Black Friday and Cyber Monday are two of the most anticipated days of the year for shoppers looking for a great deal—and they’re also the busiest. Without a plan, it can also lead to overspending, which can put a dent in your budget, credit scores, and debt management. Here are some practical strategies to help you enjoy the thrill of Black Friday shopping while keeping your finances in check.
Set a Budget
Before racing to the stores, determine how much you can reasonably afford to spend. This is a crucial first step to set ground rules and limit overspending and a stressful holiday season.
See where your finances currently stand, determine your disposable income, divide your planned purchases into categories, and narrow down their costs.
It could also help to set a spending cap to make sure that once you buy everything you need, you’re done for the day.
Credit vs. Debit
Whether you use debit or credit for your holiday shopping depends on your overall goals. Using a debit card might be a good way to stick to your budget and not face any finance charges or exorbitant bills. However, credit cards can be a wise way to spend during Black Friday, especially if you can earn rewards like cash back, miles, or rewards points. As long as you set hard limits and can comfortably repay any outstanding balances, you can ensure your spending doesn’t get out of hand.
Make a List, Check It Twice
Identify the must-haves you want to purchase and make them a priority. If you’re shopping for other people, now is a good time to jot down their names, what they want, and what you want to buy for them.
It may take some willpower to stick to a list when there are so many great deals out there. However, it can help you stay focused and resist impulse buys.
Build Your List with Practical Purchases
If you’re not planning on any big purchases during Black Friday, why not get the essentials? You can build a list full of everyday items like:
- Soaps and shampoos
- Undergarments
- Winter clothing
- Home goods
- Cleaning supplies
Research Prices
Sometimes, Black Friday listings can be deceiving. Compare prices ahead of time to ensure you're getting the best deal.
Some retailers may inflate prices before the sale, so knowing the regular price can help you spot genuine discounts.
Use Apps and Alerts
Technology is your friend this time of year. Download your favorite brands’ shopping apps and set up alerts for price drops on items on your list. This can save you time and help you act quickly when deals go live.
Avoid Store Credit Cards
While tempting, store credit cards can lead to high-interest debt. If you use one for additional discounts, ensure you can pay off the balance immediately.
Use a Rewards Credit Card
What if you could get money back on every dollar you spend? With a rewards credit card, you can get cash back or earn points you can redeem for even more merchandise.
Cyprus Credit Union’s Rewards Visa helps you get rewarded for every purchase. Earn points every time you swipe at your card at your favorite stores, restaurants, or even at the gas pump! Use your points to unlock great rewards. Book your next travel destination, get the latest tech from big brands, or get gift cards for the whole family.
If you don’t have a rewards card with Cyprus, open a new one and get 10,000 bonus points when you spend $1,000 in the first 90 days. Learn more and apply here.
Happy Shopping!
It’s an exciting time of year for avid shoppers, which can make it easy to get carried away. But with a good plan and the right tools on your side, you can make your shopping experience stress-free.
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