Once you have done your Christmas shopping, given your gifts, and had a lovely Christmas dinner, Christmas festivities come to an end. Soon after, on the 26th of December, Boxing Day arrives. Boxing day provides many tempting deals and it can be easy to fall into the trap of overspending and getting blindsided during the annual sale.
Bradford District Credit Union has provided tips on Boxing Day sales.
Boxing day tips on Budget
As Boxing Day has many deals to offer, it can be easy to go overboard with your spending! However, you must set a spending limit to prevent this. If you make a list beforehand of the items you want within a budget, you are less likely to buy products that exceed your budget, even if they are heavily discounted.
Emails and social media
Social media is a big platform where flash sales and discounts are advertised. It is a good idea to follow your favourite retailers on their social media, to watch out for the best offers for Boxing Day! For example, Boohoo and PrettyLittleThing often announce big sales on their Twitter and Instagram.
A great way to get the best deals is to sign up for your favourite brand’s newsletters. You will then receive alerts via email or text of the latest sales and discount codes.
Don’t window shop
Once you have set a budget, make a list of what you need and where from. Writing down the stores will help you have a clear view of the right time to go to these stores. Furthermore, this will help you avoid window shopping and impulse buying which can add extra unnecessary costs. At some places when sales are on, the items can be exempt from returns and be exchanged only. Hence, you need to beware of impulse buying and going over budget.
Want to avoid the anxiety and stress of having to deal with long queues in and outside shops on boxing day? Avoid the crowds by shopping online! Shopping online is easy as you can compare prices from different stores within minutes. Don’t worry about not getting the right size in products, many retailers have a size guide on their website to help you get the perfect fit!
Be wary of the sales terminology used when you shop. Products advertised with ‘was prices’ for example, ‘was for £100’. Which? Conducted research which stated that retailers often use old, recommended retail prices (RRPs) as ‘was prices’. Therefore, this states the value of the product when it was released rather than its present value. Similarly, Retailers such as Amazon displays all price reduction of items as a discount.
Websites such as CamelCamelCamel can help you to see how the same products previously sold on Amazon were sold for.
If you plan to make an expensive purchase online, many websites will allow you to buy now, pay later, or use a credit card. However, it is vital to pay your balance off in time to avoid high-interest charges and a negative impact on your credit score.
If you are shopping for household items such as electronics, it’s good to compare the different guarantees offered by retailers. Some places may have cheaper prices for a product; however, you may receive better value for your money to purchase the same product from a retailer which offers a better guarantee. This does mean you will be spending a little more, but the benefit of longer product protection from any issues in the future is what makes it worth it.
Make sure to look at the returns policy before purchasing a product. According to The Consumer Rights Act 2015, you have 14 days to return an item if you no longer want it. You can return many in-store purchases for a refund or exchange if the store has a returns policy. During the Christmas season, many shops offer an extended returns policy. So, if you are unhappy with a purchase you have made, do not delay returning the product.
You can avoid the pressure to buy anything during the Boxing Day Sales. As you may have already purchased items on Black Friday and Christmas sales have gone by. If you are running low on money, don’t worry, some stores offer boxing day sales until the 31st of December. Also, Cyber Monday is only a month away too.
Those were our Boxing day tips. BDCU has launched a free new money tips service, why not read our first tips and sign up for more?