Thanksgiving brings up many traditions. From watching the Macy's Thanksgiving Day Parade to enjoying family dishes passed down for generations, there's so much to look forward to.
One tradition that excites countless Americans is Black Friday, and the more recent addition to it, Cyber Monday. These major sales kick off the holiday shopping season. While it might seem exciting to embrace spending money in the name of price markdowns and holiday cheer, it’s important to keep your finances in mind. Here are some tips to get the most out of these sales without breaking the bank.
- Know Your Budget
Before even thinking about all the goodies you want to buy, look at your current finances and understand how much you realistically can spend. A big sale should not come at the expense of your financial goals. If you want to get into the nitty-gritty, you can allocate funds to specific categories like electronics, appliances, beauty, sports, etc. Using cash or prepaid credit cards can also help if you are really concerned about overspending.
- Make Your List, and Check it Twice
The best way to avoid buying too much is to know what you need to buy in the first place. Make a list of what you plan to buy and stick to it. Once you know what you need, prioritize everything on your list. If you can’t afford everything, a prioritized list will help you decide what to buy now, and what you can put off buying later. On top of that, go back through it a second time and compare the prices to make sure you’re actually saving. If a Black Friday sale only offers 5% off, or a future sale offers more off, it may make more sense for your budget to push that purchase out, so it doesn’t create as much of a strain on your finances.
- Avoid Buyer’s Remorse
Many post-sale shoppers are plagued by buyer’s remorse. Making a list is not enough to avoid buying things you don’t need; you must stick to that list. This way you can steer clear of impulse purchases and stay on track with your budget. If for some reason you still find something not on your list that you feel compelled to buy, take a moment to pause and honestly assess if this additional purchase will be beneficial to you. You can do this by closing your eyes and breathing in to the count of four. Fill your belly with air, then hold that breath for the count of eight, and then finally exhale from your belly for the count of four. While doing this, remind yourself not every deal is a must-have and the small amount of regret over not getting something will likely not outweigh the regret of overspending your budget.
- Remember, You Have Other Opportunities to Shop and Save
It’s important to highlight that a lot of sales go throughout the entire holiday season now. While Black Friday is still a major sale, it’s not the only sale. Despite this, sales like Black Friday will market themselves as a once in a season opportunity and use tactics that encourage you to buy more than you need. Do your best to refrain from this scarcity mindset that makes you think you need to buy everything during one specific sale. You can ease your mind that if you can’t get something you want on that day, there will likely be another opportunity later in the holiday season.
