Reset your finances and make resolutions you can build on
Christmas is over and the new year is here. But rather than make resolutions you’ll break, why not focus on simple changes that can help you reset your finances for the year ahead.
The CCPC can support you with the information you need to make the right financial choices.
Plenty of money was spent this Christmas. According to our research, consumers were set to part with around €1200 extra, which, for many, will need to be repaid. Our research also found that over half of people were confused about their consumer rights something goes wrong. But the fact is you have legal rights you can rely on when goods are faulty. Let’s start with your finances.
Starting out on the right foot
It can be tempting to hit the sales in January – there are bargains to be had if you’re prepared to book early for a holiday or pick up a games console for a birthday. And with one in five people using credit to pay for Christmas, it can feel totally normal to keep doing that in sales season. But it’s best to do your research before taking on more debt this January.
Make credit card debt a priority
Remember, using your credit card is usually the most expensive form of debt, unless you can clear the debt each month. If you pay the minimum amount every month, the debt will simply grow.
You can save by switching credit cards. Many credit card companies offer interest free or low interest balance transfers. This means you can transfer your debt and then tackle it, knowing that it won’t keep growing. Make sure to check what rate the credit card charges after any introductory period and remember to close your old credit card account to avoid incurring any further charges or spending on it again.
Use our credit card comparison money tool to check what options are available for balance transfers and lower rates.
Personal loans tend to be the cheaper than credit cards. You can compare personal loans through the CCPC’s independent money tools.
Make a budget
Taking stock of how much money is coming in and going out of your household will help you focus on where you can make savings. Even little changes will add up.
January is an excellent time to take stock and reset. Our budgeting tool makes this easy for you.
And what about those gifts that seem to be faulty and you don’t know what to do with them?
First 30 days
If you discover an item is faulty within 30 days of making the purchase or it being delivered you have the right to return that product for a full refund. If you bought the item online, you must return it to them, but this must be at the business’ expense.
The shop must refund you within 14 days of the item being returned.
After 30 days
If the item is faulty and it’s more than 30 days since you got it, the shop can offer to either repair or replace the product. It’s up to you to choose which of these you want. During the first year if you have a dispute with a business, they have to show that the product was not faulty when you received it. But, under consumer law you have up to six years to bring an item back to a trader – but a lot depends on the type of item, and if you used it responsibly.
Remember, you should deal with the business you bought the item from. You don’t need to deal with the manufacturer, and your right to have it fixed or replaced does not depend on having a guarantee or warranty.
Read more about your consumer rights.
Returning a gift
Did you know:
People who receive things as gifts now have the same consumer rights as the person who made the purchase. This change was introduced in the Consumer Rights Act 2022. The shop may want proof of purchase, so bring your gift receipt.
Your rights are different if you have simply changed your mind, as opposed to the good being faulty. You should check the shop’s returns policy. Many stores have a period when items can be returned and exchanged. It’s up to the shop to decide if you should get a store voucher or a cash refund.
Shops can request proof of purchase, so it really helps if you were given a gift receipt. If you don’t have a gift receipt, a credit card receipt or some other form of proof may be acceptable. However, this is up to each retailer.
Different rules for online purchases
You do, for most items, have a legal right to return something you don’t want for a full refund if it was bought online. This is because you have less opportunity to examine an item online than when you buy it in person. You must contact the company within 14 days of getting the goods and tell them you want to return the item. You are responsible for paying the postage charges. You then have a further 14 days to return the item.
Read more about your rights when buying online.
Gift vouchers
Gift vouchers are a popular Christmas choice but our research show that 55% of people have had a negative experience with a gift card, with 35% reporting that a gift card or voucher had expired and 17% said the business closed down before they could be used.
If you received a gift card, don’t forget to spend it soon! Stores go out of business and some cards charge fees which can eat into your balance; Most gift cards are valid for five years, but some types of cards have shorter expiry periods.
Read more about the rules on gift cards.
