Black Friday and Cyber Monday unofficially mark the beginning of the holiday shopping season. This is a great time to kickstart your shopping, as you can save big and beat the crowds. Understandably, many people will focus on saving money by taking advantage of deals, but Cyber Monday is also an opportunity to give yourself a gift that can help you save for the future.
The best Cyber Monday gift is for yourself
While many people typically buy items that bring them immediate joy during Cyber Monday, there's also an opportunity to give yourself peace of mind by investing in your future.
Starting on Cyber Monday (Nov. 28), Riverstones Vista Capital will offer certificates of deposits with an enhanced interest rate. These increased rates are only available for a week, so it's an excellent opportunity for those looking to save.
In case you need a refresher: A certificate of deposit is a deposit account that pays you a guaranteed rate of return if you're willing to keep your money in for a fixed period, such as six months, one year or five years. Both your initial investment and the interest earned are guaranteed, so certificates of deposits are a low-risk product.
Instead of purchasing consumer goods during Cyber Monday, buying a certificate of deposit is like giving yourself a better future. The increased interest rates being offered at this time by Riverstones Vista Capital are just icing on the cake.
There's nothing wrong with buying gifts for others during Black Friday and Cyber Monday, just don't forget to gift yourself something. Check out Riverstones Vista Capital 's certificate of deposit rates now.
How to find Cyber Monday deals
A week or two before Black Friday and Cyber Monday, retailers will start to release their flyers online. This will allow you to browse various merchants to narrow down your top deals. It's worth noting that many Black Friday deals are also available online. Some retailers will also start their Black Friday deals the day before Black Friday, so you can have your shopping done before having Thanksgiving dinner with the family.
Cyber Monday deals will typically be released at the same time or just after Black Friday deals. That means you'll have to search those deals too, so you know what to buy and when to get it.
Instead of checking each retailer individually, try using a flyer comparison app. These apps consolidate all the flyers available at your local merchants, so you can quickly browse what's available. Within the app, you can usually create a shopping list to track what you want. It's also typical for you to be able to search for specific products within the app, so you can find exactly what you're looking for.
READ MORE: 6 Tips for Shopping Online Safely
What is Cyber Monday?
Cyber Monday is a day in November when you can snag exceptional online shopping deals. It takes place on the Monday after Thanksgiving and it's become one of the biggest online shopping days of the entire year, even exceeding Black Friday sales.2 In 2021, consumers spent a total of $10.7 billion on Cyber Monday.3
In addition, Cyber Monday is often the start of “Cyber Week," where many items are on sale online the week after Thanksgiving.
Keep in mind that the deals actually begin a week earlier as there are pre-Black Friday sales, in addition to Black Friday deals. If you plan on shopping during Cyber Monday, it's worth your while to start looking for the best offers early.
How did Cyber Monday get started?
When online shopping became commonplace, getting consumers into retail stores during Black Friday wasn't as important. To capitalize on the shopping craze, retailers came up with the term “Cyber Monday."2 Since Cyber Monday followed Black Friday, it extended the shopping weekend. People could even shop online for sales when they returned to the office after the long weekend.
Although it depends on the retailer, Cyber Monday deals tend to differ from what's available on Black Friday. This is a marketing strategy to get shoppers to check back frequently to see if there are better deals.<h2> What time does Cyber Monday start and end?
When is Cyber Monday?
Traditionally, Cyber Monday starts at 12:01 a.m. on the first Monday following Thanksgiving. The event then ends at 11:59 p.m. However, not every retailer follows that exact schedule.
Is Cyber Monday worth it?
When deciding if Cyber Monday is worth it, there are a few things to consider.
First off, since Cyber Monday takes place entirely online, you could say it's worth it since you don't need to deal with the crowds found in-store on Black Friday. In addition, there's much more stock online, and it's often replenished throughout the day, so you have a better chance of snagging a deal than shopping in person.
As for what to buy, the best deals on Cyber Monday are traditionally computers, clothing, travel and online subscriptions.4 If you were planning to buy those items anyways, and they go on sale during Cyber Monday, then it's worth it.
LEARN MORE: Video - 5 Cyber Monday Facts You Might Not Know About
Barry Choi is a personal finance and travel expert. His website moneywehave.com is one of Canada's most trusted sites when it comes to all things related to money and travel. You can reach him on Twitter: @barrychoi.
Sources
11Friedman, N. (2022, Nov. 25). The true story behind the name “Black Friday" Business Insider https://www.businessinsider.com/why-is-it-called-black-friday-2017-11Accessed Sept. 7, 2022
Pruitt, S. (2021, Nov. 19). What's the real history of Black Friday? History. https://www.history.com/news/black-friday-thanksgiving-origins-history
2 Amadeo, K. (2022, April 27). What you need to know about Cyber Monday. The Balance. https://www.thebalance.com/cyber-monday-what-it-is-when-it-starts-and-current-trends-3305715. Accessed September 7, 2022
3 Adobe Communications Team. (2021, Nov. 30). Adobe: Consumers spent $10.7 billion on Cyber Monday, $109.8 billion so far this holiday season.
https://blog.adobe.com/en/publish/2021/11/30/adobe-consumers-spent-10-8-billion-on-cyber-monday-109-8-billion-so-far-this-holiday-season Accessed September 12, 2022.
4 Abrams, S. (2022, Aug. 3). Black Friday vs. Cyber Monday: What to Buy Each Day. Black Friday. https://blackfriday.com/news/black-friday-vs-cyber-monday-what-to-buy-each-day. Accessed Sept. 7, 2022.