Toronto ON – Just in case you hadn’t spent enough money on the holidays there is always Boxing Day shopping online or if you are a traditionalist, you can get up early and head to your favorite stores in search of the ‘deal’. A new survey by Visa found Canadians who plan to shop at the mall or online will spend approximately $300 on December 26th.
eCoupons.ca and CyberBoxingDay.ca found that 46 per cent of Canadians plan to do their bargain shopping online from the comforts of home. The opportunity to impulse shop and exceed any allotted budget can be much greater if you are using credit for your purchases.
“Online bargains, even on Boxing Day, really aren’t bargains if you have already exceeded your holiday budget and when credit is the only form of payment accepted you can lose track of how much you spend,” says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada, Inc. “Using credit wisely and giving yourself a budget before you start surfing for bargains are the best ways to control spending on Boxing Day.”
Before you click ‘confirm your purchase’ make sure you are buying something you need rather than something you want because the price is right. “Online shopping means paying with credit only and if you carry a balance, incurring high interest charges,” continues Schwartz. In fact, paying only the minimum on your credit card can almost triple the cost of the bargain you shopped for.
Consolidated Credit offers some money-saving tips for Boxing Day shoppers:
• Set a spending limit and stick to it
• Shop one online store at a time
• Make sure the site is secure – https not http
• Review store flyers
• Search for coupons
• Compare prices online
• Price matching has made a comeback this year
• Beware of costly shipping and restocking charges
• A refurbished small appliance may be just as good as brand new
• Download a Boxing Day shopping app to help with price comparisons