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The holidays are a great time of year. They can also be an expensive time of year. Some stores advertise their Black Friday sales for weeks before Thanksgiving. Consumers are constantly seeing signs stating "best sale of the year" or "one time chance". The goal of these slogans is to make consumers feel like they have to take advantage of the sale or they are wasting money. The truth is if you are on a budget, Black Friday sales can seem like such a great way to save money, when in reality they cause a lot of people to overspend.
If you want to take advantage of Black Friday, think about a couple of things first.
Planning Ahead
Know that you need to replace or buy something specific this year? If it's not urgent, it's a great idea to plan ahead and save up money for that item and see what kind of discount you can get around the holidays or right after. With Black Friday right around the corner, this probably isn't an option if you are just now thinking about it. However, it's a good idea to look at the deals going on to get an idea for next year!
Do you need it or want it?
Would you want or need this item at its full price? A great deal can sometimes make people think they need an item, but if the item was still full priced, they wouldn't even look at it. For example, say you see a brand-new coffee maker with different settings that can make tons of drinks and it's $100 off. This item is still probably pretty expensive, and you could get a much cheaper and less fancy coffee maker if you really do need one.
Can you afford it?
I won't lie, there are some pretty tempting sales that go on this time of year. If you haven’t done my first suggestion (planned ahead) but see something that you really want or really need, ask yourself if you can really afford it right now even with the discount. If you are going to have to put it on a credit card and can't pay off the amount in full before the due date, you could wind up paying the full price of the item anyway. This is due to the fact that credit card interest rates are very high and not paying off your balance in full each month leads to a lot of money paid in interest.
Compromise
If you find something you really love, see if there is any wiggle room you can give yourself. Look at your budget and see if you take some money out of your savings to buy the item now but can lower one area of your budget the next month or two to replenish those savings. It could be something simple like committing to not eating out at all for the next month and putting the money saved into savings or something bigger such as changing a weeklong trip to a long weekend.
Enjoy the holidays but remember that “deals” are only worth it if you don’t overspend and regret it later!
