Black Friday, the biggest shopping day of the year, occurs once annually. It offers discounts on electronics and fashion, with many people taking advantage of these deals. However, Americans tend to overspend during these sales. In 2022, Americans spent an average of $390.19 on Black Friday, per Statista. This number is more than likely to rise in 2024.
That is why learning how to spend less and save more for Black Friday has become a need of the hour. To enjoy this shopping holiday on a budget, you need a plan. This guide offers tips to spend less and save more on Black Friday while shopping for yourself or your family and friends. There are a wide array of strategies to help you navigate sales effectively. Let’s explore.
Planning Your Black Friday Budget
A clear budget ensures you control your spending and get the most value from Black Friday sales. A good budget prevents overspending and helps you save more on Black Friday. Here’s how:
- Set a Spending Limit: Check your savings and income. Figure out what you can afford without hurting other financial needs.
- Categorize Your Budget: Once you have a limit, divide it. Allocate funds for electronics, home items, clothes, and gifts. This helps prioritize during exciting Black Friday sales.
- Leave Room for Surprises: Set aside 10% of your budget for unexpected deals. This way, you can buy impulsively without feeling bad.
Researching Early Deals
Researching top deals during Black Friday sales can save you money and time. Retailers often preview discounts weeks ahead, allowing you to compare prices and plans. Start with a list of desired items. Then, find the best deals in different stores. This avoids impulsive buying, known as “deal panic.” Some stores have early Black Friday deals, which can be better than the main event.
For efficient research, use price-tracking websites like CamelCamelCamel for Amazon. Also, consider apps that compare prices. Some stores allow you to “lock in” prices early, ensuring you get needed items. This method guarantees real discounts and prevents missing out on important deals. Early research focuses your savings on true deals that match your plans.
Using Price Comparison Tools
Price comparison tools help you find the best deals easily. They protect against tricks, like fake discounts after price hikes. You don’t need to visit many sites to find the lowest price. These tools also let you set alerts for when items reach your target price. This way, you never miss a good deal. Using them ensures you pay the lowest price on Black Friday.
Stacking discounts and coupons
Combine discounts, coupons, and cashback to boost your Black Friday savings. Here is how you can navigate Black Friday sales and save more:
- Use Coupons with Sales: Many places allow you to use their coupons, even on sale items. Check if you can combine multiple coupons or use them with Black Friday deals.
- Tap into Cashback: Apps and credit cards can give you back a percentage of your spending. For example, Rakuten offers cashback from many stores.
- Join Rewards Programs: Stores often give extra discounts to loyalty members. Signing up can unlock special deals and added savings.
Shopping Online vs. In-Store
Choosing between online and in-store shopping affects your spending. Here are the pros and cons:
1. Online Shopping
- Convenience: Shop from home, avoiding crowds. Easily compare prices to find the best deals.
- Exclusive Deals: Some discounts on Black Friday are only online.
- Reduces Impulse Buying: Avoids temptations from in-store displays and promotions.
2. In-Store Shopping
- Special Deals: Some discounts, especially limited-time offers, are in-store only. They are for early shoppers.
- Instant Gratification: Take your purchase home right away, avoiding delivery waits.
Avoiding Impulse Purchases
Black Friday often tempts shoppers with impulse buys, thanks to strategic deals. Avoiding impulse buys protects your budget and keeps Black Friday spending in check. Here’s how to avoid them:
- Stick to Your List: List essentials and avoid unplanned buys, even if they’re on sale.
- Set a Time Limit: The longer you browse, the more likely you’ll add extra items. Limit your time in each store or on each website.
- Avoid BNPL Options: “Buy Now, Pay Later” plans can lead to overspending. Use them only for planned purchases and if you can meet the terms.
How Beem Can Help You Get Deals on Black Friday
Beem helps shoppers stick to budgets, especially on Black Friday. You can set limits and track spending in real time. Alerts warn you when you’re close to your limit. This helps you adjust spending. You can also monitor different categories. This gives control over your money. So, Beem is perfect for Black Friday budgeting.
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Conclusion
Black Friday is great for deals, but you need a plan. The above strategies can help you avoid impulse buys and ensure value. Remember, planning and caution are key to staying financially healthy.
For those looking to manage their finances efficiently during the festive season, the AI-powered Beem app can help track expenses and ensure you stay within your budget. Creativity and financial planning can make your festive season fun and cost-effective!
FAQs for How to Spend Less and Save More for Black Friday
How can I save money on Black Friday?
To spend less money during Black Friday, determine your budget and do not exceed that figure. Then, make a shopping list to stay focused. Use price comparison tools for the best deals. Also, maximize savings with cashback and coupons. Finally, impulse buys should be avoided to keep costs down.
What are the best strategies for finding Black Friday deals?
To find the best deal, you can reach the deals early. Also, you can use comparison websites and sign up for every retailer’s email. Additionally, using loyalty programs and cashback sites boost savings on Black Friday.
How do I avoid overspending on Black Friday?
You can prevent overspending by creating a strict budget and shopping list. First, stick to planned purchases. Then, set time limits to avoid long browsing. Last, do not use the ‘Pay Later’ options for rushed purchases.
How can Beem help me manage my Black Friday budget?
Beem helps users set spending limits and track expenses. It alerts them to avoid overspending. It makes managing your Black Friday budget easy, helping you stick to financial goals.
Should I shop online or in-store on Black Friday?
It depends upon what you want to choose. Online shopping helps you to get the best deals and varieties of items. Whereas, In-store shopping, however, provides doorbusters and immediate access. Choose based on the deals you want and your preferences.
