Black Friday survival tips
On Friday, billions of shoppers around the world will be going bonkers for Black Friday. While it’s an opportune time to get your Christmas shopping done, it’s also a gateway to overspending before the festive season even begins.
“Before you decide to go big this Black Friday, make sure you’ve made provision for the things you need to pay for before you splash out on all the things you want,” advises Susan Steward, marketing manager of Budget Insurance. “Don’t feel pressured to take advantage of every deal you see.”
According to social psychologist and professor at Kansas State University, Laura Brannon, while consumers are savvy enough to see through marketing ploys, many still can’t stand the thought of missing out on a good deal.
So to help you to avoid falling into the urge-to-spend trap this Black Friday, and throughout the festive season, Budget offers these helpful tips:
Budget beforehand – setting a budget will help you to guide and limit your spending. If you’re planning to buy gifts, budget per person so that you know exactly what you can afford to spend.
Compare prices – during the year’s biggest promotional event, you may assume you’re getting the best prices but this isn’t always the case. So to avoid getting duped, do your research before making your purchase.
Shop smart with your smartphone – download money saving and budgeting apps like Spending Tracker, which allows you to set your budget, log your transactions, and track your spending.
Shop online, not in-store – according to the International Council of Shopping Centres, 90% of holiday shoppers plan to spend in-store – a dangerous strategy for anyone on a budget.
Curb your credit card enthusiasm – so you’ve spent your allotted Black Friday budget and then you see that certain something you can’t live without, but before your reach for your credit card, think about how you want to start the new year.
Give those wish lists a reality check – manage your kids’ expectations when it comes to their wish lists. Many parents find themselves dipping into their retirement or emergency funds after overspending on kids’ gifts.
Leave Woofles off the list – yes, a dog dressed up as Santa Claus is truly adorable but since they generally don’t enjoy it and their outfit could set you back a few hundred bucks, skip dress up and give extra cuddles instead.
Opt for a gift card – if you’re not sure what someone wants, rather give them a gift card.
Secret Santa can be super – by each choosing one member of the family to buy for and agreeing to spend the same amount of money, you can put more thought and effort into your gift.