Cyber Monday, the Monday after Thanksgiving, is a one-day online-exclusive sale. It’s becoming harder to resist the pressure to shop as Cyber Monday, Black Friday and other holiday sales blend in with each other.
You can make Cyber Monday a success with a solid strategy. Here are some suggestions.
Find out what’s currently on sale
Cyber Monday, which falls on Nov. 28, this year, is a great time to save money if you find the right deals that match your shopping. What’s on sale this week?
“Retailers have been very cautious about supply chain issues and it seems like they’ve stocked up quite some. Jay Klauminzer is the CEO of Raise, which offers discount gift cards.
Major retailers might offer huge discounts on furniture, apparel, and other departments, for example. Klauminzer predicts that shoppers will find more savings on electronics, such as phones, laptops, televisions, and headphones, and discounts on hotels and cruise lines.
For updates from retailers on the sale, be sure to check out their announcements. Also, don’t forget to look for early deals. Cyber sales may be launched by some retailers before Cyber Monday officially begins. Kohl’s Cyber Kickoff Event starts Saturday, November 26, while Macy’s Cyber Tuesday sale runs Nov. 27-28.
Shop tools for maximum savings
Shopping apps and browser extensions are available for those who already shop online. You can compare prices, find coupons, and get cash back for Cyber Monday purchases with trusted tools such as Slide, ShopSavvy and Rakuten. You can explore multiple tools before Cyber Monday to find the one you like.
Chris Costello, senior director for marketing research at Skai (a marketing platform), says that comparison shopping will always be your best friend.
Another way to find the lowest prices is to use a search engine. Costello points out that this route can lead to more advertisements than regular product listings. Better deals can be less visible if they are prominently displayed in search results.
Costello states that while you’re doing your research, the brands and advertisers are also trying to win you over.
Learn about your budget and the payment options
It is easy to get caught up in holiday shopping, especially online. Your finances can be put at risk by the convenience of shopping online, paying with credit cards and using “buy now, buy later” services such as PayPal.
Before you shop, make a list of all the things that you want to buy. You can determine how much money you have coming in each month and how much you can afford to spend it without having to compromise your emergency savings or accumulate debt you can’t repay immediately.
When planning your budget, consider this: “Does anyone already have credit card debt?” Are you able to afford additional debt? Sharita Humphrey is a Houston-based certified financial educator. “Asking the question, ‘Where are I financially? “Asking, ‘Where am I financially?'” This will help us understand how to make sound financial decisions that could impact our credit. ”
Track your purchases and add up all the expenses while you shop. This will help you determine if your spending limit is approaching. Compare the costs of different payment options before you take on any debt. Be aware of the payment deadlines, interest charges and fees that may apply if you are unable to pay in full or on time. These details can make it more costly to purchase.
Klauminzer states that consumers can get into serious trouble by putting it on their credit card and hoping they’ll pay it off eventually. Instead, they end up paying 25% interest and taking two years to repay it.
Resist temptation to buy everything right away
Cyber Monday is not the end of holiday sales, no matter how short-lived they may appear. But you can rest assured that Cyber Monday will still be a great opportunity to get discounts. Cyber Monday discounts can be extended by retailers to make it a whole Cyber Week. Experts are positive that there will be many deals.
Costello states that “I don’t believe that this year will be as stressful as last year due to supply chain problems.” You can be patient, because we will see these deals later in the season. ”
Check back in a few weeks or days to see if you can find any deals on the goods that you are looking for.
“Certain types don’t move as retailers expected them to, and they must clear those before the holidays. Klauminzer explains that you will also see sporadic big deals throughout December.
Be mindful of your budget, regardless of whether there are any discounts. Ask yourself if you really need the item before adding it to your virtual shopping cart. Do I have something I can save for? Humphrey agrees. You can then decide if it is in your best interests to delay the purchase for a few weeks or months, or if you want to skip it altogether.
It is important to think in the long-term and not get so caught up in holiday frenzy that we feel financially overwhelmed. Humphrey states this.