TROY — As Prime Deal Days come to a close, major retailers like Walmart, Target, and Best Buy are launching their own sales events this week to kick off the holiday shopping season.
These sales events aim to encourage consumers to start their holiday shopping early and spend more, capitalizing on the momentum generated by Prime Deal Days. Last year, holiday shoppers spent over $18 billion using ‘buy now, pay later’ options, according to Motley Fool Money.
Rob Burnett, a financial planner and CEO of Outlook Financial Center in Troy, advises consumers to exercise caution when using ‘buy now, pay later’ services. “It’s just like a credit card; use with caution,” he said.
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Retailers are offering a variety of promotions to entice shoppers into the holiday spirit and encourage spending. Walmart is featuring special deals, while Target has launched its ‘Target Circle Week’ and Best Buy is promoting ‘Tech-tober.’
These sales are part of a broader strategy to kick off the holiday shopping season early and capture consumer interest.
Burnette said more than one in five consumers used ‘buy now, pay later’ services last year. He emphasizes the importance of ensuring that any recurring payments fit within one’s budget until the ‘buy now, pay later’ balance is fully paid off.
Burnette also suggests that while these payment options can be convenient, especially for holiday shopping, it’s crucial to stick to an overall budget. “Okay, my budget’s $1,000, not, oh, this is my budget, $1,000,” he advised, highlighting the need for financial discipline.
As the holiday shopping season begins, consumers are encouraged to take advantage of sales but remain mindful of their spending habits, particularly when using ‘buy now, pay later’ options.
“You have a defined payback period. You know what your payments are going to be. You can typically accelerate them,” said Burnette, emphasizing the importance of managing finances wisely.
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