It’s a fact: millions of Americans will rush to retailers on Black Friday to spend money they do not have on things they do not need. The National Retail Federation estimates that we’ll spend $466,000,000,000 (yep, $466 billion) throughout the holidays this year, and another poll reveals that Americans plan on putting 40% of that total on credit cards.
In a couple of weeks I will discuss ‘3 Ways to Avoid post-Christmas Remorse,’ but today I just want to give you some tools to help you make the best decisions for Black Friday.
IF you’re going to spend money, then we might as well make sure you get the best deal possible! Right? Right!
The biggest mistake a consumer can make is not having a plan – whether you’re grocery shopping or shopping on Black Friday, you must have an idea of what you’re looking for.
If you’re one of those shoppers that goes to a store and wonders around (without having a plan), you’ll spend substantially more money than the person that went to the store with a pre-determined purpose.
Do your research before you go. The more research you do, the better advantage you’ll have over the other shoppers.
A Shop.org study says that only 36% of shoppers will search the internet to compare prices and to look for gift ideas.
Here are a couple of sites to help start your research:
Just because stores like Wal-Mart and Target are opening earlier than ever before, it doesn’t mean they have the best deals.
Frankly, if you fall into that trap, then their marketing strategy worked to absolute perfection.
Likewise, stores like Macy’s and Best Buy will open Friday morning at midnight, but it doesn’t mean they’re the best places to go either.
Do your research, know what you’re doing, and keep your eye on these sites for some great daily deals as well:
Black Friday deals are typically so great, and we get so excited about them, that we’re content with just taking whatever price the store says.
We completely forget that there are these things called coupons.
Don’t be the one to forget and pay more than you have to! Make sure to do a Google search on the item and store and see if you can find any extra offers. You can also use these sites to help in the process:
Having a plan prior to heading out for Black Friday is imperative. Very few of us really have the money to just go browse a store a buy whatever we want.
So, be smart.
If you’re going to spend the money, then you’d better find a deal!
Picture by digitalart.
The articles are written by personal finance enthusiasts (not certified professionals) based on their personal experience. What works for them may or may not work for you, and you should always consult a financial advisor before making important financial decisions.
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