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The Essential Black Friday Survival Guide
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Even during this recession, the urge to shop on the noted Friday after Thanksgiving can be too strong to resist. But how do you stay within your monthly budget when good deals abound? Here are some tips on how to make it through the start of the Holiday shopping season without losing sight of your financial goals
Step One: Put your priorities in order. Black Friday happens every year, and that electronic item on sale for 60% off will most likely be considered outdated by the same time the following year. As a person who bought their laptop around the time of Black Friday, I am now one among countless others who will most likely be looking into purchasing a new operating system this year. Not a cheap expense by any measure. What is more important to you? Paying off debt? Increasing your emergency savings? Saving for an upcoming birthday or special event? Keep your goals and priorities in mind when the sale ads flood your inbox and TV screen.
Step Two: Being frugal does not mean going without. Being frugal is all about buying what you both need (and at times, want) and doing so with the best value in mind. Is there something that is absolutely needed for the household, such as a specific appliance, or a highly personalized gift for a friend or family member? If the answer is yes, then by all means feel free to take advantage of a Black Friday sale. Having a game plan for what you want to buy is key—making a list and sticking to it, regardless of all of the tempting items will be the best way to avoid overspending. Oftentimes this means bringing a supportive friend along to help you to stick with your promise to yourself. It can be very difficult when the box DVD set of every season of Lost is on sale.
Step Three: Research, research, research! If you have made the decision that you will brave the crowds in the effort of getting a bargain, it is best to observe the following:
- Get specific about the item you are buying, and if other stores are also selling it for a comparable price. Feel free to call the stores ahead of time to see how many items are actually expected to be in stock—in one instance, a chain retail store had a new electronic item on sale for a ridiculously low price. People started to line up at midnight for the item. There were less than 100 available and many people who stood in line were not able to buy it. Was the wait worth their time, financially speaking? Some stores are seeing this pattern and have initiated a claim check process so people will know if they are eligible to buy a specific item, This has helped to avoid the mad dash for the products, that have left countless people both hurt and alarmed.
- Know the item and the quality of what you are buying. It can be easy to get caught up in the whirlwind of buying something for less than its average price. Make sure that the item has good reviews and longevity, so that you don’t lose money by having to replace it due to faster than average wear and tear.
- Avoid the crowds and impulse buys altogether! Many Black Friday sales are also available via the web, and many stores are throwing in free shipping and handling! Last year I purchased a kitchen appliance in person because I wanted it that day. I could have received the item within 10 business days for the exact same price! Also stay tuned to Black Friday’s cousin, known as Cyber Monday, where similar sales are available via the web.
- Go early, and go only once. Make a decision to shop during a specific period, and then avoid the sales for the rest of the Black Friday season. The longer you linger in the mall, the harder it will be to avoid buying that holiday themed sweater that your cousin or friend will likely never wear.
- Remember the season----the holiday season is more about the thought than the price. During this recession people are overwhelmingly more realistic about their financial means and have a better understanding that everyone is having to tighten their belts.
- Stick with a monetary limit! The easiest way to avoid overspending is knowing the amount of money you can spend comfortably, and you can either bring only that amount in cash when shopping, or bring only one credit card.
Practice the season of giving---if the urge to spend is more than you can resist, you may opt to be altruistic and donate goods or supplies or the money you would have spent on items to your local charity or non-profit organization. More information about various budget conscious ways to help others can be found at http://www.examiner.com/x-21049-San-Francisco-Budget-Living-Examiner~y2009m10d31-Altruism-and-Compassion-during-the--Recession .
By using the above tips and suggestions, you can make one the biggest spending days of the year just like any other day in your budget.
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