Smart spending on Black Friday and Cyber Monday

The sales, the savings, the ads. Yes, Black Friday (25 November 2022) and Cyber Monday (28 November 2022) are back.

But how do you make the sales work for you and really save money without overspending?

Before the sales: Get sales-ready

Work out how much you can afford to spend beforehand to make sure you keep within your means. This is your sales budget. Stick to it.

Make a list of the people you want to buy for, what you want to buy and the prices you see online before the sales.

Then compare these prices with the Black Friday and Cyber Monday prices. This lets you see exactly how much you could save.

During the sales: Try not to get carried away

Just because it’s the biggest shopping weekend of the year doesn’t mean you have to buy everything!

Keep checking your spending against your sales budget so you know how much you have left to spend. Stick to your budget.

Don't put yourself into debt

It’s only a great deal if it doesn’t put you into debt.

Remember: if you’re planning to pay with a credit card, and you can’t pay the balance off in full then the interest charges you pay will reduce the savings you made.

Check cashback offers

When shopping online, check whether your debit or credit card has any cashback offers to see if you get money back when you spend.

Avoid high shipping costs

For online shoppers, don't forget the delivery costs.

Maybe you can avoid them by having your items shipped to a nearby store for click and collect? Maybe you can get free delivery if you spend over a certain amount?

But don’t just add more stuff to your basket to save on shipping costs. Instead, see if you can buy a number of the things you want at the same online store to save on the cost of delivery.

And remember to check out how long your items will take to arrive before you buy.

Follow brands on social media

You may want to follow the brands and stores you love on Facebook, Twitter, Instagram, or TikTok.

Retailers know you'll be checking and following their social media profiles and may reward you for doing so.

Many offer exclusive deals in the form of codes to enter at checkout which might get you free shipping, discounts, or a free item.

Always keep the receipt

Check out the return policies of stores you plan to buy from. How many days will you have to return or exchange an item? Do they offer free returns, or will it cost you if you have to post it back?

Always keep your receipts, in case you need to return or exchange something. Finally, if you are buying gifts don’t forget to get a gift receipt, if available.

Watch out for scams

Today’s fraudsters are highly skilled at creating fake websites which appear genuine and persuading consumers to share payment information. Remember:
  • Don’t click on links in emails or texts
  • Be suspicious of “free” offers
  • And check your credit/debit card for suspicious transactions.

For more tips on how to stay safe, visit: https://www.bankofireland.com/security-zone/

The information prepared above by Bank of Ireland “BOI” is for information purposes only and does not constitute financial or tax advice. You should seek assistance from a professional if you require financial or tax advice. No liability is accepted by BOI for any errors or for any loss to any person in reliance on this information. BOI believes any information to be correct at 27 of October 2022 the time of publishing and the information is subject to change without notice. BOI does not make any representations or warranties in respect of the accuracy of this information and is not responsible for the content of external sites. Please refer to our Terms & Conditions for the use of the Bank of Ireland Group Website for further details.
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