10 tips on how to ways to spend smart when shopping online

Torn between getting a great deal and saving for your big-ticket financial goals?

It’s easy to get caught up in a sale, especially during big shopping events like Black Friday and Cyber Monday when it feels like everything is discounted. The best-case scenario is that you can snag some great deals and save on items you were going to purchase anyway. The worst case is that you’ll end up with post-sale buyer’s remorse and be set back from your long-term financial goals. 

In this article, we show you how to find the right balance between your spending and saving habits. By following our advice, you’ll be able to shop smarter, meet your financial goals, and live your best life. 

1. Set spending limits 

The urge to spend money when items are on sale is powerful–68% of Australians confess they’re more likely to shop when a discount catches their eye. While we can’t necessarily control our spending triggers, we CAN set limits before succumbing to temptation. By creating a budget beforehand, you’ll be able take advantage of sales while still achieving your long-term financial goals.

2. Plan your purchases 

If you want to avoid buyer’s remorse, make a plan for what you need and want before budgeting- this way, you’ll be less likely to give into sales pressure and purchase on impulse.

3. Do your homework 

Review comparison sites, read reviews, and compare prices before you buy anything next time. That way, when a big sale comes up again, you’ll know what’s worth your money and what isn’t.

4. Get in the know

To get the best deals possible, sign up for email lists from retailers you frequently shop with. By being a subscriber, you might also be one of the first to know about upcoming sales or have access to discount codes.

5. Be selective

It’s wise to subscribe to email lists in order to stay updated on latest news and trends; however, too many subscriptions can lead to overspending. Be mindful of which list you’re signing up for, and unsubscribe from any that are no longer serving you.

6. Consider how you’ll pay

When deciding how to pay, weigh your options between cash and credit. If you choose credit, decide which type to use and consider how you’ll make repayments. Additionally, keep in mind that using products such as Buy Now, Pay Later may affect your credit score—so fit that into your grander financial plan accordingly. 

7. Don’t forget security

During big sales events, Cybercriminals are just as active as shoppers. In fact, research has shown that security incidents peak during these times. To protect yourself, only use secure sites that have a padlock sign and ‘https’ at the beginning of their web address (not ‘http’). Additionally, utilise two-factor authentication whenever possible and avoid clicking on any suspicious links sent via email or text message.

How to spot a suspicious link

• The sender address is from a public email domain such as @gmail.com rather than an official address belonging to the company.
• The message includes generic greetings and sign-offs.
• The domain name is misspelled.
• The email or SMS contains poor spelling and/or grammar.
• The link comes with a message that creates a sense of urgency.
• A fake or unknown website comes up when you hover your mouse over the link.

8. Check your statements

During sales periods, it can be easy to miss an error or unusual transaction on your bank statements. To avoid this, review your statements regularly to check what you’ve purchased, when, and for what amounts. This can also help you spot any duplicate or incorrect transactions. As an added bonus, you can also pick up any signs of identity theft early and reduce the potential damage. 

9. Know your rights

Read refund policies carefully to see what it covers, such as time limits, conditions, exceptions, and guarantees. For example, in Australia you’re usually allowed a refund or repair if there’s a major problem with something you bought. But refunds for change of mind purchases aren’t always compulsory so this will depend on the store.

10. Get paid to spend 

You work hard for your money, so why not get paid to spend it? Cashback programs like Cashrewards, ShopBack, and Super-Rewards offer cash rewards every time you shop with a retailer they’re linked to. Another easy way save is by using coupon codes found on sites such as groupon and honey. Plus, signing up for these programs have no enrolment fee So take advantage of repaying yourself while making purchases you were going to make anyway!