Black Friday is right around the corner, along with Small Business Saturday and Cyber Monday. Don’t let a good deal fool you into credit card debt. Learn how to decide which Black Friday deals to go for or not.
Avoiding Credit Card Debt on Black Friday Deals
The spirit of giving is a wonderful thing. But there are financial limitations to giving at Christmastime and all year round. Before making purchases, big or small, you need to know a few things: does it fit within the budget, does the deal makes sense, and is it right for the recipient. Ask yourself these questions when shopping for Black Friday deals to help avoid credit card debt.
Does the gift fit within my budget?
This should be your first question. Otherwise, your next question will be, “How can I reduce credit card debt?” Before shopping, make sure you have a prepared shopping list and budget. Know how much you can spend on each person and any specific gift ideas you may have for them.
If you really think the gift is the bee’s knees and it’s over budget, you will have to take money away from someone else’s gift. It’s a good idea to take notes as you shop so you have an accurate running total of your costs.
Am I getting a really good Black Friday deal or not?
Some promotional deals sound great at first but turn out to be more trouble than they are worth. If you have trouble with credit card debt and the deal requires you to open another credit card, you should probably avoid that one. Now, with Black Friday deals, like buy one, get one free, then you could cross two people off your list for the price of one!
You should also price shop as much as possible. Black Friday deals are usually great, but check to see if competing stores offer price matching or they may just offer a better price. By doing a little research ahead of time and knowing the typical prices, you can tell if you’re getting a deal or not.
Is this the right gift for them?
Always keep in mind the person who will be receiving your gifts over your own tastes. Make sure that they will truly love the gift, find it useful, funny, or whatever makes it the right choice for them and not you. Just because it’s on sale, does not make it the right gift either.
With a little due diligence and determination, your Black Friday shopping is sure to wield great gift results with no credit card debt!
To speak to a credit counselor today about budgeting and managing your finances, call 800-769-3571.