With a strict budget and a little bit of prep, you can score big bargains and stay out of the red on Black Friday.
Even if you don’t love to shop, you’ll know that Black Friday is the biggest consumer event of the year – the day when retailers slash their prices and serve up their best deals of the year. While it’s tempting to break out your credit card and go wild, if you don’t have a budget and a strategic approach, you could end up getting into debt, purchasing things you don’t need and investing in “bargains” that simply aren’t worth it.
Happily, we have some tips on how you can bag the best Black Friday deals and skip out on buyers remorse.
Set a Black Friday budget
Sure, that flatscreen TV might have been slashed by 70% but if you still can’t afford it, then it’s not a deal. In the same vein, if you spot something that’s heavily discounted but you never really needed it to begin with, it’s also not much of a bargain. Remember, the true winners of Black Friday are shoppers who manage to find the things they were going to buy anyway, but at a lower price.
To avoid being tempted to overspend, create a shopping list of the things you need and list how much you can afford to pay for them. Once your must-haves are accounted for, if you still have cash left over that allows you to buy something impulsively, set a limit for that too. Lastly, if you don’t find your must-haves, don’t be tempted to allot that unspent cash to an impulsive purchase. Buying diamond earrings at 50% off feels great… until you realise you don’t have money left over for that set of tyres your car really needs.
Pre-game Black Friday like a pro
Preparation is key to making the most of Black Friday. Remember that shopping list we mentioned? Use it to do a little price comparison online to see who’s selling your must-haves and for how much. If you spot anything you like, create an account with that store, pop your would-be purchase into your online shopping cart and leave it there.
Next, subscribe to each store’s newsletters and, if they have one, download their app. You might also want to do the same for your favourite stores that you regularly purchase from – these are great places to spend your “impulse budget”, if you have one. Many retailers offer exclusive discounts or early previews to their subscribers as well as those using their apps. Also be sure to keep an eye on their social media in case they announce any pre-Black Friday specials there. It’s become quite popular for retailers to celebrate Black November, dedicating the entire month to exciting discounts so you can enjoy a full 30 days of deals. Either way, now that you’ve pre-gamed, you’ll be all set to hit “pay”.
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