Smart Spending Strategies for Black Friday and Cyber Monday
Black Friday and Cyber Monday are prime opportunities for holiday shopping, with deals and discounts that can save you money if you shop wisely. However, without a plan, these sales can quickly lead to overspending. A smart approach to these sales can help you maximize savings, avoid buyer’s remorse, and ensure you’re purchasing only what you need. Here are some key strategies to help you make the most of these shopping days.
Set a Budget and Prioritize Your Purchases
Decide What’s Essential: Determine what items you truly need, whether it’s gifts for loved ones, upgrades to home essentials, or personal items you’ve waited to purchase. Prioritize these on your shopping list.
Establish a Spending Limit: Setting a budget is essential to avoid impulsive purchases. Stick to your set amount to ensure you’re only spending what you can comfortably afford.
Keep Track of Spending: Use a notebook or a budgeting app to monitor your spending in real time. This makes it easier to stay within your budget and track your progress on your shopping list.
Do Your Research Ahead of Time
Compare Prices: Don’t assume every discount is a great deal. Check multiple stores or websites to compare prices. Tools like Google Shopping and PriceGrabber can help you spot true savings.
Check Item Price Histories: For larger purchases, such as electronics, look at historical prices to see if you’re getting a real discount. Websites like CamelCamelCamel track price trends on Amazon and can help verify if a “deal” is actually a bargain.
Read Product Reviews: Particularly for expensive items, it’s worth spending time reading reviews to ensure quality. A lower price might not be worth it if the product has poor ratings.
Plan Your Shopping Times and Retailers
Take Advantage of Early Deals: Many stores now offer Black Friday deals well in advance. Shopping early can help you avoid the stress and rush of Black Friday itself and still get competitive prices.
Check Return Policies: Look into each store’s return policy before purchasing, especially for larger or more costly items. Some items bought during holiday sales have shorter return windows or restocking fees, so you’ll want to know the rules upfront.
Sign Up for Store Notifications: Many retailers offer exclusive discounts or early access to sales if you sign up for emails or loyalty programs. These notifications can be helpful if you’re watching for deals on specific items.
Consider Using Rewards Programs and Cash Back
Use Credit Card Rewards: Some credit cards offer extra rewards or cash back on Black Friday purchases. If you’re using a credit card, check if it has any special offers that can increase your savings.
Join Retailer Loyalty Programs: Many stores offer additional perks through their loyalty programs, such as early access to deals or members-only discounts. These benefits can be especially useful during Black Friday and Cyber Monday.
Try Cash Back Apps: Apps like Rakuten or Dosh offer cash back on purchases made at certain stores. If you’re comfortable with technology, these apps can add extra savings with minimal effort.
Stick to Secure Online Shopping Practices
Shop on Trusted Websites: Avoid unknown websites with deals that seem too good to be true. Stick to reputable retailers and well-known online platforms to avoid potential scams.
Use Safe Payment Methods: Credit cards and services like PayPal offer additional security compared to debit cards if there’s an issue with a purchase. Consider using one of these methods for extra peace of mind.
Watch for Phishing Scams: Be cautious with unsolicited emails or ads offering extreme discounts. Only click on links from trusted sources, and never share personal information unless you’re sure the site is legitimate.
Avoid Debt by Limiting Credit Card Use
Set a Card Limit: If you’re using a credit card, set a spending limit for the shopping period and stick to it. Avoid carrying a balance if possible, as interest charges can offset your savings.
Consider a Cash-Only Approach: For some, sticking to cash or a debit card may be the best way to prevent overspending. Once your budget is spent, you’ll know it’s time to stop shopping.
Avoid “Buy Now, Pay Later” Services: These services may seem convenient but can lead to overspending and unexpected bills down the line. Instead, focus on buying what you can afford now.
Stay Focused on What Matters Most
Reflect on Holiday Priorities: It’s easy to get caught up in holiday sales, but remember that the season is about more than shopping. Focus on gifts or purchases that add meaning and joy, rather than just filling your cart.
Plan Thoughtful Gifts: Meaningful gifts don’t need to be expensive. Consider giving experiences, handmade items, or gifts that emphasize quality time with family and friends.
Final Thoughts
By following these strategies, you can make Black Friday and Cyber Monday work for you—without the added stress or financial strain. Set a budget, prioritize your purchases, and approach each deal with intention. Thoughtful planning and secure shopping practices can ensure that you get the most out of these sales while keeping your finances in check.
Looking for more personalized financial advice? Contact us for one-on-one guidance to help you manage your holiday spending and reach your financial goals.
Disclosures:
Fortress Financial Group LLC (“FFG") is a registered investment advisor. Advisory services are only offered to clients or prospective clients where FFG and its representatives are properly licensed or exempt from licensure. For additional information, please visit our website at https://fortressfg.net/. For current FFG information, please visit the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with FFG’s CRD# 315329
Any mention of specific stores or apps should not be considered an endorsement or affiliation.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
