November 27, 2024

Black Friday is synonymous with doorbuster deals and the thrill of snagging a bargain. But while it’s easy to get swept up in the frenzy, there’s a way to shop strategically and come out ahead financially—turning Black Friday into a personal "in the black" event for your budget. Here’s how to maximize your savings and minimize regretful spending.

1. Start with a Game Plan

Begin with a list of what you need—not just what you want. Prioritize gifts, household necessities, or items you’ve been eyeing for months. Research prices ahead of time to ensure the “deal” you’re seeing is truly a discount, not just clever marketing.

2. Set a Firm Budget

It’s tempting to swipe the card for every enticing offer, but overspending can leave you in the red. Decide on a spending limit before Black Friday, and stick to it. Using cash or prepaid cards can help keep you within your budget.  Prioritize your needs over wants, and focus on purchasing items that add value.  These often include holiday gifts that you planned to buy anyway, and essentials like appliances, electronics, or clothing that you have been saving for.

3. Leverage Apps and Alerts

Shopping apps like Honey, Rakuten, and CamelCamelCamel can help you compare prices and find the best deals. Set up alerts for specific products you’re after, and track their price trends to know when to buy.

4. Focus on Big-Ticket Items

Black Friday is ideal for larger purchases like electronics, appliances, and furniture, where discounts can be significant. Smaller items, like clothing or accessories, often see better discounts later in the holiday season.

5. Consider Online vs. In-Store

Many retailers offer exclusive online deals, which can save you the hassle of battling crowds. Compare in-store promotions with their online counterparts, and factor in shipping costs or store pickup options.

6. Use Rewards and Cashback Programs

Make your spending work for you by using credit cards with cashback or rewards points. Pair these with retailer promotions for additional savings. Just remember to pay off the balance to avoid interest charges.

7. Avoid Impulse Purchases

Retailers design Black Friday to tempt you into unplanned purchases. Stay disciplined by sticking to your list. A 24-hour rule can help—if you’re unsure about a deal, give yourself a day to think it over.

8. Look Beyond Black Friday

Some of the best deals aren’t limited to Black Friday itself. Cyber Monday, Small Business Saturday, and extended holiday promotions can also offer great savings.

9. Shop Early or Late

Some deals start well before Black Friday, while others extend into December. Shopping early ensures you get what you need before it sells out, while late-season deals can be better for non-gift items.

10. Resell and Save

If you snag an incredible deal on items that are in demand, consider reselling them at a markup to recoup some of your costs. Platforms like eBay or Facebook Marketplace can turn your shopping savvy into extra cash.

Black Friday doesn’t have to be a day of financial chaos. By planning, setting limits, and shopping strategically, you can make the most of the day’s deals while keeping your budget in the black. After the shopping frenzy, review your purchases. This habit helps you stay in control and recognize patterns in your spending. If you didn’t spend the full amount that you had set aside, invest extra money into an emergency fund or investment account to kickstart your financial goals for the upcoming year. Happy shopping!

Melissa Talarico

CRPC®, Financial Advisor

E-Mail: mtalarico@brightonsecurities.com

Direct: 585.340.2234