Four Tips to Manage Shopping Festival Frenzy
Key Takeaways
- 1. Plan what you need to buy and how your long-term financial goals might be affected
- 2. Do your research prior to find the retailers with the best offers and deals
- 3. Leverage bank credit card promotions, rewards and cashback schemes to get the most out of your spending
As the end of the year approaches, so do the online shopping sales. There are events to cater for all kinds of shoppers, such as 11.11 Singles Day shopping festival, Black Friday and Cyber Monday, 12.12 and countless Christmas sales.
While many of us have probably experienced a feeling of instant joy by clicking on the ‘add to cart’ button, for some, getting too enthusiastic during the sales season can lead to serious buyer’s remorse. Rather than an opportunity to stock up on much-needed items or to secure a genuine bargain, this time of the year may turn into a never-ending season of temptation.
What if there was a way to shop smarter and still satisfy that urge to shop? Here are four tips to help you navigate the shopping festival frenzy like a pro.
Tip 1: Plan Ahead
Online shopping festivals often feature limited time offers and once-off bundle deals. But just because something looks like a great deal, that doesn’t mean you need to act on it.
To avoid succumbing to impulse buying, think about what you need before you open that app or browser. Have a list of items you want to buy, rather than looking for things that appear to be a bargain. Most importantly, stick to the list!
If you’re not sure what you want to buy, set a total spending limit for the sales. This should be the maximum amount that you can realistically afford to part with.
Tip 2: Shop Around
Remember, not all retailers provide the same discounts. Put those sleuthing skills to use and research which stores are offering the best prices or deals prior to the start of the sale.
Eyeing a big-ticket item? Take note of the usual price of the item before the sales, then compare it with the price when it goes on ‘sale’. Some retailers may claim to offer a huge discount on an item during the sales, however, they may have marked up the ‘original’ price. You can look at reviews left by other customers to see if this may be the case.
Don’t forget to factor in additional costs like shipping fees as well. If you add more items to your cart to hit the minimum shipping fee, is it truly a good deal?
Keep an eye out for retailers that let you pay with the points or cashback accumulated over the year. If you’re a Citi Cardmember, enjoy the rewards with Citi’s Pay with Points feature available on the Citi Mobile® App. You can use the points or miles accumulated to offset your purchases at selected merchants. By doing so, you could redeem a discounted transport ride, cheaper meal or perhaps a free bubble tea. From now till 29 Feb 2024, enjoy up to 25% off redemptions when you offset your purchases and redeem selected vouchers.
Don’t forget to make use of other Citi Credit Card promotions, rewards and privileges too. They include discounts for Citi cardmembers or deals at various online e-commerce platforms such as Amazon, Shopee and Zalora, to help you reap additional savings
Tip 3: Keep your long-term goals in mind
If you do plan to shop the sales, start putting money away now for the things you want so that you can shop guilt free. A little money saved each week can really add up, giving you more opportunities to be spontaneous during the sales.
Also, if you have some wiggle room in your budget, don’t forget to use a credit card that rewards you when you spend. The Citi Rewards Card earns 10X points on online shopping purchases. It's perfect for accumulating points to redeem them later for big purchases, such as travel, wedding expenses, or renovations. You also have the flexibility and freedom on how you redeem Citi Credit Card rewards.
Above all, keep the bigger picture in mind. Do you really need this particular item? Is buying something going to put a dent in your long-term financial goals?
Tip 4: Shop Safely
With the number of scams increasing with alarming frequency, shopping safely during sale season is crucial.
To protect yourself, make sure you buy from secure websites (look out for the little padlock icon on the URL bar). Be careful of advertising that requires you to click on a link or scan a QR code to access a deal as you may end up downloading more than you bargained for. Remember the old saying: if it looks too good to be true, it probably is.
After making a purchase, keep an eye on your credit card statements so you can verify that you were charged what you expected and that there are no unknown or fraudulent transactions.
You should also review the store’s returns policy to make sure you can return items if you change your mind or if they arrive with defects.
A Smarter Sales Experience
Shopping during the sales doesn’t have to turn into a frenzy. Prioritise your purchases, do your research on the relevant credit card promotions and remember to shop safely.
By embracing these tips and adopting a mindful spending approach, you can enjoy the thrill of online shopping festivals without compromising your financial stability.
Disclaimers
This article is for general information only and is not intended to be a forecast of future events nor a guarantee of future results and should not be relied upon as financial advice. All views and opinions are as of the date hereof, and are subject to change based on market and other conditions without notice. The article has no regard to the specific objectives, financial situation and particular needs of any specific person. It is neither an offer nor a solicitation to purchase, nor endorsement or recommendation of any products or services mentioned therein, and the products or services mentioned may or may not be offered by Citibank Singapore Limited, its related entities and their respective directors, agents and employees (together "Citigroup").
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