Spending and saving money

Money is a tool we use to achieve a goal. Different people have different strategies for what to do with money.

Some spend everything on consumer goods or recreational activities, such as enjoying a meal in a restaurant or going to a cinema. Others are in a situation where they can’t save money at all. They have to live from paycheck to paycheck. Such people are said to be living hand-to-mouth.

Other people save money for a rainy day. They can keep their money at home or in a bank. Still, other people invest their money. They invest in safe places such as properties or precious metals, or stocks of large companies. Some invest in risky places such as cryptocurrencies. They hope to gain a large return on their investments.

Nestle renames insensitive products

Classic Australian lollies Redskins and Chicos are set to be renamed so they don't marginalise consumers, confectionery company Allens has announced.

The decision was made by the brand's parent company, Nestlé, because a redskin is a slang term for Native Americans in the U.S., where it is considered offensive. Chico, which is Spanish for "boy", is also used in a derogatory way. 

"This decision acknowledges the need to ensure that nothing we do marginalises our friends, neighbours and colleagues," the company said in a statement. "These names have overtones which are out of step with Nestlé's values, which are rooted in respect."

The company has yet to announce new names for the popular treats.

Bans on cashless stores

The cashless economy has become increasingly prevalent in developed countries such as the U.S. and Japan. Consumers are incentivized to use debit or credit cards through discounts and freebies, and banks and credit card companies collect information on people’s spending habits.

Some stores in the U.S. have decided to stop accepting cash from customers altogether, which has resulted in a backlash. Millions of people, most of whom live below the poverty line, do not have a bank account and only deal in cash. Advocates have argued that the cashless economy discriminates against poor people and the homeless.

American cities and states have started banning cashless stores on the grounds that they are discriminatory. San Francisco, New York City, Washington, D.C., Philadelphia and New Jersey have recently passed legislation forcing stores to accept all types of legal tender.

Aeon aims to attract older shoppers

Retail giant Aeon Co. has renovated 13 outlets across the country to cater to seniors, offering earlier opening hours and services that encourage asatomo (morning friends) get-togethers.

Kohei Nakahara, a store manager, canvassed elderly people who frequent nearby parks to better understand their needs. “We brought what they want to do into our store, and it resulted in them staying longer. We want to make the store a place like a community hall for neighbors,” he said.

Aeon Retail positioned one store each in Tokyo, Nagoya and Osaka as model outlets for seniors. Aeon Kasai, the first newly-renovated store to open since 2013, has tried to attract seniors by offering various services from health checkups to a shop that sells fashionable canes.

Amazon cuts Whole Foods prices Inc. spent its first day as the owner of a brick-and-mortar grocery chain cutting prices at Whole Foods Market as much as 43 percent.

In a sign of how the retailer is changing, the Amazon Echo, a voice-activated electronic assistant, was also for sale, for $99.99—a sharp pivot into electronics for a company known for kale and quinoa. The Echo Dot, a smaller version, was advertised for $44.99.