Black Friday is the biggest shopping day of the year. There are many factors that have created this shopping frenzy. One is the fact that most people have Thanksgiving and the day after off. And with Christmas just a month or so away, they are ready to get started on their holiday shopping. Retailers also offer special deals on this day, sometimes discounting big-ticket items by hundreds of dollars.
But it’s important to keep in mind that retailers aren’t offering these great deals just because they’re feeling altruistic. Actually, they do it in an effort to increase their profits. Some of the items they promote are sold below cost, so they lose money on those. But because they’re usually sold in limited quantities, they won’t lose too much. And they more than make up for it with sales of other, more profitable items.
The techniques that retailers use are designed to get consumers to part with as much of their money as possible. So it’s easy to go shopping on Black Friday with your budget in mind, but come home with much more than you planned on buying. Here are some tips to help keep your budget intact:
* Make a list and check it twice. Before you walk out the door, make a list of the people for whom you plan to shop. If you have a specific item in mind, write it down. If not, try to at least come up with some ideas before hitting the stores. And it’s always smart to allocate a certain amount of money for each recipient.
* Make sure to check all of the circulars before heading out. That great deal you found on an item at one store may be small potatoes compared to the deal another store is offering on it.
* Timing is very important on Black Friday. Stores often have deals that are time-limited, so you have to get to the store at the specified time in order to get the savings offered. Reading the fine print and planning your shopping trip around these deals can save you money and disappointment.
* Don’t forget to check online. Online merchants offer Black Friday deals too, and in some instances they are better than those available in stores. Some of them are time-limited too, but if you’re going to be out you may be able to get someone else who’s staying home to snag them for you.
* Seek out coupons and discount codes. These may be found in circulars, in email newsletters or online. Some can save you a great deal of money.
Black Friday provides a grand opportunity to save money on your holiday shopping. But as always, it pays to be prepared. If you stay alert and buy only what you planned to buy, you can stay within your budget and proclaim shopping success.