Black Friday is a popular time of year for consumers to take advantage of low prices! Even though Black Friday can mean some pretty sweet deals, it can also come with some obstacles along the way. Luckily, there are some tips that you can keep in mind that can help you get some great deals on Black Friday and overall handle the shopping holiday a little better!
Tips for Black Friday
Black Friday is a great time of year for those who want to go shopping and save along the way. Some tips to keep in mind are:
- Set a Budget
- Don’t Get Tempted by Credit Cards
- Don’t Only Look for Deals on Black Friday
- Be on the Lookout for Ads/Promos
- Get a Plan Together
- Check for a Price Match Guarantee
Set a Budget
This has got to be one of the most important parts of Black Friday. There are needs and wants in life. Needs include food, shelter, water, and any other necessities needed to survive (like medication for an illness). Wants are everything other than that. A majority of people are shopping for wants on Black Friday. This reason is why it is especially important to make sure that your Black Friday shopping is added into your budget. This will help protect your financial health.
It is easy to set a budget! First you want to understand your budget as a whole. You can do this by looking at how much money you make compared to how many bills and other expenses you have monthly. The remaining amount of money is known as your disposable income. This income can be used for tackling debt, going into savings, etc. Some people like to save some disposable income to go towards holiday shopping!
You will then want to budget for each person you are shopping for. First, you should write out a list of people you want to shop for and the max dollar amount for each recipient. For example, your list would say $10 for the mailman, $100 for your mom, $50 for your coworker, etc. This will help you stay within your range and follow your budget.
Don’t Get Tempted by Credit Cards
The holiday season is notorious for consumers and credit cards. That’s because people want to take advantage of deals even if they may not be able to do so financially. Credit cards provide the opportunity for people to still get what they want and worry about paying later. Using your credit card during the holiday season may be beneficial so long as you do so responsibly! Making sure you keep your credit utilization rate below 30%, use credit cards with a 0% APR, plan on paying the holiday shopping off before the next bill cycle, and more are ways that you can still use a credit card but in a smarter way. If you have any questions on how you should handle your credit for Black Friday shopping then you should get in touch with a credit counseling agency. These agencies are generally non-profit and can help people better understand their credit and answer any questions they may have.
Don’t Only Look for Deals on Black Friday
Even though Black Friday is a great time to find some of the “doorbuster” deals, there are also other savings that you can look out for. Cyber Monday (the Monday following Black Friday) is another popular shopping holiday that has some good deals. In fact, some retailers even extend savings into after Cyber Monday or start them before Black Friday! That is why it is important to be looking for deals during the entire holiday shopping season which is defined as being between November 1st to December 31st according to the National Retail Federation (NRF).
Be on the Lookout for Ads/Promos
Retailers will often offer special advertisements to their email subscribers, through their app, or even on social media. Sometimes, these exclusive offers may not be available to the general public! That is why it is important to make sure you stay in the loop for ads or promos offered through these means. Generally all you need to do is subscribe or make an account and you can receive this information for free! Not every retailer will have exclusive deals like this but it doesn’t hurt to check.
Get a Plan Together
You don’t want to tackle Black Friday without a plan. Having a plan together can help you take on Black Friday in a more efficient way. You will want to plan out the stores you want to check out, when you want to go, etc. For example, some stores may offer the first 20 customers a free gift card for entering the store. Promotions like this mean you should hit these stores first! Once you map out when and where you will be, you can have a clear idea of how the day will go. This can make the whole process less stressful and easier to deal with.
Check for a Price Match Guarantee
A price match guarantee is when one retailer promises to match the price of an item that may be offered by another retailer. However, it doesn’t necessarily need to be offered by another retailer. Even ads offered by the same retailer may be allowed for the price match guarantee. Generally, all you will need to provide is an ad for the same exact item. This policy varies by store and may have special rules around it. The stores you plan on going to may have this policy in place. It’s important to read the rules around this policy if it is an option! If they offer it, you will want to have an ad or a screenshot of an ad of the item you want at the price you are looking to get.
Popular Places to Shop on Black Friday
There are countless stores that offer some sort of Black Friday deal. However, there are some popular places that people like to check out in 2021 which are:
- Big Lots
- Best Buy
Black Friday is a great opportunity for people to get what they want for a discounted price during the holiday season. However, the deals can be too tempting and the shopping can be overwhelming. That is why there are some tips that you can follow that can help you not only handle Black Friday better financially, but make it less stressful and easier overall! Take your time, and you will likely be able to snag some great deals during Black Friday.