Holiday shopping can be stressful, especially when you’re on a tight budget and facing economic pressures. But donโt worry – Black Friday and Cyber Monday present great opportunities to save if you know how to navigate the deals. With a little planning and the right strategy, you can stretch your dollars further and make the most of this shopping season.
In 2023, a staggering $9.8 billion was spent online in a single day, with the average shopper shelling out $313. This number is expected to exceed $10 billion this year, in part due to rising cost of goods and inflation.
Plan ahead to maximize savings
Whether itโs all in your head or perfectly outlined on paper, know your plan of action from when you first enter the store or log into the computer to when you checkout. Search through your mail and email and compile all things regarding Black Friday and Cyber Monday promotions โ from circulars to discount codes. Seeing whatโs out there and creating a shopping list ahead of time will help you not buy something just because itโs on sale.
Start Early & Stay Informed
No, we donโt mean that you need to start at 4am or even right after Thanksgiving dinner wraps up. A lot of stores start their deals and doorbusters on certain products or categories days (and even weeks) early! As an added sense of security, check out the retailerโs holiday return and price match policies. For instance, if the item you purchased goes on sale within a certain time frame at a lower price than what you paid, they will refund you the difference. So, remember to save your receipts and be proactive.
Compare Deals to Avoid Impulse Buys
Spend a few days before doing some scouting. Consider factors like the storeโs deal, coupons you have, and availability. Make note of the itemโs original retail price to make sure youโre getting a good deal and not being fooled by the hype and madness of Black Friday and Cyber Monday. Know what items are a must but also have alternatives just in case youโre unable to obtain them. Donโt be afraid to try out a browser extension that automatically scours the internet and lets you know if youโre getting the best deal out there.
Use the Right Credit card for Extra Savings
For those with a credit card or two (or threeโฆ or fourโฆ), be sure to consider the rewards or any promotions running on each card. Believe it or not, certain credit cards double your cash back on retail spending during Q4. Some store credit cards even give customers an additional discount for checking out using their card on top of Black Friday and Cyber Monday discounts. Typically, maximum savings on a store credit card occur on the first purchase you make or only on the day of opening an account. So, if youโre planning to spend a large amount at one store, consider opening a credit card at that store when you make your purchase.
If you tend to get carried away with credit card spending, it may be a good idea to give yourself a designated amount of cash to stick to your budget and avoid overspending.
Know What Items Can Wait
Believe it or not, Black Friday isnโt the best day of the year for all items โ especially in the home improvement category. While Black Friday deals focus more on gifting items, holidays like Presidentโs Day are traditionally the best time to purchase big-ticket home items like furniture, appliances, and mattresses. So, donโt get caught up in the spending spree and make a large purchase. If you can wait just a few more months for these expensive items, itโll probably pay off.
Use our budgeting tool to help with smart spending during the holidays and check out our saving accounts to get a head start on next yearโs spending. For more tips on budgeting and saving, visit www.PennCommunityBank.com.
