How to shop the Black Friday and Cyber Monday sales sensibly

When it comes to shopping the sales this Friday and Monday, there are some important things to keep in mind.

ING research has shown that Black Friday is set to surge with 2.86 million first-time Aussie shoppers with data showing Aussie shoppers are more savvy with how they spend, with many targeting Christmas and birthday items as well as back-to-school purchases over the next four days.

According to Scamwatch, Australians have lost close to $7 million to online shopping scams alone with the busiest period of online shopping just starting. Experts urge that with so much focus on the best products to buy at unbelievable prices, it is important to stay grounded and aware of potential scams and ongoing financial damage.

Here are all the things you need to keep in mind heading into the Black Friday and Cyber Monday sales:

Shop in person or on 'official sites' only

This is important for both apps and websites. For apps, only download apps from official app stores.  When it comes to websites, always type the URL into the address bar so you know you are on the official page. Note that almost all official sites will use 'https' to ensure an encrypted connection between the retailer and consumer. 

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Avoid email scams

Look at every deal-themed email in your inbox with a suspicious eye, and never click on links inside them as they could lead to an email phishing scam. Instead, if you see something in an email that is enticing, follow tip one and type the URL into a web browser yourself.

Don't store payment information

As you visit site after site, and as you make purchase after purchase, you will be peppered with requests to start new accounts and save your credit card info. We strongly suggest you deny these requests, particularly during holiday shopping. You want to share, save, and store as little personal info as possible on the internet.

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Put a layer between your credit card and scammers

Third-party payment services such as PayPal, Apple Pay and Google Pay can give you an extra layer of protection, if you want the best assurance. These virtual payment services can also be very handy on mobile sites. However, remember to only shop from your home or cell network, never on public Wi-Fi so you can protect your sensitive information, like passwords, from being stolen.

Compare prices

Before you hit the digital checkout line, open a new tab and look up that same item in other stores to see if the price is similar. If you haven't heard of the brand before, look up comparable products by leading brands to see if the prices are similar. If your item is drastically lower than the others, you need to wonder why. If a deal seems too good to be true, it probably is.

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List it out

It is important to set a list of everything you want or need to get, and don't veer from this when the day comes. Not only will this make you feel prepared, it'll also ensure you avoid frivolous spending. 

Set a budget 

Similarly, setting a price point of what you are able to spend based on your individual financial situation is key to avoid overspending. If you find yourself exceeding this, it may mean that it's not a good deal for your personal budget. 

Plan for 2021

Shopping the sales sensibly can actually help you get ahead of 2021 events and calendar moments that are traditionally heavy on the wallet, such as holiday periods, birthdays and back to school costs.  

Choose retailers ahead of time 

While it's tempting to get drawn into everything that is being thrown at you, sticking to a few retailers that you like and trust will avoid you getting sucked in.  

Wise up to international fees 

If you're planning on shopping through an international site during the sales, make sure you're aware of the fees and charges your bank might apply. Where possible, use a payment method that won't incur global transaction fees and charges.

Share your tips for nailing the sales by emailing Jo Abi at jabi@nine.com.au.