Black Friday essentials to save big and avoid debt, with smart shopping tactics and budgeting tips from MyBudget for a stress-free sale season.
What is Black Friday and when is it?
If you’ve been waiting to splurge on a dream item but cringe at the thought of full price, Black Friday is your moment. This mega shopping event; often dubbed “the sale of the year”, officially kicks off on the last Friday in November (this year, mark November 29!). While the day itself is key, many retailers start dropping prices days, or even weeks, in advance, building up anticipation for bargains galore.
Get ready to plan, shop, and save; without breaking your budget. A little strategy will make sure you get the best deals without falling into the Black Friday debt trap.
Why you need to budget for Black Friday sales
In the frenzy of Black Friday, it’s easy to be swept away by “flash sales,” “limited-time discounts,” and “buy more, save more” deals. But here’s the key: shop smart, not impulsively. The secret to winning big on Black Friday? Going in with a solid budget so you don’t end up with buyer’s remorse (or a maxed-out credit card).
5 top tips to bag Black Friday deals on TVs, laptops, and more, without overspending
If you’re eyeing Black Friday for big-ticket items; like a new TV, laptop, gaming console, or even luxury beauty products. Here’s your go-to guide for scoring the best deals while keeping your budget intact.
- Make a wish list and do your research: start with a clear list of what you’re after and do a quick price check on those items. Knowing your targets (and their usual prices) lets you spot a real deal versus a “sale” that’s all hype. This way, you’re ready to pounce on discounts without getting side tracked by other enticing offers.
- Set a Black Friday budget: without a budget, Black Friday excitement can turn into “how did I spend this much?” Set a spending limit for each category (like electronics or beauty) before browsing and be strict about it. This keeps your spending in check, whether you’re shopping for yourself or getting a head start on gifts.
- Use cashback and coupon sites: want to maximise those savings? Cashback websites and online coupon codes can add extra savings on top of Black Friday discounts. Just check the fine print; some sites may exclude Black Friday sales.
- Compare prices with tracking tools: wondering if a deal is worth it? Price tracking websites show past prices for big-ticket items, like TVs and smartphones, so you know when you’re really getting a bargain. Avoid the “sale” smoke and mirrors, and make sure your discount is legit.
- Ask for an extra discount: especially with high-priced items, it’s okay to ask! Retailers expect a little negotiation on Black Friday, so for big purchases, don’t shy away from politely asking for extra savings or add-ons.
By following these tips, you can score big-ticket Black Friday items without derailing your finances or piling on post-holiday debt.
Fun fact: where did Black Friday come from? It all started in the 1960s in the U.S. Retailers noticed that the surge of shoppers the day after Thanksgiving was often the day their accounts went from “in the red” (losses) to “in the black” (profits).
5 Black Friday traps to avoid
Shopping smart is as much about avoiding common traps as it is about grabbing deals. Here are some Black Friday pitfalls to dodge:
- Falling for “too good to be true” deals: not all Black Friday bargains are as golden as they look. Make use of price trackers to check if that “deal” is truly a discount or just a bit of sale smoke and mirrors.
- Not checking return and refund policies: not every Black Friday bargain is refundable, and some stores have stricter policies during sales. Check each store’s return and refund policy before buying. Knowing you can get your money back if something isn’t quite right gives you peace of mind as you shop.
- Spending outside your budget: Black Friday is a prime opportunity to stock up on Christmas shopping. Find something thoughtful within your price range, and remember: gifts don’t have to be extravagant to be meaningful. Just keep the holiday spirit in mind and avoid overspending.
- Going into debt for sale prices: as tempting as it is to score a high-ticket item at a fraction of the regular price, if it’s going to leave you in debt, it’s better to wait. With Boxing Day next on the horizon, there’s always another sale. Getting into debt for a deal? Not worth it. Remember, Black Friday’s charm is in its bargains; don’t undo the magic by overspending.
- Don’t buy just because it’s on sale: lastly, keep in mind that not every deal is actually a “deal.” Black Friday can make even the most practical person feel a little FOMO, but if it’s not something you need or truly want, let it go. A discount doesn’t mean it deserves a spot in your shopping cart!
Tip from Tammy: Avoid Buy Now, Pay Later (BNPL) schemes.
BNPL options can sneakily add up, costing you more over time. If it’s not in your budget, it might be best to skip it this time around ~ Tammy Barton, MyBudget Founder & Director.
In summary: your Black Friday survival kit
Black Friday 2024 can be a game-changer if you’re smart about it. Remember to:
- set a budget and stick to it
- make a shopping list and do your research
- avoid falling for BNPL schemes and keep tabs on return policies
- haggle if you can and search the web for coupon codes
- only buy what you can afford and plan ahead for those holiday gifts.
The joy of a good deal is real, but it’s even sweeter when you know you stayed within your budget. Happy shopping, and may your Black Friday be filled with bargains that truly save you money!
Be sale ready! How MyBudget can help
Ready to shop without the stress? Imagine walking into Black Friday (or any sale, really) knowing every dollar is already accounted for and guilt-free. With a tailored personal budget from MyBudget, you’ll have the confidence to splurge a little on those dream items; because your finances are already set.
Join the 130,000 Australians who’ve discovered the power of a custom budget, crafted to keep life’s big moments (and big sales!) within reach, without the worry of overspending. Enquire online or call us today on 1300 300 922 to start your journey toward smart, stress-free shopping.
Cheryl is part of the MyBudget Corporate Finance team and manages the company’s finances with the same dedication that MyBudget extends to helping clients achieve their financial dreams. As part of her side hustle, Cheryl writes for MyBudget, speaking from the heart about relevant financial topics, drawing from her own personal journey through separation, single parenting, budgeting, and surviving cancer.
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