We are just a few days away from Christmas and at this time of year we tend to buy impulsively forgetting the financial woes that comes in January.
This is also the time of the year marketers and sales people employ various tricks to try and make people spend their hard earned money. Their advertising carry messages like buy now pay later which easily lure people into buying and get sucked into over-spending.
Prof Pierre Joubert, Professor of consumer psychology at Unisa says we have to be mindful of the kind of decisions we make at this time of the year and the financial implications.
He says this festive period evokes positive emotions and memories and that's what sets us up to overspend.
Because of the season and the hype, we get sucked in this behaviour of buying presents.— Prof Pierre Joubert, Professor of Consumer Psychology at Unisa
And sometimes we might be jeopradising our own health psychologically.— Prof Pierre Joubert, Professor of Consumer Psychology at Unisa
Joubert says being sucked into overspending can cause long-term problems, such as regret, debt and spiritual emptiness.
Take a step back and think about the consequence of spending too much.— Prof Pierre Joubert, Professor of Consumer Psychology at Unisa
Listen below to hear more about Christmas spending:
This article first appeared on CapeTalk : Why do we overspend during Christmas?