Black Friday On A Budget: How To Spend Without Going Broke
As the holiday season looms and the flurry of sales around Black Friday approaches, you might feel compelled to splurge thanks to all of the shiny deals online and in stores, but this is the time of year when spending can spiral out of control, and in this economy, you might want to think twice about spending too much money.
With rising inflation, tighter budgets, and economic uncertainty, shopping smart isn’t just optimal; it’s necessary. As Black Friday approaches on Nov. 28, here are a few key things to help you set a budget, sidestep hidden costs and scams, and understand why saving matters now more than ever.
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Set a strict budget.
First and foremost, setting a realistic budget is the cornerstone of smart Black Friday shopping. Experts stress that before you ever hit the “buy” button, you need to determine how much extra you can afford to spend without undermining other financial priorities, and once you’ve determined that number, do not stray away from the target.
When deals start flashing and urgency kicks in, it’s easy to lose control. Budget discipline keeps you anchored, helping you avoid the too-common scenario where a bargain becomes debt.
Make a shopping list—and stick to it.
Here’s a great tip from financial guru John Rampton. Once you have your budget in place, consider creating a list of all the items you want and categorizing your Black Friday purchases into three categories: gifts, household items, and electronics. This will enable you to allocate your cash responsibly. Rampton says it’s essential to stick to purchasing only the items listed on your shopping list to avoid splurging.
“It’s easy to be swayed by seemingly unbeatable deals. However, if a purchase isn’t on your list or exceeds your budget, you should avoid it,” Rampton wrote in a 2024 article for Due.
Avoid hidden costs and bold scams.
Equally important is awareness of hidden costs and outright scams. Many promotional offers are far from what they appear: shipping fees, restocking charges, inflated “original” prices, or very limited quantities can turn a deal into a trap, boosting the price of items you may have thought you were getting a deal on. Always “read the fine print,” advised wealth and tax expert Thomas Paup, and make sure to do your research and price compare items on your list ahead of time, so that you can get the best deals and make the most out of your budget. Some retailers raise the price of their items ahead of Black Friday to get a few extra bucks, then reduce it to make the discount seem steeper than it really is, Grassfeld noted.
When it comes to safety, always make sure you’re shopping with reputable retailers. To guard against online fraud, use secure payment methods. Check that websites begin with “https://”, avoid shopping on public Wi-Fi, and steer clear of unsolicited email links or social-media posts promising spectacular deals. They’re most likely a scam.
Avoid using credit cards or “Buy Now, Pay Later” services.
Black Friday’s irresistible deals can make anyone feel like a savvy shopper, but swiping your credit card or using Buy Now, Pay Later (BNPL) services might cost you far more than you think. While these payment methods seem convenient, they can easily lead to overspending and long-term financial stress.
Credit cards often encourage impulse purchases. With easy access to credit and flashy “limited-time” offers, it’s easy to lose track of how much you’re actually spending. High-interest rates mean that if you don’t pay off your balance in full, that discounted item could end up costing significantly more once interest accrues. Many people fall into the trap of carrying balances month after month, which can quickly snowball into debt that’s hard to escape. This debt could be particularly troublesome if you have an unexpected cost that pops up, too.
Buy Now, Pay Later services can be just as risky. They promote the illusion of affordability by breaking payments into smaller installments. However, missing even one payment can result in late fees, credit score damage, or accumulating debt across multiple platforms, according to Charles Schwab. Because these services are available at nearly every online checkout, it’s easier than ever to spread yourself too thin without realizing it.
Use cash or a debit card so you’re only spending money you actually have, money that should be set aside thanks to your good budget in place. If you can’t afford something outright, consider waiting. It’s better to delay a purchase than to pay extra through interest or fees later.
Black Friday should be about smart savings, not financial setbacks.
Why does shopping smart on Black Friday matter?
Why does all this matter in today’s climate? Because saving isn’t just about being thrifty; it’s about preserving stability. With inflation and economic headwinds affecting many households and leading to unprecedented layoffs, every dollar saved adds up towards safety and financial stability during these challenging times. When you allocate funds wisely, you avoid unnecessary debt, you protect your future self against unexpected expenses, and you elevate your financial well-being beyond the instant gratification of a deal.
A smartly executed Black Friday strategy means you aren’t just shopping; you’re investing in your financial health.
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