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Christmas Present Tips for Guys

Christmas Shopping Tips for Guys

giftgreen1Most of us guys are useless at Christmas shopping. Here's a few tips I've picked up over the years.

Ladies, you might want to share this with the men in your family to avoid getting an undesirable and badly wrapped present this Christmas.

  1. Buying your Christmas presents at a petrol station or dairy on Christmas morning really isn't the done thing - apparently not everyone wants a funnel, box of biscuits or a car care kit. Don't do it.
  2. Get started early, no not on Christmas Eve, yesterday was already too late.
  3. First thing in the morning is the best time to Christmas shop, and I mean first thing, teenagers are still in bed.
  4. It's not the thought that counts, it's how MUCH thought that counts.
  5. Cash is a GREAT present for teenagers - and me.
  6. If you must give gift vouchers make sure they are from a shop the recipient actually shops in and try and avoid those with an expiry date.
  7. Wrapping and cards are important, you and I know it's just paper but for some reason they are important.
  8. Before you start browsing in a shop check that it does gift wrapping and accept the service - wait if necessary. If the shop doesn't do gift wrapping move on to the next. Unless you are an expert present wrapper - Yeah Right!
  9. Even if every present you buy is gift wrapped, buy plenty of wrapping paper and sellotape. You are going to need it because dairy's and petrol stations don't gift wrap and being a bloke you'll probably ignore number 1.

Guys ignore the above at your peril and have a wonderful Christmas.

Written by Andrew Parkinson. Posted in Commentary on the Investment Environment.

Check your Guarantee!

In August 2009 the Government announced it would extend its Deposit Guarantee Scheme (DGS) from 12 October 2010 until 31 December 2011.

The DGS was introduced with some urgency in October 2009 as banks and non-bank financial institutions around the globe faced imminent collapse. The DGS aimed to address the potential outflow of funds from New Zealand to jurisdictions that offered guarantees and in doing so restore stability and confidence in the banking system.

For all its flaws one has to say that the DGS has been a successful stopgap measure.

However there is now the problem of how to remove it. The DGS has contributed to raising the cost of money to borrowers (through the premiums paid to the Government by those institutions covered by the DGS). Arguably it has also assisted to maintain deposit rates higher than they might otherwise be. It has also caused large flows of money to banks and non-bank deposit takers that might not have occurred otherwise. 

So why should depositors be concerned about the extension? Because the extension comes with a tougher set of conditions and institutions need to reapply to retain their cover. Some non-bank deposit takers will not be able to meet these conditions and therefore deposits will lose their guarantee.

One of the conditions of most relevance is the need for an institution to have a Standard and Poors ‘BB’ credit rating (or equivalent) or better. While registered banks will have no problems meeting this many of the finance companies and some credit unions and building societies may struggle to meet this threshold. Removal of the guarantee for those institutions that do not re-qualify will likely lead to outflows of money thereby jeopardising its stability.

Another change is that the cap on the maximum amount covered per depositor will be reduced from $1.0 million to $500,000 with a registered bank and $250,000 for a non-bank. Collective investment schemes will not be eligible under the extension. There are further changes that will affect cover for certain types of depositors.

Depositors will need to check that their deposit will continue to be covered. Do seek advice from the institution concerned or an adviser with knowledge of this area. Information is also available from Treasury at www.treasury.govt.nz/economy/guarantee.

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