Black Friday and Cyber Monday: 7 tips for real savings

With the holidays approaching, we’re all looking for bargains on great gifts without breaking the bank. Black Friday and Cyber Monday can be prime opportunities to save money, but also a time of impulse buying. Here are a few tips to help you make conscious shopping choices and protect your budget.

In short

Black Friday and Cyber Monday are opportunities to save money on several products, but beware of impulse buying and getting into debt. Check out our tips for responsible online shopping.

  1. Set a budget. Determine how much you can spend and stick to it.
  2. Make a list and add only the items that you really need.
  3. Plan and compare. Track pre-sale prices and pinpoint real discounts.
  4. Beware of credit. Don’t spend more than you can repay on your credit card.
  5. Avoid the pitfalls of fake discounts. If the original price was already high, the discount may not be worthwhile.
  6. Check return and exchange policies which are often different during such promotion days.
  7. Avoid shopping in the evening when you’re tired.

Take a smart approach to shopping to make the most of Black Friday and Cyber Monday without blowing your budget.

With Christmas only a few weeks away, everyone appreciates savings. In fact, most shops and department stores are offering discounts 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 to avoid getting caught up in a whirlwind of spending that could hurt your budget and put you in debt for months.

Furthermore, some offers that appear attractive at first glance may not be as enticing as they look.

How can you make real savings during Black Friday and Cyber Monday?

To avoid falling into these traps, it is best to take the following steps.

  1. Set a realistic budget

Determine how much you want to spend and stick to it. Getting caught up in the excitement and spending too much is very easy. Don’t forget that Black Friday and Cyber Monday sales were designed to make you purchase items you hadn’t intended to buy.

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!

  1. Make a list

    Add only the items that 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 a sale doesn’t mean you have to spend more!

  2. Plan and compare

    Compare online and in-store prices. To find out if they’re real discounts, track prices through Black Friday to Cyber Monday. Certain applications can give you an overview of prices in different online stores for the same product.

  3. Beware of credit

    Before using your credit card, ask yourself if you’ll be able to pay the balance. Bear in mind that you run the risk of getting into debt when you use a credit card. If credit is your only means of payment, we recommend that you refrain from shopping.

  4. Watch out for fake discounts

    A discounted item is not necessarily a bargain, especially if its starting price was already high.

  5. Verify the return, exchange and price match policies

    Before purchasing, always check the return, exchange and price match policies. Certain retailers charge for returns or limit the window to 30 days, which can be problematic for Christmas gifts. You can bring a competitor’s ad to the store to get a discount, but bear in mind that several retailers suspend their price match guarantee during Black Friday and Cyber Monday. Read the fine print before making a purchase!

  6. Avoid shopping in the evening

    When you’re tired or have consumed alcohol. This is often the time when we succumb to impulse buying.

Happy shopping!

Share

Meet with one of our counsellors

It's free, confidential and non-judgmental.

Book an appointment Find an office