- All right, Cyber Monday is right around the corner.
And get this, last year, more than 165 million people
shopped over Thanksgiving weekend. 165 million.
Now, yes, that included Black Friday as well.
But thanks COVID-19,
I don't think a lot of Black Friday shopping
is going to be happening.
A lot of stores are saying no shopping
is gonna be happening physically in the store.
So some stores have literally just opted out
of Black Friday,
which means Cyber Monday is probably going to be huge.
And a lot of projections are coming out
that actually it's going to be bigger, all combined,
than even last year.
So (sighs) there's gonna be some money spent.
But here's the deal, just because sales are going on
and deals are going on,
does not mean it's a good deal for you.
Because if you buy a sweater
that you never intended on buying, but you save 25%,
well, you're still paying 75% more in the first place
because you were never gonna buy it.
So I want you to ask yourself a couple of these questions.
I'm gonna give you some questions to think about
to help you save money
and have a money smart mindset on Cyber Monday.
Number one, what's your spending tendency?
So you need to know, are you a spender or a saver.
Because you spenders out there,
it's gonna be really easy for you to be like,
oh yeah, yeah this is fun. This is fun. It's fun.
Oh, this, this, this. I need this.
They need this. Oh, go, go, go, go.
Savers, you might be a little bit more thoughtful,
and you might be like, oh,
but then sometimes you can be like, yeah,
I don't think that person really needs a gift.
I'm gonna just skip and save the money instead.
So as you're shopping, know what you are.
Are you naturally either a spender or a saver?
Also, do you have an abundance or scarcity mindset?
This can kind of match with spender/saver,
but people that think kind of in that abundance mindset,
it's like, oh yeah, there's always gonna be more.
There's gonna be plenty of opportunity to make more money
so I can spend some more.
Oh, I'm gonna just buy for everyone
because you know, it's gonna be great.
The impact of this, it's all happiness.
It's gonna be awesome.
Scarcity mindset is more like,
maybe I'll get the two for one deal, or maybe I won't.
Because what if another huge pandemic hits?
Like that's COVID-19, but what if it's something else?
Should I have that money instead?
Am I being smart about this?
Gosh, it's like this finite amount of money
and if it leaves, I don't know if it's gonna come back.
Oh, oh, oh, scarcity mindset.
And so what you wanna know is, okay,
what is your money tendency?
And I talk about this in "Know Yourself, Know your Money,"
my new book, because it's really important to know
why you do the things you do with money,
why you're spending.
So this is also going to help you during Christmas
to save money, again, during this season,
but also all year long, knowing who you are.
Now another question to ask is,
what are the money tendencies
of the person you're buying for?
Do they like experiences or things?
Would they rather have a gift card to get their nails done,
or a zoo membership for the year for their kids?
Like, do they wanna have an experience,
or do they want a thing?
Do they want light bulbs that go with Alexa?
And you'd be like, Alexa, turn living room on.
(bell chimes)
It's a thing. Or a phone charger,
wireless phone charger, I just found out these,
these are amazing.
Yeah, it's like a little circle
and you just lay your phone right there.
No more like leaning off the bed to get a phone charger.
Yeah.
Now, out of this, you would think I like things.
I'm actually experiences. Maybe I like both.
But know who you're buying for
because like, okay.
I wanna be able to give you something
that you actually love and will use.
Also think about quality or quantity.
Which one do they value?
Because if they value quality,
then all of your money could go to one item,
maybe a little bit of a smaller item, but it's really nice
and it will last, and they will appreciate that.
Or do they like quantity?
You can take the same amount by some cheaper stuff,
but you get a couple of gifts for it
and they love it as well.
So which one do they value? Ask yourself that question,
because again, knowing who you're buying for
is going to save you money
because you're gonna get them a gift
that you know you can be confident that they will like,
and that you're not wasting your money on something that
they won't ever use or they don't like.
Also, another question is, what is your spending plan?
AKA your budget.
Guys, budgeting is so freaking important during this time
because emotions can get the best of you.
You're in the giving spirit.
It's like, ah, and then you look up like,
Oh, what did I buy?
How much have I spent?
If you have a budget, all of those questions are answered.
You have to remember, a budget doesn't limit your freedom.
A budget gives you freedom.
So what this does
is you're just gonna put the name of everyone
that you wanna spend money on for Christmas.
You wanna buy everyone a gift,
put dollar amounts next to their names,
which is kind of weird,
because you're like putting a dollar value
on the person's name, but it's fine.
You're making a plan, it's great.
But you know, okay, if I have this amount
and you spend just a little bit over here,
that means you have more money in that line item
to spend some over here, and you can enjoy the process.
So what this does is it make sure that the January you
loves the December you.
January 21, you're gonna be like, Rachel, way to go.
That December, 2020 Rachel was so smart.
I'm so thankful she was there.
So just love yourself in December, okay?
So when January comes, there's no guilt, no shame.
And Christmas and gift buying, it's supposed to be fun.
It's not supposed to be stressful.
So the best way to do it is to know yourself,
know who you're buying for, and have a plan for your money.
Now make sure to subscribe and like,
because there are so many videos,
so much content around the subject, you guys.
Because I really, really, really do want you
to create a life that you love.
(dramatic music)