Budgeting for Black Friday

FinHound Personal Loans | Black Friday Budgeting Tips

It is that time of year again, Black Friday is around the corner and businesses the country over are adjusting their marketing to include specials for this day.  In previous years these specials only applied to the last Friday in November, however in recent years we have seen a major shift in the way businesses advertise and discounts are applied weeks in advance to get the buzz going.

Unfortunately, as consumers we often fail to do our research and that is why FinHound has prepared this list for efficient budgeting for Black Friday:

  1. Yes, we said budget

    Customers are primed to purchase, and online stores and retailers are honed into this but to ensure you take advantage of the best that Black Friday has to offer, you need plan ahead.  Ensure you have a budget worked out weeks in advance to avoid overspending because you’re not saving any money on specials advertised for items you don’t need.

  2. Make a List

    Traditionally Black Friday is the day after Thanksgiving in the US and with Thanksgiving being the last holiday before the festive season starts, it is considered the first day of the festive season for many as they use this day to buy gifts at discounted prices in preparation of the holiday season.  If you will be buying gifts on Black Friday, make sure you have a list of everyone you need to buy gifts for and then do online research to find the best deals in preparation so that when Black Friday rolls around, you know exactly what you will be buying from which online store or retailer at which price.

  3. Buy the things you need

    Discounts are awesome when they are applied to the essential items you truly need. When you’re done shopping for the essential items and your budget allows for it, you can add a few non-essential items.

  4. Compare discounts

    Compare the discounts advertised on different brands throughout the first few weeks of the month so that you know exactly which store will offer you the best deal.

  5. Save a bit for Cyber Monday

    Cyber Monday is on the Monday immediately following Black Friday and online stores drop their prices even further to ensure they can fully benefit from this day as well. This means that the best discounts are generally reserved for this day and not Black Friday so make sure you have a little bit of money left over in your budget for this day.

In short, plan ahead and stick to your budget and if deals are announced a week or two before Black Friday, purchase the items you need during that time to avoid the disappointment of the stores potentially selling out too early.  Don’t get tricked into buying things you don’t need just because they’re on special.

Should you need a personal loan to get more of the things you want in life or to stretch your budget a bit further, apply online today.