Black Friday and Cyber Monday are two of the biggest shopping events of the year.
With seemingly big discounts and exclusive deals, most of us are tempted to head out to the shops or scroll through the sales from our phones, but the consequences of overspending are very real and can be severe.
In this blog, we’ve outlined some of the dangers of overspending on Black Friday and Cyber Monday – and provided tips on how to shop sensibly.
Understand your budget
A budget shows you where your money is being spent and what money you have left over each month. It can help you to spot where you can make savings and make sure you’re covered for all the things you need to pay for.
And, in this case, it will help you identify how much money you can realistically spend during the sales without harming yourself financially.
Create a wishlist
Having a wishlist helps you figure out what you really need and what’s just a spur-of-the-moment want.
Your wishlist is your guide, keeping you on track with your budget and making sure you only go for the stuff that truly matters to you – rather than buying something just because it’s in the sale.
It means you can still spend the money you’ve set aside, enjoy the shopping excitement, and look for your items at a discount while keeping your finances in check.
A lot of websites also have a basket or a wishlist section which means you can save your favourite items there and check back to see if they’ve gone down in price during the sales.
Do your research
To most of you, it may sound obvious, but don’t assume a deal is worth it just because you’re offered a percentage of money off the item.
Here are a few things to think about when it comes to shopping during Black Friday and Cyber Monday.
Is it cheaper elsewhere?
Before buying, explore different retailers to ensure you’re getting the best deal. Check prices at various shops and/or online platforms to make sure that the discount being offered is genuinely competitive. This simple step can save you money and ensure you’re making a well-informed buying decision.
Can you get cashback on this item?
Take advantage of cashback opportunities to make the most of your savings. Some credit cards, store cards, online platforms, or cashback apps offer rewards for certain online shops.
This way, you can get a percentage of your purchase amount back, adding an extra layer of savings to your Black Friday or Cyber Monday buys.
Can you save on the delivery fee?
Don’t overlook the impact of delivery costs on your overall spending. Some retailers may offer free or discounted shipping during special events like Black Friday.
Sometimes you can fall into the trap of paying for another item to make sure we hit the free delivery criteria when in fact you’re paying for something you didn’t initially need and spending more than what delivery would have cost.
It’s also worth looking for promotions or considering consolidating your buys from the same store to reach any minimum spending thresholds for free delivery.
What is the returns policy?
Understanding the returns policy is crucial, especially when shopping during sales events. Make sure you double-check the return window, any associated costs, and the conditions for returning items.
Knowing you have a returns policy that you can use provides peace of mind, ensuring that you can exchange or return items if they don’t meet your expectations.
If you’re worried about your finances and need free debt advice, we can help. Contact us on 0800 316 1833 to get started or visit payplan.com