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.
