One of the best and biggest shopping days of the year, Black Friday is coming to a retailer near you (or it may already be there!). Online and brick & mortar stores are rolling out their Black Friday deals, and deals mean ways to save money, which Save My Bacon is all about! To make the most of this year’s sales, we’ve compiled 6 tips to help you ACTUALLY save money during Black Friday deals in 2022.
1. Budget, Budget & Budget
Budgeting & knowing how much you can actually spend during Black Friday is the best thing you can do! Don’t make the mistake of getting a little too excited when you see a deal and handing over your hard-earned cash before making sure you can afford to spend the dosh. The last thing you want to do is overextend your finances during Black Friday sales, leaving you high and dry over the expensive holiday period. So make sure you have your budget sorted!
2. Separate Your Wants from Your Needs
Make a list of all the things you want and then narrow the list down to the ones you NEED, so they are your priority. Go for these items first and keep track of how each purchase impacts your budget. If you manage to secure everything on your priority list and stay within budget (score!), you may be able to pick up a few extra items that were on your want list. This way, you won’t feel like you’re missing out on any items by having an unattainable list, and any extras that are within your budget are a happy bonus!
3. Know how much of a discount it really is
From your priority list, know how much the items you want cost at full price and what the lowest price you can get them is before Black Friday. This way, you won’t be misled when you see a small discount online. To further this, it is worthwhile to choose specific stores you want to buy from, or if an item is stocked at many retailers, to check across as many sites as you can to find the best deal. Comparing prices is a big part of the Black Friday game, and doing some research can give you the upper hand once the deals go live. Utilise sites that allow you to create wishlists, this is a good way to quickly go in and see the prices of your desired items once they are on sale, plus, it saves you time if you choose to add the items to your cart!
4. Keep it online
We’ve all seen the videos of crazy shoppers attacking each other during holiday sale periods… you want to stay as far away from congested shopping destinations as possible. Shopping online also makes it a lot easier to compare prices, which can save you even more money. There are downsides to online shopping, like websites crashing, but if all goes well, this can be a much less stressful way to save money this Black Friday.
5. Check the returns policy!
Sometimes purchases just aren’t quite right, and you don’t want to be left with an item that you don’t have a purpose for, taking up space that could be replaced by an item you love. Keep all of your receipts, and unless you’re 100% sure you love the product, keep the item exactly how it was in the store. This means no pulling off the tag as soon as you get the item! Check the returns policies before making any purchase, and save yourself stress down the line if the item didn’t work out.
6. Choose the right payment
Another great tip is to make sure you are using the right card/payment method. If you have a payment method that accumulates points or benefits, use this for all of your Black Friday purchases, and make your savings go even further. Although credit cards may offer benefits, you do need to be extra careful not to overspend with credit. High credit card balances may take longer to repay, which can leave you paying more interest in the long run. This diminishes the benefit of rewards credit offers, so be sure not to give into impulse purchases when you see hot deals that push you to your credit limit.
Final thoughts
Black Friday can be one of the biggest sale events of the year, so being prepared is key to survival. Get your budget sorted, separate your wants from your needs, know how much of a discount the sales are, keep your shopping online, check the returns policy and choose the right payment!
- Create a budget for how much you can spend during Black Friday, and keep track of it as you make purchases to ensure you don’t stretch beyond your limit.
- Make a priority list of all of the items you NEED to get from deals and buy these first.
- Know host much items on your priority list cost full price and compare different retailers discounts to make the most out of this Black Fridays deals.
- Keep your shopping online if at all possible, and avoid the congested stores.
- Check returns policies before making purchases, and don’t make any changes to your purchases unless you’re 100% sure you love it (e.g. removing the tags).
- Use a payment method that offers rewards for purchases, but don’t go beyond your budget on your credit card.
Then… do it all again for Cyber Monday! Just kidding, all of these tips can work well for Cyber Monday too.
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Disclaimer: SMB does not offer financial advice, use these tips as a starting guideline. If you need help managing your finances, please seek professional financial advice.
