Since Cyber Monday’s inception in the US – the online shopping day has become a global event. The biggest retailers in the world promise impressive deals on bigticket items and people all around the world are taking advantage.
It’s simple to overfill your shopping cart on Cyber Monday with unnecessary products because there are so many things on sale. If you intend to purchase on Cyber Monday, remember to heed these advice. They’ll help snag deals without busting your budget.
1. Make a List and Spending Limit
Making a list can help you focus on what you need. By sticking to it – you can avoid adding things that do nothing but waste your money.
A list on its own isn’t enough. You need to have a budget to ensure you can afford the items on your list. Look at your finances to see how much expendable cash you have to spend on Cyber Monday. If you want to boost your spending money – consider chopping other non-essential spending from your budget.
2. Use Credit Wisely
While a credit card can be a helpful shopping assistant on Cyber Monday – it can also cause you to spend more than you plan. It’s easy to lose track when you make digital payments. And because most cards come with a large limit – you won’t notice if you overspend right away.
To avoid this mistake, write down your purchases to make them more real to you. Track these purchases against your budget and list to ensure youstay on target.
As for other borrowing options like cash advances and installment loans? These financial products are designed for unexpected expenses – not planned shopping.
A responsible direct lender of installment loans won’t recommend borrowing for anything less than emergencies. Keep them in mind for when your car breaks down or your furnace stops working this winter, but leave them out of Cyber Monday.
3.Don’t Use Debit Online
Do you want to sidestep the risks of overspending with credit by using your debit card online? While this is one way to avoid debt – it invites cybersecurity risks.
Remember that your debit card is linked to your bank account. If a retailer you shop with is involved in a data breach, your debit purchase will expose this account in the breach. Fraudsters may have access to your checking account, plus other financial products linked to this account like a mortgage, lines of credit and investments.
In contrast, your credit card is a stand-alone account that isn’t connected to your savings or credit line. Your credit card is the only one that will be impacted in the terrible case of a breach. This makes flagging your account and reducing the effects of fraud easier.
The average credit card also comes with the following bonusesthat can come in handy:
- Rewards points or cash back
- Purchase protections
- Fraud zero-liability clauses
4. Shop from Trusted Retailers
While a credit card give you zero-liability when it comes to fraud, you don’t want to be a victim of fraud. It involves a lot of red tape as you contact your card company to cancel your account and reissue a new card. And more importantly, it can expose other personal information that scam artists use to open payday loans and cash advances in your name.
You can reduce the chances of fraud by shopping with familiar and accredited businesses. If you haven’t shopped with a vendor before, make sure to check their online reviews to see what others have to say.
These four tips can help you take advantage of Cyber Monday prices with your budget intact.
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