Ensuring you stay financially resilient on Cyber Monday

Although Cyber Monday can bring joy to many who are seeking bargains, it can also be an opportunity for unnecessary overspending. Here are some tips to manage your financial resilience this Cyber Monday.

Cyber Monday is still a relatively new arrival to UK shores. Originating in the United States, the tradition of Cyber Monday is now celebrated widely among online retailers in the UK and in Europe. It is expected that around £1.5 billion will be spent on Cyber Monday this year. Keep in mind that all of that money will be spent online.

However, keep in mind that retailers are starting to treat the whole month of November as an opportunity to reduce prices and entice consumers, especially in the run up to Christmas. Although Cyber Monday can bring joy to many who are seeking bargains, it can also be an opportunity for unnecessary overspending. Here are some tips to manage your financial resilience this Cyber Monday.

  • The fear of missing out – controlling impulses

    The idea of missing out on a bargain can be a daunting prospect for many of us, especially in the run up to Christmas. The idea of being disappointed or missing an opportunity to save some money can drive consumers into purchasing beyond their means. If someone else is getting a good deal, this is also a driver for consumers to get in on a good deal. It’s important to refrain from impulsive buys and be thoughtful of purchases that you make, especially if you feel like you are missing out.

  • Wants vs. Needs

    A practical way to save yourself from unnecessary spending is to decide whether the product that you have seen is a want or a need. Perhaps you’ve seen a new pair of shoes with a 30% discount, and you feel compelled to purchase them. Before proceeding to the checkout, ask yourself if you need this new pair of shoes, or do you just want them because there is a 30% discount available. Using this rule of questioning decisions can be helpful, as it can ultimately save you a lot of money. This is especially important when shopping online, as it only takes a couple of clicks to make a purchase. Take time to think carefully about whether it’s worth it, perhaps even turning off your devices for a while to help you decide.

  • Beware of buy now, pay later

    The temptation to pay for a product later is strong, this is especially true if there are discounts available on the products that you have seen online or on the high street. Despite the discounts attached to products on Black Friday, it’s important to be very careful of buy now pay later schemes as you may end up paying more than full price for your product, due to having to pay additional interest for borrowing.

  • Have responsible fun

    Many of us find pleasure and have a lot of fun when shopping for bargains. It’s important to enjoy yourself and look after your financial resilience while doing so. Perhaps consider taking a short break between adding an item to your basket and proceeding to the check-out. This breathing space will allow you to think about the purchase that you are about to make. Remember, many retailers are not able to give refunds or accept returns on certain items, especially if they have a significant discount attached.

Prepare for the future

Although you may not be able to save a lot of money between now and Christmas this year, being ahead of the Christmas rush can help to stretch your existing budget. It’s also a great time to start saving up for next year. Why not learn more about how you can start saving with Serve and Protect CU today via: www.serveandprotectcu.co.uk/save

  • The information provided in this article is for guidance and educational purposes only. Police Credit Union Ltd. does not offer regulated financial advice. Please seek independent financial advice.

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