Black Friday comes with its cons as there are spending traps that you can easily fall into that may cause the downfall of your budget. Thankfully, we have you covered.
It can be overwhelming to see products being sold for a lesser price than the actual rate. You need to know that retailers are aware that their customers are in search of a good deal and you can end up spending more than needed. Here are 5 ways to stay within a budget and not get trapped.
Make a checklist
If you plan to shop on Black Friday, the first thing you need to do is make a list. If you fail to make one, you are sure to spend more. See who you’re shopping for and what you want to buy. Scan Black Friday ads to decide what you want to buy. Then choose the product and stick to just one category instead of surfing through many stores.
Don’t get carried away
Yes, big sale discounts can be catchy and will make you shop more, but is it worth it? The deals for products may be good but do you need them? Do not buy items just because they are on sale. Buy what you will use and not merely keep it at home only to discard it later.
The thought or the feeling of “have to get it” is common and this is called Fear of Missing Out (FOMO). Don’t fall for those Black Friday traps. Even if a product has a good discount, you need to be cautious about the quality. Go through products, take time and do a little reading to see if you need them. If you don’t need it, you can save money and use it for something you actually want to buy.
Accessory payment
While purchasing electric gadgets, shopkeepers charge the whole price for accessories like cables, chargers and batteries. Though electronics may be on sale, the accessories are almost never. Know that you do not have to get the accessories on the same day. You can do comparison shopping, and then buy them somewhere where you can get them at the best price. Before buying these, check if you have them on your table, in your drawer or lying around somewhere at home.
Store credit cards
You can be tempted to buy a store credit after you have shopped. Why won’t you sign up in saving money or get a cashback every time you purchase something from the store? They do have benefits that are convincing at the moment. Regardless of how good you think the offer is, don’t budge.
Most credit cards have a very high-interest rate, in addition to annual fees that can exceed any amount you have saved. In case you are going to get these cards, be sure to get one with a low APR (Annual Percentage Rate) and no annual fees.
Limit your expenses
Black Friday sales can be good deals but that’s not all. You cannot shop all you want just on that one day. Cyber Monday is around the corner, save up! There will be other stores that will have sales much before Christmas. Wait until the season vibes kick in and see how you can shop at different stores for a range of products at good prices. This wait will help you do some research, check prices, plan your budget and eventually help you save some money.
If you know what you need, check for deals, inquire at stores and buy products you actually need. Have a budget and this will help you stick to the number. You can shop a little and save some extra cash in your account.
