in mind every time you are offered to break down your purchase “by month”.

Stretch your bonus to the maximum, If you still have this resource, you can use it to get out of trouble. While it’s not ideal to splurge, this extra income can keep us out of debt.

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Try to get the best cost-benefit ratio, technology is very helpful for this purpose. From the palm of your hand, you can compare the prices of the same product in multiple stores, and you can even assess whether it is more profitable for you to shop online. Many times it is more efficient, safer and more economical to use this method.

Take advantage of offers and promotionsBefore purchasing, check to see if there is any other coupon or discount that you can use to reduce a percentage of the cost. In addition, some payment methods may offer you additional benefits, such as cash back or points. Always make sure you get the most out of your purchases.

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Activate notifications on your mobile phone for payments you make, make sure that the urgency of the purchases does not reduce their security. In addition to being informed of all charges for your banking products, you will be able to immediately identify charges that you have not made.

The happiness that the end-of-year holidays bring can many times be significantly overshadowed by their end, especially if we start 2024 penniless, in debt and probably with more expenses. It’s not about not spending, it’s about being more aware so that we have a prosperous future, with greater well-being and a better relationship with our money.

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