Doing homework first can pay off in savings
When you do shop in store, he advises, make sure you have a game plan. Check the flyers and Lau’s website (CanadaDealsBlog.com) in the week leading up to Black Friday and try to cherry-pick the deals, concentrating on stores that rarely have sales, such as Lululemon and the Apple Store.
Finally, to beat the rush, you might want to shop early. “A lot of retailers kick off deals on Thursday at midnight,” Lau points out. “That’s when you’ll find the best inventory and selection.” On the other hand, many sales extend throughout the week, and you may find the crowds thinner if you hold off. Limor Markman of Limor Money strives to empower young women to take strides toward controlling their financial destiny through her website (limor.money) and her online videos. And she practices what she preaches.
“I only buy things on Black Friday that I was planning to buy anyway,” she says.
“A couple of weeks ago, my luggage jammed open on a trip, so I am totally waiting for Black Friday to buy luggage this year.”
Markman warns against simply showing up at the mall to see what you can find. Instead, shop with a list of things you need and holiday gifts (in which case, you should make sure you can refund or exchange into January).
Do your homework by scanning flyers and online sites in advance to find out who has the best discounts, Markman advises. “And make sure you’re well-versed in the prices of the things you want to buy,” she adds. “Otherwise you may think you’re getting a great deal and it may actually not be.” A sign that screams ‘40 per cent off suggested list price!’ doesn’t mean much if the list price is inflated.
Another cautionary note: if you’re buying online from a U.S. retailer, don’t forget that “the price isn’t actually the price,” points out Markman. You have to do the currency conversion to Canadian dollars. In addition, you’ll be charged an exchange fee on your credit card and you may have to pay duty and shipping fees (because often shipping is only free south of the border).
“That price may look amazing,” says Markman. “But by the time you pay all those extras, you may actually be paying more than in Canada.”