Cyber Monday is a day for consumers to get deals. Unfortunately, some companies have lost sight of this and are taking advantage of the holiday with bogus discount codes. Here’s what you should know before you make any purchases on Cyber Monday or in general.
Cyber Monday is a day that many people wait all year for. It is also a day where it can be hard to find the best deal on products. Here are 3 tips to score the best deal for Cyber Monday.
Every year on Cyber Monday, thousands of people go to the internet, and many of them do something they will come to regret later.
While Cyber Monday is a terrific day to get what you need at a great price, the overabundance of advertising may drive even the most thrifty person to go beyond.
You may have read all of the Cyber Monday and Black Friday tips on getting the greatest prices and finding the best buys in-store and online, but these experts have put up a list of what NOT to do on Cyber Monday in order to avoid making any financial blunders.
On Cyber Monday, there are 15 things you should not do.
Pixabay user gonghuimin468 created this image.
1. Don’t Purchase Any More Meaningless Items
On Cyber Monday, most businesses offer fantastic prices on TVs, video games, vacuum cleaners, and other items that you may use to fill your home. Although it’s a wonderful occasion to purchase presents for our loved ones, we all take advantage of it to buy things for ourselves. So take this as a warning: don’t do it.
You aren’t truly saving money if you acquire something you don’t need or something your loved one doesn’t require. Spend the money on something you like instead, or offer a more meaningful present. Even if it’s on sale, we don’t need to keep filling our houses with unnecessary trash. Gifts that allow your loved ones to explore their passions, have fun, or spend quality time with you are considerably more significant than the slightly cheaper “things” available on Cyber Monday.
Image courtesy of Pixabay user monicore.
2. Don’t buy presents for everyone you know.
If you are a kind person who likes giving gifts, you may be tempted to use the Cyber Monday bargains to get an early start on your Christmas shopping. While there’s nothing wrong with saving money, these discounts shouldn’t be used as an excuse to purchase more things than you can afford.
You don’t have to buy a gift for everyone in your life! If you can’t afford Christmas, there are other possibilities. You might send customized cards, create your own presents (such as cookies or crafts), or just spend time together instead of giving things.
Image courtesy of Pixabay user Pexels.
3. If you haven’t had anything on your list for at least 6 months, don’t buy it.
Nothing like Cyber Monday to send even the most devoted shopper into a frenzy! Everything is on sale, and ostensibly good bargains can be found wherever. It’s all too easy to get carried away and lose sight of your financial objectives.
Do not purchase anything until it has been on your must-have list for at least six months if you want to increase your net worth and attain financial independence. This will help you avoid impulsive purchases and stay on track with your budget. If you just need a barbell to build up a tiny home gym, for example, don’t spend on a Tonal-like smart home gym that is on sale for $250 off.
Pixabay user pasja1000 created this image.
4. Don’t put your purchases on a credit card until you have a payment plan in place.
With the holidays coming, it’s easy to feel compelled to blow your budget and max out your credit card on Cyber Monday. However, the greatest present you can offer yourself and your loved ones is to avoid accumulating more debt in return for consumer goods you won’t use until next year.
It’s not too late if you haven’t established a budget for your Christmas shopping. If you don’t have much spare cash, there are a variety of side hustles or part-time tasks you may undertake to supplement your income before the holidays.
Pixabay image by Michal Jarmoluk
5. Don’t go shopping until you have a plan.
Cyber Monday is a terrific time to save money on presents you were planned to purchase anyhow. However, don’t go shopping without a budget-friendly written strategy. It’s not worth succumbing to the temptation. Instead, go through the advertisements ahead of time. Make a list of where you must go and what you must get. In the long term, it will undoubtedly save you money and time.
Tumisu contributed this image to Pixabay.
6. Don’t sabotage your efforts to achieve your objectives.
While it may seem like letting free and splurging over the holiday season is a terrific idea, it may frequently be damaging to our long-term success. It’s easy to believe that once the New Year arrives, we’ll turn a new leaf, but we do the most damage over the holidays, whether it’s to our health or financial objectives.
Instead, reach out and find a partner to hold you accountable. The accountability partner is someone who can help you remain on track and motivate you to achieve your goals so that you may start the New Year feeling confident and motivated.
Pixabay image by PublicDomainPictures
7. Be Conscious of How Much You’re Spending
You understand that keeping to your budget and living within your means will assist you in achieving your financial objectives. However, you won’t be able to accomplish either efficiently unless you keep track of your expenditures.
A huge financial failure might result from ignoring how much you’re spending on a day like Cyber Monday. That’s why it’s crucial to keep track of your expenditures after you’ve begun buying.
Keep track of your spending with a running total for each purchase to ensure you remain within your budget. If you’re shopping in person, using cash solely is another approach to keep track of your expenditures. In any case, you’ll know how much money you have and when it’s time to go.
