Black Friday has become synonymous with overspending. With a little restraint, planning and budget, you can make the best out of Black Friday deals without blowing through your savings.
According to statistics, almost 63% of Americans have said that holiday shopping puts a strain on their finances. Here are some helpful tips on how not to accumulate more credit card debt with some wise shopping tactics with your Black Friday budget.
Set a spending limit
White elephant parties already tell you how much you are allowed to spend. You can set the spending limit for your friends and family the same way. There’s nothing wrong with doing that. Set your own spending limit and make it a point to not cross it.
Make a list
Make a list of all the gifts you are going to buy. Set a price limit for each person and check out all Black Friday deals happening. Compare prices between different retailers. When you do your own research, you will find out all the one-day deals that are happening and all the deals that are happening after Black Friday.
Don’t buy everything on your kid’s wishlist
Many parents make the mistake of getting every single gift that’s on their children’s wishlists. A survey has found that some parents pay for purchases by raiding their retirement accounts or emergency funds or getting a payday loan. Talk to your kids about mindful spending. Talk to them about finance and money. This way, you will grow stronger as a family.
You don’t have to buy a gift for your pet
We get it that your pet is also your family member. If you are looking to stick to your budget this year, then you don’t have to buy your furry friend a gift. You can just wrap their food bowl and they will still have no idea about gifts and money. If you are still thinking about buying a gift for your pet, set a budget for them as well.
Be mindful of spending triggers
We all have spending triggers. Some people start spending a lot more than usual when they hear holiday music playing in the background and some just can’t stop themselves when they are shopping online even when they are done buying presents for everyone. Identify these triggers and be very careful about them while you are browsing for gifts.
Shop with a friend or a family member
Ask your sibling to tag along with you when you go shopping. Let them know your budget and ask them to stop you when you are going overboard. You can help each other stick to the budget. However, if everyone is busy and you are doing all the shopping alone, set a reminder on your phone that will ring every 30 minutes.
Don’t buy things you don’t need
Many people buy things they don’t even need during Black Friday because they get lured by the deals that seem too good to miss out on. Before you buy anything ask yourself if you really need it. Don’t buy a TV or a PlayStation just because they are on Black Friday sale.
Shop with cash only
With credit cards and online payment apps, people spend way more than usual. It’s best to shop with cash because physical cash is harder to come by these days and it will keep reminding you of your spending limit.
Checkout best online deals
There are many sites and apps on the internet that will do the job of figuring out which retailers have the best Black Friday sales and Black Friday deals. Here are some of the sites and apps for your reference:
Don’t spend extra on shipping
Many sites ask you to pay extra for delivering items to your place. Don’t blow your savings on this. If the same items are being sold by other retailers, then compare their shipping prices as well. Look for the website that is offering the best shipping price and go with that one.
If you can’t control the urge to shop this holiday season, remind yourself how you felt the last time you shopped so much and had to deal with the consequences later. This will mentally control you and avoid you to overspend. Another thing you can do to avoid the temptation of shopping is by doing something else on Black Friday with your budget. Go out with your friends or watch a movie at home. Divert your mind and use that day as an excuse to take care of yourself.
