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Uzone.id – Black Friday, Cyber Monday, as well as holiday sales and other online big sales offer irresistible discounts and deals that are difficult to pass up. This is particularly true now, as online shopping has become a major aspect of our daily routines – with just a single tap on your phone, you can easily spend money and get whatever you desire.
According to the Global Retail Federation in 2023, Americans spent a record USD9,12 billion on Black Friday alone, with Gen Z taking a significant portion of that spending.
While these events present opportunities to buy products with less prices, they can also lead you to overspending if you can’t manage it carefully.
FYI, according to consumer financial services company Bankrate, 82% of Gen Z reports that money is a significant source of stress. However, there are many ways to counteract that point and it starts with financial education.
“Even if it’s just spending an hour each day with financial literacy content, you’ll be on a path to creating a healthy relationship with money, and that’s the goal of any financial education,” said Michael Broughton, co-founder and CEO of an financial app ALTRO.
The key rule during big sale events is: if you were already planning to purchase the items you need and they are on sale, you’ve effectively saved money. But, if you weren’t planning to buy it in the first place, it’s not a saving!
With that in mind, here are some shopping tips for you to manage your money during Black Friday or any other online big sales.
Remember, Set a Budget
As cliche as it sounds, creating a budget is the first and most important step in managing your money during big sales. Figure out how much you can spend without impacting your essential expenses.
To set a budget effectively, start by assessing your finances—take a close look at your income, savings, and regular expenses. Next, define your spending limit by deciding on the maximum amount you’re willing to spend. Last, make a commitment with yourself to not exceed your budget.
Make a Shopping List to Avoid Impulsive Buying
Making a shopping list keeps you focused and prevents you from impulse purchases. Just write down the items you need or have been planning to buy and prioritize them by importance.
Using a shopping list offers you several benefits. First, it helps you stay organized by keeping track of what you need, prevents you from impulse purchases by encouraging you to stick to the list, and saves your time by allowing you to quickly identify and buy the necessary items.
Don’t Forget To Do Research Deals in Advance
Researching deals ahead of the sale event allows you to find the best discounts and avoid the last-minute rush. There are many retailers that release their sale ads and discounts in advance.
Then, how to research deals effectively? Well, you can start by checking retailer websites for early sale ads and promotions. Then, you can use websites like RetailMeNot and Honey which compile discounts from various retailers. You can also use price comparison tools to ensure you’re getting the best deal of the product you want to buy.
Use Cashback and Coupon Apps
Apps like Rakuten, Honey, and RetailMeNot provide extra discounts and cashback on your purchases. These cashback and coupon apps can boost your savings during these big sales.
Some recommended apps to enhance your savings are Rakuten, which offers cashback on purchases from partnered retailers. Honey apps, which automatically finds and applies coupon codes at checkout. RetailMeNot, which provides access to exclusive deals and coupon codes.
Pay with Debit Card Only!
Using a debit card instead of a credit card can help you stick to your budget. It’s easier for you to track how much you spend money and avoid accumulating debt.
Using a debit card offers you several advantages. Firstly, it helps you avoid debt since you’re spending only the money you have. Secondly, it allows you to track your spending accurately, providing a clear record of your expenses. Lastly, it helps you stay within your budget by limiting your funds, so you can prevent overspending.
And there it is! Managing your money during big sale events requires planning, discipline, and smart shopping strategies.
By setting a budget, making a shopping list, researching deals, using cashback and coupon apps and paying with a debit card, Gen Z can make the most of big sale events without breaking the bank.
So, start implementing these tips to enjoy the sales season while maintaining financial health to save your own money. Good luck!
(Vina)
