Black Friday: How to Shop Smart and Save Big

You can maximize sales without straining your finances by setting goals, making a list, and researching prices. Pixel-Shot/Shutterstock

The holiday season is upon us, and one of the year’s biggest shopping days is here. Black Friday used to be the weekend after Thanksgiving—but it’s already started. Black Friday, with online and retail stores offering door-busting deals, extended shopping hours, and irresistible promotions, it can be easy to spend too much.

According to Capital One Shopping, American consumers spend almost $10 billion on Black Friday shopping online; combined with in-store sales, U.S. retail sales exceed $20 billion. Additionally, the average Black Friday shopper spends $480.

However, limit your Black Friday spending to achieve financial stability and avoid buyer’s remorse. Moreover, with a budget-conscious mindset, you can still enjoy the thrill of a good deal on Black Friday.

1. Prepare a Realistic Budget

Your first move should be obvious. That begins with a clear, specific budget before Black Friday.

But what is a successful budget? Ideally, it balances holiday gift-giving with other financial priorities, considering budget and need. As you shop, remember the maximum amount you’re willing to spend. Dividing your budget into categories, such as gifts, household items, and electronics, can help you allocate funds more efficiently.

Don’t stray from your budget once you’ve established it. After all, it’s easy to be swayed by seemingly unbeatable deals. However, if a purchase isn’t on your list or exceeds your budget, you should avoid it.

2. Make a Shopping List

To stay disciplined, you should make a detailed shopping list. Consider who you need to buy for and what items you want. Write it all down whether you are buying holiday presents, personal items, or household necessities. Not only will a list keep you organized, but it will also prevent you from making unnecessary purchases.

Also, prioritize the items on your list according to necessity and urgency. This way, you can focus on your highest-priority purchases rather than being tempted by low-priority deals.

3. Research and Compare Prices in Advance

It’s common for Black Friday prices to fluctuate, and not every sale is what it seems. Retailers often mark up prices before sales to make discounts seem greater. To get the best deals, research both the regular prices and locations of the stores that offer the items on your list in advance.

You can verify whether you’re getting a discount using apps like Honey, PriceGrabber, or CamelCamelCamel for Amazon. Also, many retailers offer price-matching guarantees, so don’t hesitate to ask if you can find a better deal elsewhere. With this extra research, you’ll find the best value without overspending.

4. Avoid Using Credit Cards

Credit cards can be tempting on Black Friday, but they can also lead to overspending. If you use credit, you’ll likely spend more than you planned and feel the financial consequences later. For example, the average credit card debt per person in the United States is $6,194. In addition, 28 percent of shoppers who used credit cards last year hadn’t paid off the gifts they bought.

You can use cash or a debit card if you don’t want to use a credit card. Besides avoiding high-interest debt, cash also limits your spending since you can only buy as much as you have on hand.

If you must use a credit card, choose one that offers rewards, cash back, and discounts at specific stores. As a result, you still benefit financially from the purchase and avoid interest charges.

5. Be Wary of ‘Buy Now, Pay Later’ Options

As “Buy Now, Pay Later” (BNPL) services like Afterpay, Klarna, and Affirm have become increasingly popular, spreading payments over time has become easier. However, they can also encourage overspending. After all, when you pay a small amount upfront, you can easily justify a larger purchase.

According to Bankrate, 56 percent of BNPL users experienced at least one problem. Most commonly, consumers overspend (29 percent), have difficulty returning purchases or obtaining refunds (18 percent), and make missed payments (18 percent). Over time, these services often charge high late fees for late payments, which can add to your expenses.

When it comes to your spending, don’t use BNPL options unless you are confident that you can pay each installment on time. Alternatively, avoid unexpected debt by paying upfront for purchases.

6. Don’t Fall for Doorbusters and Limited-Time Offers

Retailers offer doorbuster deals and limited-time offers to create a sense of urgency. This encourages customers to buy impulsively. Even though these offers might seem enticing, remember that the rush to grab a deal can lead to unplanned purchases and regret.

If a doorbuster item fits your budget and is on your list, consider buying it. However, if you’re only interested in it because of the hype, ask yourself whether you need it. Remember that these deals are designed to draw you into a store or website, so do not get distracted and purchase items you don’t need.

7. Shop Online and Use Abandoned Cart Discounts

Many retailers offer the same deals online as in-store. As a result, shopping at home can reduce the likelihood of impulse purchases and help you avoid crowded aisles. Furthermore, you can compare prices online and avoid the pressure to buy that you might feel in a store.

Many online retailers also offer discounts for abandoned carts. Some retailers will email you a discount if you leave items in your cart without purchasing them. Even though this isn’t guaranteed, it can sometimes help you save an extra 10-20 percent, which keeps your spending down.

8. Limit Emotional Purchases

Emotion can get in the way of strategy when buying gifts for loved ones, ultimately leading to overspending. Retailers know that shoppers feel generous during the holiday season. To take advantage of that mindset, they use marketing tactics.

Before purchasing, ask yourself if the item aligns with your original intentions and budget. Remember that quality is more important than quantity when it comes to thoughtful gifts. Focus on meaningful, carefully chosen presents, as these are more appreciated than expensive ones.

9. Be Mindful of Shipping and Return Policies

Be sure to check the store’s shipping and return policies before you buy. Sometimes, deals are only available with high shipping costs or limited return options. Knowing these terms in advance will ensure that you won’t incur any unexpected charges and are informed about the item’s total cost.

To save money online, look for stores offering free shipping or curbside pickup. Some credit cards offer return protection, which can be helpful if you’re unsure what you’re purchasing.

10. Don’t Forget: the Deals Will Continue Through December

Black Friday isn’t the last time you can score holiday discounts. Many stores hold extended sales throughout Cyber Monday and November, with some offering deeper discounts as the year draws close. So, if you don’t have a budget or a list, don’t feel pressured to buy everything on Black Friday.

In addition, “Green Monday,” held on the second Monday of December, is an excellent opportunity for holiday shopping. When you know sales will continue, you can make more thoughtful decisions without fear of missing out.

Wrapping Up: Enjoy Black Friday Without Overspending

With Black Friday just around the corner, it’s an exciting time of year to get your holiday shopping done and score some great deals. However, maintaining a strategy is essential.

You can maximize sales without straining your finances by setting goals, making a list, and researching prices. With this approach, you can enjoy Black Friday without feeling guilty about overspending, allowing you to enjoy the holidays fully.

By John Rampton

The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.