I love finding bargains to help me stay on top of my financial goals and for the excitement it brings. However, this year, I have decided to skip Black Friday altogether, and it turns out, I’m not alone. A recent YouGov report indicates that 52% of Americans plan to do the same. If you’re undecided about whether to partake in this popular shopping event, here’s what you should know.
Before you rush to make purchases this weekend, it’s important to consider advice from personal finance experts.
Don’t assume you’re getting the lowest price
While there are plenty of good Black Friday deals, not every offer is as great as it seems. Some stores might raise prices just to make their “sale” look more appealing. “Never take a Black Friday sale at face value,” said Leslie Tayne, financial attorney and CNET expert. “Start by checking the item’s historical price to find out if the Black Friday price is actually a good deal. It’s also important to compare prices across different retailers.”
Using browser extensions, cash-back apps, and price-tracking tools can help you keep an eye on price history and changes, allowing you to find additional discounts.
Time your purchase right
An Adobe Analytics forecast predicts that “discounts will hit record highs” for certain categories during this holiday shopping season. The optimal time to find the best bargains depends on the category of product you are interested in purchasing:
- TVs: Black Friday (Nov. 24)
- Computers: Saturday (Nov. 25)
- Toys and apparel: Sunday (Nov. 26)
- Electronics and furniture: Cyber Monday (Nov. 27)
- Appliances: Thursday (Nov. 30)
- Sporting goods: Wednesday (Dec. 4)
Compare products before you buy
Black Friday deals can lure you into purchasing a product that is inferior to what you would normally buy. For instance, a deeply discounted off-brand TV might cost significantly less than the high-end TV you have your eye on, but if the quality is lower, the savings might not be worth it. It’s essential to compare product features and prices to ensure you get the best item rather than one that happens to be on sale.
Avoid impulse buying
Impulsive shopping can lead to spending money on items you don’t actually need, primarily due to limited-time offers. It’s important to resist the pressure to make a purchase before thoroughly considering it. “A lot of people will buy stuff that they don’t need because they’re told that these discounts will only last for a limited time, but this is just a classic sales trick that retailers use to rush you into making a purchasing decision,” said Daniel Braun, a credit card expert and CNET reviewer. “The truth is that impulsive shopping and overspending on nonessential items can actually cost you more money than it saves you around Black Friday.”
If you’re overwhelmed by sales, hit pause
With Black Friday deals starting as early as October and extending to Cyber Monday, there may be a feeling of being inundated by the multitude of offers. Instead of succumbing to panic buying, take a moment to refocus on your budget and shopping list. Skipping Black Friday doesn’t mean you can’t save money this holiday season, it just means using different strategies to do so.
I make a budget — and stick to it
To avoid overspending during the holiday season, creating a holiday shopping budget is key. Start by determining your total budget for the season and then allocate amounts for specific categories such as entertainment and gift-giving. Divide your gift-giving budget further by deciding how much to spend on each person on your list. This budget will serve as a reference point for all your spending decisions.
I find other ways to save
Seek out alternative ways to secure great deals on your purchases. Consider buying used, certified refurbished, or even last year’s models. Additionally, purchasing some gifts second-hand can help reduce your environmental impact and overall expenses. Shopping throughout the year can also relieve the stress of last-minute holiday shopping.
Getting a head start on the holiday shopping season
Planning and saving for holiday gifts throughout the year can ultimately lead to better buying decisions and less financial strain. Creating a sinking fund can provide additional time to reach your gift-giving goals.
Should you shop Black Friday?
Whether or not to partake in Black Friday ultimately depends on your ability to research deals and control emotional impulses. While there are undoubtedly great Black Friday deals to be had, it’s important to consider whether the purchase is truly necessary and within your budget. Keeping these considerations in mind will help prevent starting the new year in debt.
