Money Rehab with Nicole Lapin - Black Friday vs Cyber Monday

Episode Date: November 23, 2021

‘Tis the season for holiday shopping, and ‘tis the weekend for big holiday deals. But with supply-chain hold-ups this year, there are some things to consider if you want to get that serious bang-for-your-buck the way that you expect to on Black Friday and Cyber Monday. Tune in to hear Nicole share six things to keep in mind this year. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

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Well, it doesn't. Charge for wasting our time. I will take a check. Like an old school check. You recognize her from anchoring on CNN, CNBC, and Bloomberg. The only financial expert you don't need a dictionary to understand. Nicole Lappin. Today, we're going to be talking about two of the biggest shopping holidays of the season,

which are right around the corner. Black Friday, which is Friday, November 26th, and Cyber Monday, which is next Monday, November 29th. These two holidays usually mean big savings from mega retailers like Walmart, Target, and Amazon. Although I wish Black Friday was a bit more of a national holiday. Like, can the government observe Black Friday and give my taxes a little love? I'm just saying, could my landlord observe Cyber Monday and give me a buy one, get one free deal on my rent? A girl can dream. When I rule the world, that's definitely how it's going to go down. But until

then, what we have available to us are big deals at major retailers, which makes this time the best time to knock out your holiday shopping. But with supply chain holdups this year, there are some things to consider if you want to get that serious bang for your buck the way that you expect to around this season. Here are six things to keep in mind this year. Number one, buy your holiday presents now. Seriously, like yesterday. If you're the type of person who relies on two-day shipping for holiday shopping, you have to break the cycle this year. You might be hearing people say, supply chain issues, so much that you're starting to tune it out. But snap back to reality. I've heard the same story from many folks this year. It goes like this. They place an order online,

folks, this year. It goes like this. They place an order online, get an order confirmation, and an estimated delivery date. Business as usual, or so it seems. Then they get an email that their order has been delayed eight weeks. Then a few weeks later, they get another email from the company that their order can't be fulfilled at all. Mon dieu! And the company has to cancel and refund the entire order. I've heard of this happening with everything from bed frames to video game controllers to patio furniture. The most unsettling thing is that this can happen even if you have an order confirmation. So submit your orders this Friday so that you have the best shot of getting what you want at the price you want on time. Number two, do not buy it just because it's on sale.

Haven't we all been tempted to buy a sticker price? Of course. Like you see that standing mixers are normally upwards of $300. So when you see them for 30% off, you want to buy it, even though you don't cook and you don't even know what a standing mixer is. There's something though, right, about that low price that throws us as consumers for a loop. It's like that scene in Crazy Stupid Love, the rom-com with Steve Carell, Emma Stone, Ryan Gosling. Very good. I highly recommend it. But there's one scene where Emma's character goes

back to Ryan's character's house for a little sexy tap, but instead of doing the dirty, they go through all sorts of bizarre things he's purchased from the Home Shopping Network and late night infomercials. And I can only imagine Black Friday sales. He has two massage chairs that he keeps in his garage. No, not one, but two. A whole collection of like 50 coin bears, just a ton of random junk he doesn't need or use. I know we all want to be Ryan Gosling or make out with Ryan Gosling, but don't be this Ryan Gosling. The big categories where you can expect to get Black Friday or Cyber Monday deals are electronics and appliances. Is there any particular appliance you think you're going to need in the next year? Think about that first, and if so, buy it now. If not, take that out of your cart.

Number three, sign up for early access. Many stores will have loyalty programs where you can sign up to get special deals early. I know that a lot of our inboxes are already clogged with way too many notifications from big retailers, but this, stores have low inventory. So if you have the chance to get an early start, take it. This hack can help you get to everything on your list before things start running out of stock. This move can also help you save money because by enrolling in a loyalty program, you'll likely get an even bigger discount from the company. Once your orders have been delivered, then re-listen to our Money Rehab episode on taking a digital diet to remind yourself of why you should now unsubscribe

from that loyalty program. When it comes to loyalty programs, there is really no shame in hitting it and quitting it. Number four. Do not wait for Cyber Monday. In the good old days, Black Friday and Cyber Monday used to be somewhat distinct. Cyber Monday used to be cyber in two ways. First, you could get deals on cyber-esque products like electronics and tech goodies. And second, you could find big sales on e-commerce sites that don't have storefronts and didn't want to compete with the in-store Black Friday rush. Over the years, Black Friday and Cyber Monday have become more and more smushed into a mega discount weekend. This year specifically, stores don't have the inventory to list separate deals on Friday and then again on Monday. Instead, a lot of retailers are just

keeping the same bargains from Black Friday to Cyber Monday. What does this mean? Well, it means that whatever you're hoping to get on Cyber Monday may be out of stock on Friday. So unless you have your eye on something you know is not going on sale until Monday, you should jump on that deal on Friday. Number five, shop local when you can. The tough thing about this time of year is that big stores have the money and resources to offer better discounts than smaller or local shops. Of course, we all want to support the little guy or the little gal or that cute little family that owns that cute little local store and buy their small batch artisanal whatever. But sometimes it's just not possible with our spending plan. Maybe your budget is tight and you can only afford the price a big store is offering. I get it.

If you're in this position, you can always support local without ever taking out your wallet. One of my favorite ways to do this is to write a review. Mom and pop shops are hugely dependent on the kind of reviews they get on Google and Yelp. Even if you can't spend money with a small store, consider giving them a five star review because that's going to help them make money. Number six, be thoughtful about online versus in-store shopping. Of course, as much as we wish it was, the pandemic isn't over. Black Friday can mean congested stores, which you might not want to risk if you're still keeping it six feet apart. Not to mention that Black Friday can come with gigantic lines and in-store chaos that you might not want to subject yourself or your family to, even in non-pandemic times. If you decide to stay at home,

you won't be missing out on major deals. Most retailers have Black Friday prices online and in-store. However, this year, the advantage to buying in person is that there is absolutely no chance that you're not going to receive what you buy because, duh, you are taking that shit home with you. If you buy online, you run the risk we talked about of getting into the situation where you never actually get what you order, even with that freaking order confirmation. I can't tell you whether in-person or online shopping is better for you. But I hope with these tips, you'll be able to make the right decision for yourself. For today's tip, you can take straight to the bank. You should absolutely take advantage of Black Friday and Cyber Monday,

if and only if it makes sense with your spending plan. So to prep for the big day, channel your inner Santa. Making the list is good enough for him. It should be good enough for you. So list out the gifts you want to get this season, the appliances you think you're going to need, including what you need to replace within the next year. That will help you stay focused so you don't end up buying things you don't need. Like, you know, 50 coin bears. you don't need. Like, you know, 50 coin bears. Penny and Mimsy. Huge thanks to OG Money Rehab team Michelle Lanz for her development work, Catherine Law for her production and writing magic, and Brandon Dicker for his editing,

engineering, and sound design. And as always, thanks to you for finally investing in yourself so that you can get it together and get it all.