If you are currently working on debt reduction, the holidays may seem daunting. However, taking advantage of Black Friday shopping could be a great way to complete your gift list.
Making the Most of Black Friday Shopping
Shopping isn’t always an evil or unthinkable thing when struggling with consumer debt. While spending oodles of money you don’t have on gifts isn’t an option, there are ways to shop within a budget. Black Friday shopping can help you complete your holiday purchases. Here are a few tips so that you can make the most of it.
Creating a Black Friday Shopping Budget
The most important thing to do when considering Black Friday shopping is to create a budget. Take a look at your current debt management plan and household budget. Are there areas in the budget that you could pull from without disrupting debt reduction? Can you increase your income to get some spending cash?
Once you have an actual total, you must stick to this number to cover all your purchases. Black Friday sales can help make your budget stretch further than it would otherwise, but it’s not an excuse to overspend. The next step is to have a list of gift recipients, a budget for each person and a few gift ideas. This detailed holiday shopping checklist can be the difference between sticking to the budget or winding up with more debt.
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.
Finding Good Deals on Black Friday
You should definitely price shop as much as possible before heading out to the stores. 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.
There may be some items on your list that don’t sell well on Black Friday. While electronics are typically on sale, clothing is not. Forbes suggests looking for clothing sales for brands that aren’t typically on sale. They should also be 40% off or more.
If you are working on getting rid of debt but still need to purchase a few presents, you need to use all the tricks you have at your disposal. Use your smartphone, make your shopping list and stick to your budget to have a successful Black Friday shopping experience.