How not to go broke on a Black Friday

The preparations

First of all, you need to ask yourself whether you actually need to shop, or it’s just a seasonal reflex. Today, when enticing Black Friday deals are flung at us from all around, both online and offline, it’s getting increasingly more difficult to give in to the skillful advertising tricks. With the all-pervading spread of e-commerce, it’s easier than ever to overspend on a whim wearing your pajamas at 3 a.m. Aside from saying an emphatic “No!” to shopping on Black Friday, there are reasonable strategies that can keep you from emptying your bank account and emerging on the other end with purchases that you won’t regret.

Many people start shortlisting items months in advance and just rush to buy everything once the sale goes live. While we understand your enthusiasm, this is not a positive strategy for your financial health. You don’t want to buy an excess number of goods on a Black Friday sale and then going on a forced diet to for the next month to restore your financial balance. 

There are some important things that you can do prior to a Black Friday sale to ensure that your wallet is protected from any excessive damage. Smart shopping choices can go a long way in helping you save significant amounts of your hard-earned money. What are the tips that we are referring to? Well, let us share them with you so you can also benefit from them and save a good amount of money in the process.

The sale

• Don’t pay attention to the hype

How much of your paycheck should you save?

Before you click “Add to Cart,” ask yourself whether you really need this item. We often buy things just because they are on sale and later realize that they were not as important or exciting as we had previously thought. Don’t give in to the hype and buy something unnecessary, just pause and question your reasons. Once you integrate this habit into your shopping routine, you’ll be surprised to learn how many things you can happily do without!

• Only buy things you can actually afford

This sounds obvious, right? But it’s way too easy to spend more money than you have. If looking at your bank balance gives you the blues or leads to a full-blown anxiety attack, you will know where you stand. An effective way to stop yourself from spending excessive amounts of money on Black Friday is to put an upper limit on your cart amount. This is a simple yet effective way to keep yourself accountable. You need to think critically when it comes to managing your finances, and the best way to maintain financial health is by underspending. So, the next time you are tempted to buy everything you come across on a Black Friday sale, let your bank balance give you a reality check.   

• Prepare a list of things that you actually want

Is everything in your cart absolutely necessary? Most people regret at least some of your impulse purchases. It’s known as buyer’s remorse, and in order to avoid getting hit with this strange feeling, make sure that you’ve listed all the items you want before you start shopping. Making a list beforehand will give you a clear direction and help you withstand the temptations of flashy deals and insane discounts. 

• Compare prices before pulling the trigger

One thing that can potentially save you a lot of dough is comparing prices between different shops. You’ll be surprised to learn how greatly prices vary between different stores. Also, don’t forget to check product reviews, and if you don’t get a satisfactory picture from the reviews, it may be better to switch to a similar product instead of the one that the store wants you to buy, even at a huge discount. 

• Share your wishlist with friends and family

Hint: you won’t have to buy everything that you want if you choose to share your wish list with your friends and family members. Most people buy Christmas gifts during the Black Friday sale, so it may be an all-around good idea. It always better than getting an unwanted gift with an exchange receipt, and for your loved ones to agonize over holiday gift ideas. Let go of all the hassle, share your wish list with your friends and family and see what happens.  

Effective strategies in your mailbox

Subscribe and discover a fund of trading knowledge

Subscribe

Great! Please check your email

We’ve sent you an email to confirm your subscription

Something went wrong

Try reloading the page. If that doesn’t help, please try again later

Top 5 sitting postures for traders

Many traders think less about their sitting postures, negatively impacting their health. Check it out!

Read more

The aftermath

Best money-saving apps of August 2023

Another potential way to save some serious cash is to check the return and refund policy offered by the seller. In case you regret your Black Friday purchases, it is always good to have a refund policy that allows you to get your money back. 

The bottom line

Black Friday sales are exciting, and no one can blame you for making purchases to the content of your heart. This, however, doesn’t mean you should empty your bank accounts. Using our easy-to-follow tips will help you save some serious cash and allow you to make the purchases you actually need. Don’t get caught up in the hype of Black Friday and make sensible choices. Happy Shopping!