Black Friday is this week!
Sales will be everywhere! Commercials and ads will take over every piece of media! The frenzies begin bright and early (rather dark and way too early) or sometimes even Thanksgiving Day!
Are you ready to save some money!?!?!
Here are some tips to help you get the most out of your Black Friday Dollars:
1. What Do You Actually Need on Black Friday?
Before you run out to shop, take a few minutes this week to inventory and see what you actually need.
- Do you really need that 50-inch TV on sale or is yours working perfectly fine?
- That new iPhone may seem like a killer deal, but if your current phones are working fine, save your money.
- Does your daughter-in-law really want a $10 margarita machine just because it’s a great deal, or would she rather have something else she’d actually use?
- And the nieces and nephews can probably do without light-up slippers, even though they’re a great price.
Sit down and think about gifts you really want to get for others. Create a shopping list first, THEN tackle the local Black Friday ads to see if any of your shopping items will be on sale.
If you don’t really NEED anything, skip the Black Friday Deals and sleep in.
2. What Is Your Holiday Spending Budget?
Black Friday got its name because it is the day holiday shopping officially begins. Retail stores that may have previously been “in the red” (accounting term for losing money) for the year are able to move “into the black” (becoming profitable) as holiday shopping begins!
While Black Friday may put retailers into the black, it is also known for putting consumers (shoppers) into the red and into debt.
Before you even glance at Black Friday deals, check to see what your holiday budget is.
Years ago, we opened an expected expenses account for Holiday Expenses. From January to December, we put a little bit of money in each month. When the holiday shopping season starts, we just check to see how much we have saved and plan our shopping and parties around that budget.
Figure out what a reasonable budget is for you and your family, no matter how big or small, and stay within that to ensure you don’t start off the new year with new debt. No one wants to still be paying for last Christmas’s presents in April.
3. Would Cyber Monday or Small Business Saturday Make More Sense Than Black Friday?
I actually participated in a Black Friday Sale once in college. My mom and her friends had us all wake up at 3 am.
We took multiple cars to the mall and each of us stood outside, in the cold, in line for a different store.
Everyone had a list of items different friends wanted from that particular store. When the doors opened at 4 am, we crammed inside in search of our designated items, dodging other crazy shoppers as they pushed and grabbed their way through the store.
Afterward, we all met up in the parking lot to swap purchases.
I hated every minute of it and declared I’d never do that again!
Since then, I have ditched the crazy Black Friday hours and rushes. Instead, I stay at home in my jammies and shop for Cyber Monday Deals.
If going out and being part of the crowd is more your style, find small local stores to get personalized gifts for those special people on your list. It will help local small businesses and allow you shop without the craze.
4. Stock Up On Gift Cards
Black Friday weekend is a great time to stock up on discounted gift cards. Many restaurants offer 10-20% off.
Target even offers 10% off their gift cards for one weekend each year.
By taking advantage of these discounted gift cards, you can get sale items for even less!
Buy a 10% discounted Macy’s gift card, then go buy a sweater at Macy’s for 20% off. Now you just got that sweater for 30% off!
Every year, I stock up on discounted gift cards during the holidays and keep them to give out throughout the year.
If a kid gets invited to a last-minute birthday party, I can grab a Jamba Juice gift card from my stack, throw in a coloring or reading book, and BAM! Birthday present!
Joe from accounting is retiring in April. Grab a Red Robin card from the stack and write a mushy card. BAM! Retirement gift!
Take advantage of these once-a-year discount gift cards and give them out all year long!
5. Skip The Craziness of Black Friday and Create a New Tradition
Black Friday has become a monster of its own in the last century. I think it’s time to skip the crazy spending spree and create your own new traditions.
Instead of racing out to spend money the Friday after Thanksgiving:
- Warm up the leftovers and play board games
- Make some hot cocoa and watch Christmas movies
- Break out the Christmas decorations and get a start on the festivities
- Or spend a quiet day looking back on the year’s spending and create your savings goals for the New Year
Instead of running out to spend money and deal with crazy people, spend the day relaxing and preparing for the month ahead.
Wrap- Up
Black Friday is a retail store’s favorite day of the year! They know that by offering “rock bottom sale prices” that often aren’t all that much lower than their regular prices, they can draw holiday shoppers in to buy more and bring their accounting books into the black.
Before you rush out to snag the newest big-screen TV, discount socks, or Barbie Dream House, take a moment to figure out what you really need. Create a reasonable budget, write out a shopping list for those you value, and only get what makes sense for you.
Keep your own books out of the red and plan to start the New Year with some extra Green!
What do you plan to do this Black Friday? Do you rush out to find deals or hide away at home? Leave a comment below and join the conversation.