Many retailers would have you believe Black Friday is the best day to score deals during the holiday shopping season. And in some cases, that is true. But on Black Friday, many retailers count on deep discounts on specific products to attract shoppers who buy those—as well as higher-profit items.
Unplanned purchases and impulse buys during the holidays aren’t always bad, so long as you keep your budget in check and try to save extras for last. But many Americans shop without a plan, making them vulnerable to holiday deals and sale signs that could get the best of them.
Whether you shop on Black Friday or other times during the holidays, follow these tips to avoid going overboard.
Have a Plan
Start with (and stick to) a budget and a list of people for whom you’ll give gifts.
- Family members
- Friends
- Co-workers
- Service professionals
Be Selective
Once you have purchased a gift for someone, cross them off your list. Avoid adding last-minute impulse items just to make your gift seem more meaningful.
Do Your Research
Make sure you know when and where the best deals will be.
- If a big-ticket electronics item is on your list, Black Friday likely is your best day to buy.
- For items priced around $100 or less, the best specials might be the week before Christmas.
- Search through circulars in the holiday papers and look for coupons and on the Internet before tearing through the stores on Black Friday or other big sale weekends.
Resist Temptation
Buy what you came for—then leave. Also, don’t worry about stores selling out of items. Most likely, you’ll be able to find a gift somewhere else—perhaps even cheaper.
Skip the Store and Shop Online
You’ll save on gas, parking fees, and child care, and you can shop any time day or night. Just make sure you:
Factor in Extras
Gift wrap, holiday cards, wrapping supplies, and mailing costs all add to the price of your gifts.
[Any reference to a specific company, commercial product, process or service does not constitute or imply an endorsement of recommendation by Smart About Money.]