Black Friday is almost here, and that means time to shop. The problem is that it leads to a lot of overspending, at a time of the year when you will already have more outgoings than usual. It’s important to set rules for Black Friday to avoid overspending.
I used to be like you. I’d see a deal and want it. There’s always this case of FOMO (Fear of Mission Out). What if the item that you saw really will change your life?
Chances are that item won’t offer any benefits to your life. You just want it right now because you see a great deal. Before you start spending your money, here are five tips to follow.
1. Make sure it’s something you really need
Avoid spending for the sake of it. So the latest Nutri Bullet is down by $100. That’s great, but is this really something that you need? If you’ve spent all year waiting for Black Friday for the deals on this one item, grab it! Yes, it’s something that you’ve waited for. Otherwise, you need to consider if you really need it.
What’s the item going to do to make your life easier? What benefit do you gain? What do you want it for?
Last Black Friday, I got myself a Microsoft Surface Pro. I knew earlier in the year that I needed a new laptop and decided to spend the months researching my options and planning ahead. I’d wait until the day after Thanksgiving to buy the item. Of course, Black Friday sales come early and now I don’t need to wait for the day after Thanksgiving, but it’s just that end goal in mind. I knew what I needed when it came to the sales and purchased the item on a great deal.
2. Save up throughout the year for Black Friday
You don’t always need an item, right? Sometimes you just want it. But that doesn’t mean you should impulse buy on the day of the sales.
I spend the year looking at items that I’d like. When it comes to tech, if it’s not necessary right away, then I’ll wait for the end of the year. After all, the majority of tech is going to be on sale at the end of November, right? I’ll save money for it throughout the year, making sure it’s there for when I definitely want to buy it.
That’s something we’ve done with the Nintendo Switch. We don’t need one but we would like one. Each year, we look at what the deals are like. If they’re not to our liking, we hold off for another year. This year should see some deals, but we’re going to look at them carefully. Which moves us onto the next tip.
Microsoft Surface Laptop (1st Gen) DAG-00001 Laptop (Windows 10 S, Intel Core i5, 13.5″ LED-Lit Screen, Storage: 256 GB, RAM: 8 GB) Platinum
3. Make sure it’s really a deal
Keep an eye on the price of your items throughout the year. Sales can happen throughout the 12 months. In Canada, we have Boxing Day sales, Canada Day sales, and more. There’s no need to wait until the end of the year for everything. In fact, that Surface Pro I told you about, my husband ended up getting one in the Boxing Day sales at the same price that I got mine months earlier!
Just because something is on sale, doesn’t mean it’s going to be a great deal. You want to assess the price drop. Is it really a good drop? Could you save money during the new year? Would you have saved money earlier in the year?
Always keep an eye on the prices. They fluctuate like crazy. Just because something says it’s a deal doesn’t mean that it will be.
4. Compare with other stores
Your favorite store will have some sort of deal, but is it the best deal? Is it better to look elsewhere? I always think it’s important to compare prices.
When it came to getting my Surface Pro, I looked at Best Buy, Amazon, and multiple other stores before purchasing. In the end, Best Buy had the best deal on but I wouldn’t have known that had I not spent the time looking through all the options. After all, it wasn’t just the price I had to compare. I needed to look at whether the keyboard was included with the tablet, if a pen would be included in the purchase, and whether there were other small extras that I hadn’t thought about.
This is the benefit of not having just one day to do the sale anymore. You can spend time comparing online in the lead up to Black Friday. On the day, the prices may drop that little more, but don’t rush into buying. Take the time to look around and assess.
5. It’s not just about money
Before deciding on a deal, make sure you know what you’re getting. It really isn’t about getting the lowest price. You’ll need to consider other extras, the device you’re getting, and so much more.
Right now, I’m looking for a new phone. I’ve found out a phone I’m interested in will be on a deal on Black Friday, so I’m waiting until then. But I’ve also found out another phone I may be interested in may also have a deal on. For me, it’s going to come down to the price and the extras that I’m offered. One deal may come with a Smart Watch, while the other is just $50 off. It’s going to be a chance for me to fully compare and see what I want.
Know what you’re going to want to gain from the deal. If it’s not money, what add-ons are you looking for to get for free or at a much lower price? When you’re shopping around, you can then look at all the options available.
Take the time to plan ahead for Black Friday. This is something we plan for at the beginning of the year. You can do that for next year, but for now, use the above tips and avoid overspending this Black Friday.