Controlling Your Budget on Cyber Monday

Jonathan JenkinsBy Jonathan Jenkins4 Minutes

While Black Friday deals rule the brick-and-mortar stores, Cyber Monday commands the attention of online shoppers. This unofficial shopping holiday gives people the chance to buy their holiday gifts online, while often saving as much or more than they would in-store. While it provides a great chance to get your gifts at a discounted rate, Cyber Monday also provides ample opportunity to smash through your budget without even leaving your couch.

To avoid overspending online this holiday season, here are a couple of tips to avoid getting sucked in by deals you don’t need.

Stick to Your List

As with any sale, you need to go into it with a list in mind. Even though you aren’t in a physical store, retailers have still developed ways to draw your eye to products you wouldn’t normally buy. The pull of must-have products can be even stronger online, as they can tailor their ads to target you and your interests based on what you have purchased before. The most important thing is to keep your goal in mind at all times. Browsing can be fun, but if you find you are an easy spender, stick to the list. No extra goodies are worth breaking the bank for.

Research Past Pricing

When you bump up the price of a product and then discount it down to its original price, is it still a sale? Studies have shown that when a sale shows up, customers are far more willing to buy an item at full price if it appears discounted. Unfortunately, many retailers both online and offline have resorted to this strategy, especially on Black Friday and Cyber Monday. Thankfully, there are places online that can help you avoid falling for a price bump. There are many websites that will let you track a product’s price over time, and will help you not only identify when it has bumped up in price, but also let you see when it actually has reached its lowest price. By doing a little bit of research, you may find yourself saving way more money.

Take Time to Reconsider

With the development of features like Amazon’s 0ne-click purchase option, it is easier than ever to buy something without even a second to process whether or not you actually need it. With more one-touch purchase options popping up across many online stores, it is more important than ever to take a moment to consider if what you are getting is a wise purchase. Maybe make a quick list of pros and cons to help you determine if it is worth buying, or you can step away before making your final purchase to think it over for a couple of minutes. Whatever method you use, it is important to find a way to avoid impulse purchasing, especially on a day with so many good deals on items you may not need.

Cyber Monday has made shopping a much easier experience than ever before, but that comes with its own positives and negatives. The opportunity to overspend is at an all-time high, and it can be difficult to avoid. However, a little bit of self-discipline and forming some new habits can make a huge difference in your holiday spending habits.