November 10, 2023
Shopping online is so easy. Paying for purchases while not becoming the victim of cybercrime, however, is not. Digital deals will open the door for more risks as criminals up their games to snatch a little glee from your gift-giving season.
Cyber Monday and all of the other holiday deal days are made to tempt us. Retailers publish and push their best Cyber Monday deals, and plenty of offers seem too good to be true. In fact, savings are often significant, but if you “save” yourself right out of your holiday budget, you can end up paying way more in the long run. Before you let the spirit of retail therapy carry you away, adopt a few Cyber Monday shopping strategies to protect your savings—and help you make the most of your money.
1. Stick to reliable, trusted websites and retailers
While many of the popups, sponsored content and even emails that we see are legitimate offers from established companies, some are scams. Scammers may be looking to steal your money and leave you with inferior goods or no goods at all. They may be phishing for personal or financial data, or they may use your click to launch malicious malware.
Often, their prime purpose is to convey a sense of urgency to act quickly. Take the time to check out potential retailers and ensure that they’re worthy of being trusted with your financial information. For companies that you know, always double check that you are on the merchant’s legitimate site—not a fake, spoofed website.
2. Follow cybersecurity best practices
This is one of the most important Cyber Monday shopping strategies. Cyber Monday is a credit card-intensive online retail event, so it’s the perfect occasion to review cybersecurity safety practices and exercise them before, during and after every purchase.
- Update your operating software and apps so that you’re using the current, updated versions. Note that if your devices are aging, they may no longer be supported for updates and patches.
- Use only secure payment methods. For example, avoid shopping on public Wi-Fi connections. Pay with credit rather than debit to protect your financial resources. Always check for the “https” on the URL and the closed lock indicating secure encryption for the transaction.
- If you open accounts with retailers for purchases, create strong passwords that are unique to each account. Many sites will let you check out as a guest, but you'll need your order number to resolve any future issues with your order.
- Enable two-factor authentication on online accounts to keep them secure.
- Monitor accounts to ensure that purchases are accurately recorded and are actually yours.
Even if you're not a Cyber Monday shopper, these cyber purchasing best practices are worth following every day of the year.
3. Set a Cyber Monday Budget
We know: You’re so tired of budgets and how the numbers always seem to come up short. However, budgeting is vital here. Cyber Monday is one day, but it’s 24 hours long and online—accessible from any device at any time. Some merchants extend timeframes, and many offer hourly deals to keep you revisiting their site. To survive it all, you need a bit of mental preparation:
- Set a dollar amount for all Cyber Monday purchases that you won’t let yourself exceed.
- Identify in advance what items you’re planning on buying and how much you can pay for each.
- Ensure that your Cyber Monday spending aligns with your overall holiday spending budget—are you shopping just to shop or are you crossing off names on your gift list?
What makes budgeting for Cyber Monday so challenging is that the deals tend to feature a lot of large-ticket items, bundles and buy-one-get-one offers. Retailers may have limited quantities for some deals, with more expensive alternatives ready once they sell out. Add to that buy-now-pay-later options, and your budget figure for the day may cover only the first payments.
4. Align your budget with each planned gift recipient
Cyber Monday marketers are clever. They know that the more we look, the more likely we are to buy. The deals and hype seek to get a one-for-you-one-for-me vibe going that can really squeeze a budget.
When you sit down to make your holiday budget, you have to decide who is on your gift list and how much you intend to spend on them. If you’re planning on spending on yourself, you need to add your name to the list and a dollar figure limit.
5. Scout out deals in advance
Competition is fierce for consumer dollars on Cyber Monday. Companies are striving for customer engagement. They want to be on the list of best Cyber Monday deals, so significant effort goes toward pushing early-access offers and invitations for established customers as well as scheduling and publishing promotional offers available to everyone.
In the days leading up to Cyber Monday, you can expect increases in advertising emails, texts and social media notifications. If you go to your favorite merchants’ sites, most will feature their upcoming Cyber Monday deals, so do your due diligence. Find the best deals before so you aren’t pressured to make split-second decisions day-of.
6. Identify big purchases and how you’re going to pay for them in advance
Some of the greatest savings to be found on Cyber Monday are on big-ticket items. You may save hundreds of dollars, but you still need to know how you’re going to pay for the purchases you’re planning on making. It’s a good time to check on credit card limits, available lines of credit, and any purchase limits or restrictions you may encounter on buy-now-pay-later services.
For particularly expensive items, you may even want to explore options like a personal loan or line of credit that will allow you to budget repayment economically at a relatively low interest rate.
Enjoy Cyber Monday Success with La Capitol
Retailers created Cyber Monday as an e-commerce event. It’s a great opportunity for online deals, but navigating the day can take some financial skill. If you’d like to explore your financing options with La Capitol Federal Credit Union, stop by your nearest branch today or explore your financing options on our website. We offer savings accounts designed specifically for the holidays as well as credit card options and personal loans with exceptional rates you and your wallet will love.