Pixabay image by Steve Buissinne
8. Don’t Always Go For The Cheapest Option
It’s vital to remember not to always opt for the cheapest goods while shopping on Cyber Monday. Instead, look at the price difference between the retail and current prices to identify which items are the best buys. Aside from that, knowing the characteristics of the thing you want to purchase is important.
Check to see whether the item you’re purchasing is of excellent quality and offers the greatest value for your money. Finally, if you want to save money on delivery, buy many goods from the same store. Considering value for money is a key aspect of achieving financial objectives like financial independence or attaining Grant Cardone’s net worth level.
Pixabay image by Lorenzo Cafaro
On Cyber Monday, don’t forget about your stock portfolio.
Cyber Monday is an excellent time to begin your yearly or semi-annual portfolio review. It’s that time of year to take a look at equities that have underperformed and take advantage of tax-loss harvesting opportunities.
Selling stocks with losses is an excellent approach to lower taxes by offsetting realized capital gains. So take some time to examine your portfolio and plan a strategy for the rest of the year.
Image courtesy of Pixabay user Artapixel.
10. Don’t Be Bothered By The Pressure
“Deals” from Cyber Monday will return in the first week of the new year. In approximately a month, all of the promotions and “limited time offer” bargains will be returning. Consider if you really need to acquire the item/service in issue right now. When corporations find they didn’t reach sales objectives in January, the odds are that the same thing will happen.
I took screenshots of bargains that piqued my interest and pondered them for a few weeks. When I returned to the website, the same bargain was still going on, but with a new colored banner. Don’t allow the fear of missing out lead you to make rash purchases of items you don’t need.
Republica contributed this image to Pixabay.
11. Do not sign up for store card offers on the spur of the moment.
Store card offers should be avoided. Signing up for shop credit cards to receive cash back or 0% financing for a certain period of time might be a terrific way to make credit cards work for you rather than against you this Cyber Monday. However, while taking advantage of these deals, it’s crucial to be careful and not overextend oneself.
First, be certain that the offer is worthwhile. Getting an additional 20% off a $100 purchase is unlikely to be worth creating a store card for, but getting an extra 20% off a $1,000 buy may be.
Second, if you open a credit card with a 0% financing offer, make sure you pay it off before the end of the 0% period to prevent being charged interest from the moment you opened the card (yes, they really do that). You’ll want to make sure the purchase is substantial enough to justify opening a card for a 0% financing deal, just as you would for a percentage off.
Last but not least, avoid opening many cards at once, and make sure that the ones you do open are only because you can’t reject the offer. Then, after the card has been paid off, terminate the account and reserve your credit card spending for cards with greater benefits.
Pixabay image by StockSnap.
12. Don’t spend until you’re certain you’ll be able to pay for it.
Cyber Monday may provide some fantastic prices, and it may be a good day to conduct some major shopping for products you need. If you do need to go all out and spend a lot of money, search for easy methods to create additional money that don’t take up too much of your time so you can make up for it.
Using side hustles to cover purchases before making a purchase is an excellent technique to ensure that you are only spending what you can afford.
Pixabay user Andi Graf created this image.
13. Spending to Make You Happy Isn’t Necessary
You will not be happy if you spend a lot of money.
People often believe that purchasing the next big item would make them happy. You may be ecstatic right now, but you’ll question why in the long run if you’re not making progress toward your financial objectives. The temporary pleasure of spending money outside of your budget may lead to feelings of depression or anxiety as a result of the added financial burden.
This is known as Compulsive Buying Disorder, in which people purchase stuff to make themselves happy in the present. According to the study, this affects around 5.8% of the population, with the majority of women seeking this kind of fulfillment. (2007, Black)
Pixabay image by StockSnap.
14. Don’t be remorseful about your purchases
Cyber Monday is an excellent opportunity to stock up on low-cost electronics items like cameras and microphones for live broadcasting. If you’re purchasing anything more costly, such as a flatscreen TV, console, or other equipment, be sure you actually need it, not just because of the sale. Make sure you don’t wind up regretting your buy.
Pixabay image by Tamanna Rumee
15. Don’t Buy Things You Don’t Need Just Because They’re “On Sale”
Even so, it’s money you don’t have to spend. Deals on Cyber Monday are meant to seem too good to pass up; after all, it’d be a crime not to purchase anything when it’s 70% off, right? Wrong.
We sometimes get seduced into purchasing something we don’t need just because it’s on sale. Nothing is less expensive than not purchasing the item, regardless of how low the price is. The greatest way to save money is to spend none at all. Limit your Cyber Monday shopping to just those products that you need or would acquire anyhow.
Have fun shopping and saving!
This essay was first published on Wealth of Geeks and has been reproduced with their permission.
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Cyber Monday is a day where people shop online. It’s also known as the “Black Friday of the Internet.” This year, Cyber Monday will be on November 30th. The “what free items could you get on cyber monday” is a question that asks what not to do on Cyber Monday.
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