Making it work for your financial goals
Cyber Week, the (now) week-long shopping extravaganza that is the ‘pre-sales’ shall we say, of Christmas, is quickly becoming one of the largest sales periods on retail calendar – a time of year that many eagerly await.
With tempting deals and discounts on everything from electronics to fashion and beyond, it’s easy to get caught up in the excitement of online shopping. As mortgage advisers dedicated to helping you make the most of your finances so you’re able to get one step closer to achieving your property goals, we’re here to guide you through cyber week and ensure that you come out of it with your budget intact and your financial goals on track.
What is Cyber Week?
Cyber Week is the digital counterpart to the traditional Black Friday and Cyber Monday shopping events. Whilst the sale originally started as a four-day period (Friday through to Monday), nowadays, it can start as early as a week or more before Black Friday. During this time, retailers and e-commerce platforms offer massive discounts and promotions, making it an attractive opportunity for shoppers looking to snag a bargain. It’s a time when many people start their holiday shopping, but it’s also when impulse buying tends to reach its peak.
The ‘but it’s on sale’ mentality (and how this can lead you to spending much more than you bargained for!)
One of the most common pitfalls of Cyber Week is falling victim to the “but it’s on sale” mentality. The allure of discounts and limited-time offers can cloud our judgement, making us believe that we’re saving money when, in reality, we might be overspending or buying things that weren’t even on our ‘need’ shopping lists! This mentality can lead to impulsive purchases that you may regret later when you realise that those “amazing deals” weren’t as essential as you thought.
But that’s OK, we all do it.
Here’s a few top tips to avoid impulse spending:
- Set a budget: Before you start shopping, establish a clear budget for Cyber Week. Determine how much you can comfortably spend without compromising your financial goals.
- Make a list: Create a list of items you genuinely need or have been planning to purchase. Stick to this list and avoid deviating from it.
- Research and compare: Don’t jump at the first deal you see. Take the time to research and compare prices across multiple retailers to ensure you’re getting the best possible value.
- Sleep on it: If you’re tempted to make a purchase, give yourself a cooling-off period. Sometimes, stepping away from the screen for a while can help you reconsider whether the item is a necessity or a whim.
- Take a break from your inbox (if you can): Out of sight, out of mind… right!
How you can make Cyber Week benefit you
Cyber week doesn’t have to be all about overspending and impulse buying. In fact, with the right approach, you can actually make this week work to your financial advantage. Here’s how:
- Save for big purchases: If you have been planning to buy a big-ticket item, like a new appliance or electronic gadget, Cyber Week can be the perfect time to do so. Just make sure you’ve budgeted for it in advance.
- Start your holiday shopping: Use Cyber Week to kickstart your holiday shopping and take advantage of discounts to save on gifts for loved ones. Make sure you plan though… as again, it can be easy to overspend when you think you’re getting a steal.
- Take advantage of deals on your everyday items: This might be for example, vitamins or supplements, groceries, bread & butter clothing items, such as underwear, or socks.
Cyber Week can be a tempting time for online shoppers, but it doesn’t have to derail your financial goals. By approaching it with a well-thought-out plan, setting a budget, and resisting the impulse to overspend, you can make the most of the deals without jeopardising your financial well-being.
Remember, the true benefit of Cyber Week lies not in the items you purchase but in the financial discipline and savvy shopping habits you develop along the way. Use this opportunity to strengthen your financial foundation and set yourself up for a strong future.
While we’re home loan experts, our blog posts are for general information purposes only and are not intended as financial advice. If at any stage you need personalised advice, get in touch on 06 8788 4444 or contact Ben or Mark.
