Are you prepared for this year’s big sale season? We’ve got Black Friday just around the corner, with Cyber Monday right after that. However, the next big shopping spree to come will be Single’s Day, set to take place this 11 November.
With that being said, you do not want your 11.11 day to end in tragedy due to overspending. So unless you want to be eating plain bread for the remainder of the month, here are a few tips to keep yourself from running your wallet dry this Single’s Day (and the rest of the month for that matter).
1. It’s all about budgeting
Like all things involving money, a good and well-planned budget is the key to ensuring that you don’t go broke while pursuing your goals. And yes, this applies to your shopping budget too. This might seem like something basic, but never underestimate how much a budget plan can save you from a massive financial headache.
Once you have a budget planned out, you will begin to pay more attention to that big limit that you placed for yourself. Even the most undisciplined spender will have that limit somewhere in the back of their mind. One more advantage that a budget offers is that once you end up over the limit, you might end up thinking about what to filter out of your cart to keep within your budget. You might even realise that you can live without some of the items you wanted to buy for a little while longer. Setting your budget does not just keep you from overspending, but to spend more wisely.
2. Planning ahead
Another tip that may seem elementary at first, but will go a long way to helping you keep costs low and within your planned budget. The month of November is a big spending month. Some people might have anticipated this shopping spree for weeks, if not months. As such, it is no surprise if people start endlessly browsing and adding more items to the cart that they might want but not necessarily need.
In order to ensure you get the most bang for your buck, plan ahead before partaking in the shopping fest. List down all the items you need first and how much they cost. Once all the necessities are sitting comfortably at the top of the list, then you can start adding the items that you really, really want. These will likely be things such as additional hobbies that will likely keep you happy for months to come. If you still have some leftover cash in your budget, then you can start noting down items that you would like to have, but can live without for the time being.
With this, you will have a decent list to help you stay on budget. Even if you do go over budget, the list should be able to help you filter out what you can’t afford to buy for now.
3. Research your purchases
For those who are less “shopping inclined”, online shopping is a lot more…complicated than you might think. For example, let’s say that one of the things you need is a new television. So all you have to do is go online, look for a TV, click add to cart and then buy. Simple right? Well, what about the size of the TV? Can it fit in your intended area? Is it wall mounted or standing? What features are you looking for? Do you want a 4K TV? Or maybe even an 8K one? What brand should you go for?
As you can see, there are many different types of the same item from different brands, all with different specifications and price points. A TV with all the specifications you want might be way too expensive for your tastes, but a similar TV from a different brand might cost less. In order to avoid the hair pulling stress of trying to figure all of this out on the day itself. Take some time to do some research beforehand. That way, you can identify what item you want, as well as a bunch of backup purchases if the discount for isn’t as high as you expected.
4. Make sure it really is a discount
Online shopping and marketplaces are great. However, they also leave plenty of room for dishonest merchants to shortchange you. One common trick that certain merchants use is to quietly mark-up their prices prior to a big sale date, such as 11.11, before adding a discount. This means that you might still be paying around the regular price even after hefty discounts. To ensure you do not get tricked by these shams, do your research weeks before a big sale and note down how much an item you want costs and which vendors are selling them. You will also want to look at similar items being offered by different vendors so you can have a backup plan in case dishonest merchants want to fleece you of your cash.
5. Make full use of any cashback
With all the purchases that you will end up making this month, it makes perfect sense for you to take advantage of as many cashback opportunities that you can get your hands on. Keep an eye out for any apps that offer cashback. Those who have cashback credit cards can also put them to good use. Like vouchers and coupons, the number might seem low at first glance, but it really does add up in total.
Some final tips
In order to get the most out of your shopping fiesta this year, you should avoid buying items that tend to have promotions year-round. While they may get even steeper discounts this month, these items tend to have pretty decent price points throughout the year anyway, so you can avoid putting them in your basket for now and save them for later to stay in budget.
Additionally, you may want to limit the number of very fragile items in your cart. 11.11, as well as Black Friday and Cyber Monday, are incredibly busy days for logistics companies. They will be working in overdrive to ensure that every order goes out in a timely manner. Unfortunately, this speed sometimes comes at the cost of safety, and some packages may not end up delivered in one piece, if at all. So if you are planning to buy a few cat mugs for your pantry, you may want to consider just buying one for now.
