With the holiday season right around the corner, buyers are already seeing the beginning sales of Black Friday and Cyber Monday. While it’s an exciting time to buy all the gifts needed for your loved ones, it’s also easy to overspend and wrack up debt while taking advantage of the yearly discounts. Shop smart on Black Friday and Cyber Monday with these tips that can help you avoid scams and potential debt, while still finding the perfect holiday gifts!
Create a Shopping List and Stick to It
Planning your shopping ahead provides a structure to Black Friday and Cyber Monday that eases potential stress and overspending. Having a list of what you’re looking for also lessens the chances of buying items impulsively because of a discount or sale. Take the time to think about each person you’re shopping for and what you believe they’ll like. Not only will this help you stay on track with your budget, it can also help you come up with more meaningful gift ideas. Overall, making (and then sticking to) a holiday shopping list for Black Friday and Cyber Monday:
- Reduces the chances of impulse buying.
- Reduces the chance of falling for “sales” on items you didn’t anticipate buying.
- Keeps spending within your decided-upon budget.
Compare Discount Prices
When shopping online for Black Friday and Cyber Monday, comparing prices from one retailer to another is a great way to save money. Price comparison websites and browser extensions are a helpful option that compile an item’s prices across different online retailers. Common websites include PriceGrabber, ShopSavvy, and Price. These tools work well for buyers looking for different price options in the same spot rather than searching them out one by one. This also introduces shoppers to retailers with holiday deals they may not have previously known about. When comparing prices both online and in person, consider these tips:
- Look at past prices for items on your list to determine if the “sales” you see are actually discounts worth spending.
- Compare prices at different retailers; different stores may have the same item priced differently, which may help you stay in budget.
- Look for holiday bundles from popular retailers; often paired items at a discounted price — a few simple calculations can help you determine if the price of the items together saves you money rather than buying one alone.
Shop Secondhand
Shopping for gifts secondhand is a sustainable way to keep prices down during Black Friday and Cyber Monday. This environmentally conscious option also provides shoppers the chance to find unique items they may not be able to buy new. With the added benefit of extremely discounted prices, it’s no surprise secondhand shops and online retailers have continued to grow in popularity.
- Thrifty gifts are a great option for buyers determined to stay within their budget; look on popular secondhand websites like eBay, Depop, or Poshmark for items on your list, as well as visiting local shops and boutiques for unique gift giving.
- Not only do secondhand websites offer great items at lower costs, but oftentimes you can find items that are like-new and in great condition at a significant discount.
- Many secondhand shopping websites have their own Black Friday/Cyber Monday sales, with sellers that are open to discussing their prices with potential buyers; making an offer for items is encouraged and could save you even more money!
Keep Debt in Mind
Black Friday and Cyber Monday shopping is an effortless way to fall victim to overconsumption — a slippery slope for shoppers who are already dealing with debt. This is why being aware of any debt and creating a budget to accommodate it is imperative to keeping your funds safe while you shop. Not only will your holiday spending become less stressful (and more enjoyable!) when you plan not to overspend, but your future self will surely thank you for not contributing to any more financial debt.
- Create a budget based on how much money you can safely spend on Black Friday shopping while keeping your necessities taken care of (like non-negotiable bills, food costs, and credit card payments).
- Keep track of the items on your list as you buy them/they go on sale so you’re less likely to overspend on impulse items.
- While you could always pay for Black Friday items with a credit card, try to keep the use of credit to a minimum — especially if you know you have existing debt; this keeps the debt from growing, and prevents interest and fees that may cost just as much as your holiday shopping spree.
Beware of Scams
In the age of technology, scams and fraud are more rampant than ever. This is especially true during Black Friday and Cyber Monday. Knowing what scams may look like and how they work is the first step you can take to avoiding them. Beware of the following scams that are commonly used during the holiday shopping season.
Common Scams Used During Black Friday and Cyber Monday
- Fake retail websites that look like the real deal: When shopping online, pay attention to the spelling of the website’s URL to make sure it matches the company name. If you’re unsure if the website you’re on is legit, try to cross reference using the links on the company’s social media, or look up the website in a separate browser to see if the one you’re on pops up.
- Phishing emails: Scammers will often send misleading emails about fake order confirmations or untrue sales/discounts in the hopes that you’ll click on a link that leads to a scam website. Never click on a link, photo, or message if you’re unsure the sender can be trusted.
- Paying with a gift card: If a seller or retailer requires you to check out with a gift card, it’s highly likely that they’re a scammer. Gift cards can provide a safer way to buy items while holiday shopping, but it should never be required by a seller as the only payment option. This is a common tactic with scammers since funds on gift cards are difficult to recover.
- Misleading Sales that pressure you to “act now”: Companies want you to spend your money during Black Friday and Cyber Monday, so it’s important to be cautious exactly where you do. If you see a sale that pressures you to buy before it’s over, try taking the extra time to decide if it can be trusted.
If you’re still worried about falling for scams while shopping on Black Friday and Cyber Monday, consider using two-factor authentication to make purchases, or using a third party credit monitoring business to keep an eye on any suspicious activity on your credit report. Do you think you’ve fallen victim to scams or fraud? Reach out to your trusted financial provider today to begin the process of getting your funds back on track.
While Black Friday and Cyber Monday are convenient opportunities to complete your holiday shopping, it’s imperative to shop with caution so you avoid overspending and potential scams/fraud. By incorporating smart financial tips into your shopping process, you can enjoy the holiday season without the added financial stress!
