Black Friday, the day after Thanksgiving, has become synonymous with amazing deals and crowded retail stores. For many, it’s an opportunity to snag bargains on holiday gifts or big-ticket items they’ve been eyeing all year. However, amidst the excitement, it’s easy to go over budget or make impulsive purchases. To ensure that your Black Friday shopping is both satisfying and financially sound, here are some strategies to help you spend wisely.
If you find yourself over budget and in debt this holiday season reach out to American Consumer Credit Counseling to discuss the options available to you.
1. Set a Budget
Before you even look at the first flyer or online ad, decide how much you can afford to spend. A budget acts as your financial compass, guiding your spending decisions. Consider not only how much you want to spend on gifts but also on any personal splurges you might be tempted by. Make sure you prioritize your bills and debt payments in your budget.Stick to this budget as if your financial health depends on it—because it does.
2. Make a List and Prioritize
Draft a list of items you need or want to buy, and prioritize them. This list will help you focus on your goals and avoid getting sidetracked by flashy deals on items you don’t need. Rank your items by importance or by who the gift is for, ensuring that the most important purchases are made first.
3. Research Beforehand
Preparation is key when it comes to Black Friday. The black Friday discounts seem to be getting smaller and smaller. Make sure the deal is actually a deal. Check what the original price was Research the products you’re interested in and compare prices across various retailers. Check online reviews to ensure that the item is worth the price, even at a discount. This groundwork will help you identify genuinely good deals and avoid being lured by so-called bargains that are actually priced higher than usual.
4. Utilize Apps and Websites
Leverage technology to your advantage. There are numerous apps and websites dedicated to tracking Black Friday deals. These tools can alert you to price drops, compare prices across different stores, and even provide coupons. Popular options include apps like Honey, RetailMeNot, and ShopSavvy, which can ensure that you never overpay.
5. Plan Your Shopping Strategy
Whether you plan to shop online or in-store, having a strategy is crucial. For in-store shopping, identify which stores you will visit first based on their opening times and the deals offered. If shopping online, familiarize yourself with the websites’ layouts and ensure your accounts are set up for a quick checkout process. Consider adding desired items to your cart ahead of time for a faster purchase once the sale begins.
6. Beware of Doorbusters
What is a Doorbuster?
A doorbuster is a retail sales strategy used during major shopping events, such as Black Friday, to attract large numbers of customers by offering significant discounts on a limited quantity of items. These deals are typically advertised as being available for a short period, often at the start of the sales event, prompting shoppers to arrive early or even line up outside stores before opening hours.
Doorbusters are designed to attract shoppers with exceptional deals on a limited quantity of items. While they can offer great savings, they also tend to sell out quickly and can lead to impulse buying. Approach doorbusters with caution and stick to your list, remembering that a deal is only good if it’s something you actually need and planned to buy.
7. Consider Online Alternatives
Sometimes, the best deals aren’t in stores. For example, Cyber Monday might offer even more deals for you. Online shopping, offers the convenience of avoiding crowds and the ability to compare prices quickly. Many retailers offer online-exclusive deals or extend their sales to Cyber Monday, providing additional opportunities to save. Plus, shopping online allows you to easily track your spending and make more deliberate purchasing decisions.
8. Evaluate Return Policies
Before finalizing any purchase, especially for electronics or apparel, check the retailer’s return policy. Knowing the terms can save you from future headaches if you need to return or exchange an item. Some stores may have stricter policies during sales, so it’s crucial to be informed. Do not just assume they have a 30 day return policy.
9. Reflect and Adjust
After Black Friday, take some time to review your purchases. Did you stick to your budget? Were there any impulse buys you regretted? Use this reflection as a learning opportunity to refine your approach for future sales. Adjust your strategies based on what worked and what didn’t to enhance your financial planning skills.
Conclusion
Black Friday can be an excellent time to save money if approached with preparation and discipline. By setting a budget, prioritizing your purchases, conducting thorough research, and being mindful of marketing tactics, you can enjoy the thrill of Black Friday shopping without compromising your financial stability and going into debt. Remember, the best deals are those that align with your needs and budget, ensuring you spend wisely and effectively. Happy shopping!
If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today.
