Tips for Black Friday
and Cyber Monday
In short
Black Friday and Cyber Monday can save you money on some products. But be careful not to get caught up in the bargain frenzy. You may find yourself unable to pay off your credit card. To protect yourself:
- Set a budget: Determine how much you can spend and stick to it.
- Make a list: Make a list of what you’re looking for. When shopping, if an item catches your eye, ask yourself if you really need it.
- Plan and compare: To find out if you’re getting real discounts, keep an eye on prices from now until Black Friday to Cyber Monday.
- Beware of credit: Before using your credit card, ask yourself if you’ll be able to pay it back. If not, don’t buy.
- Watch out for fake discounts: A discounted item is not necessarily a bargain, especially if its starting price was already high.
- Return, exchange and price matching policies: Check them out before you shop. On Black Friday and Cyber Monday, they may be different from the rest of the year and may not guarantee you a refund or price match. You may also be responsible for return shipping costs. Pay special attention to the fine print!
- Lastly, shop when you’re able to make informed decisions.
With Christmas less than a month away, everyone appreciates savings. In fact, most shops and department stores are offering specials on a multitude of products. End of line or previous year’s models can be particularly interesting, especially in electronics, outdoor equipment or clothing.
However, while there are good savings to be had during these shopping days, be careful not to get carried away in a whirlwind of spending that could hurt your budget and put you in debt for months.
The main danger is to start buying some products on sale and then others at regular price. In addition, some offers that seem attractive at first glance are not as fantastic as they seem.
To avoid falling into these traps, it is best to take the following steps:
Set a budget
Decide how much you want to spend and stick to it. It’s very easy to get caught up in the excitement and spend too much. Never forget that Black Friday and Cyber Monday sales were designed to make you leave with items you hadn’t intended to buy.
Make a list
Make a list of what you’re looking for and really need. When shopping, if you’re tempted by something, ask yourself if you really need it. Is buying yet another pair of shoes really worth it? Just because you’re taking advantage of the sales doesn’t mean you have to spend more!
Plan and compare
Compare prices online and in-store. To find out if they’re real discounts, track prices through to Black Friday to Cyber Monday. Some applications can give you an overview of prices in different online stores for the same product.
Beware of credit
Before using your credit card, ask yourself if you’ll be able to pay it back. Keep in mind that when you use a credit card you run the risk of getting into debt. If credit is your only means of payment, we recommend that you do not shop.
Watch out for fake discounts
A discounted item is not necessarily a bargain, especially if the starting price was already high.
Return, exchange and price matching policies
People expect that they’ll be able to return a product purchased online. But this is not always the case. Before you buy, check the refund and exchange policy. Some merchants also require that the customer pay all or part of the return shipping costs. Also check the return dates: if a product cannot be returned after 30 days, it will be too late if you buy it on the Black Friday weekend as a Christmas gift.
Also, almost all major retailers have a price comparison policy. Bring the competitor’s ad to the store to get a discount. Be aware as well that some stores suspend their price matching guarantees during Black Friday or Cyber Monday. Read the fine print!
Lastly, avoid shopping in the evening when you are tired or have consumed alcohol. This will give you the best chance to make informed decisions. Happy shopping!
Do you have trouble making a budget and even more so sticking to it? Are your debts mounting up? Contact one of our financial recovery counsellors. They can help you take control of your finances.
How to avoid impulse buys
Before buying anything, ask yourself the following:
- Do I really need this?
- Is it within my budget?
- Would another brand or last year’s model also do the trick?
- Could a used item work just as well as this new product?
This way, you can avoid reaching for your wallet, or worse, your credit card!
Regain control on your finances
Put a stop to your money problems and stress. Our counsellors are here to help find the best solution for you. Consultation is free and confidential.
