Cyber Monday: Not the final nail in your savings!

Cyber Monday: Not the final nail in your savings!

It’s hard not to treat yourself to the biggest discounts of the year that start off with Thanksgiving and quickly move over to Black Friday, Cyber Monday/Cyber Week, and then Christmas. While it’s not just the best time of the year to get yourself those things that you have always wanted to, but it’s also that time where you end up with stacks of stuff that you may or may not need. If you are impulsive, you could end up with unbearable sums of credit card bills. And while you might have the epiphany later that it wasn’t all worth it, the regret won’t do you any good.

As someone who has savings, you need to be extra careful with how you spend. It’s hard to resist a new 4K TV deal at 80% off or a new iPhone with the lowest monthly payments.

As consumers, we have certain traits. Most of us are holding off our purchases till the end of the year for Cyber Monday and other subsequent holiday sales. However, some of us just go bonkers and burn their cash on things that don’t really need. So, if you come in the latter category of buyers, then here’s a quick guide for you for the next year’s sales.

1.         Make a list of things you want

Apart from the necessities, you can hold off your purchase for literally everything that you plan on buying. For instance, a new pair of shoes, or a new TV, smartphone, laptop, etc., most people keep themselves from buying all that until the end of the year. Before the year-end sales, ask yourself what you want to purchase or upgrade for the year, so you don’t end up buying something that you wouldn’t even use, like a drone camera or a camping kit. Just saying.

2.         Sign up for newsletters

Always sign up for products that you plan on buying based on your list. You can’t give your attention to every other sale announcement. By signing up for your favorite brands, you could have early access to many products, and can save yourself from falling for impulsive buying.

3.         Set a spending budget

No matter how much you would like to control yourself, you could end up spending more than you should. That is why setting aside a spending budget really helps. It will (emotionally) hurt you every time you’ll go above the limit. Also, make a collective spending limit for all your winter spending, i.e., for all Thanksgiving, Black Friday, Cyber Monday, plus Christmas sales.