How to stay safe while online shopping
Financial Planning | 30/11/2017 |
3 min read
Whether you’re looking at fashion, the latest gadget, or an obscure car part, the internet puts it all at our fingertips. And Australians aren’t wasting a minute grabbing bargains and one-of-kind buys, collectively spending almost $38 billion on online purchases last year.
Not only convenient, online shopping is generally very safe, especially if you stick to secure sites where the web address starts with ‘https’. Only two out of three of us check if a site is secure so make this a priority.
While it pays to keep your money safe online, our own spending habits can be more of a danger than the risk of cyber crooks. With so much choice available, the temptation to overspend can be irresistible, with studies showing that one in four of us are splashing out on purchases we know we’ll struggle to repay.
This makes it worth introducing a few personal safeguards to ensure online shopping doesn’t leave you strapped for cash or weighed down by debt.
1. Try the 60-minute rule
Skip the hype about limited time offers and try taking a 60-minute breather before committing to a purchase. With the benefit of a cooling off period, you could find that must-have buy isn’t so essential after all.
2. Read the refund policy – carefully
When you buy from an overseas retailer, the consumer rights we enjoy here in Australia don’t always apply. Be especially careful to check the fine print on refunds. In particular: what sort of timeframe are you given to claim a refund and who pays the freight on goods returned – you or the e-tailer?
3. Check out reviews
If you’re unsure about the quality of merchandise offered by an online store, fish around on social media for product reviews or check out appraisals by trusted authorities (consumer group Choice’s website is handy here). A few honest opinions can be the key to avoiding a dud buy.
4. Keep temptation at bay
Creating a separate email account for online shopping doesn’t just minimise the volume of junk mail clogging up your regular inbox, but can also help you resist the urge to buy stuff you don’t really need.
5. Save smart
Although e-coupons can shave a few dollars of a purchase, don’t let coupons restrict you to a handful of online stores. The best buys could lie elsewhere, and shopping around is always the best way to secure a genuine bargain.
Always stick to a set spending limit and know what you can comfortably afford to pay. It’s a simple way to enjoy the freedom of online shopping this festive season without blowing your budget.
This information is provided for general information only. It does not take into account your personal objectives, financial situation or needs and should therefore not be taken as personal advice. You should consider whether it is appropriate for you before acting on it and, if necessary, you should seek professional financial advice. Issued by Equipsuper Pty Ltd ABN 64 006 964 049 AFSL 246383. MySuper Authorisation Numbers 33813823017672 and 33813823017518 (‘Equip’, ‘the Fund’ and ‘the Equip Rio Tinto Fund’).
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