Smart Strategies For Black Friday Shopping

Black Friday looks a bit different these days. We have gone from a time where the best deals were all on one day, with lines wrapping around stores in the early morning hours. Now, it’s a full-blown shopping season packed with doorbusters, flash sales, and digital deals. Shop confidently and avoid overspending by making the most of each dollar.

Create A Holiday Shopping Budget

It’s easy to get swept up in the Christmas chaos of presents. Before you shop in-store or online, create a specific holiday shopping budget. List out everyone you need to buy gifts for this year. Then, budget a value amount you wish to spend on each person. Add up the total amount and make sure it is something you can afford. This is your spending limit – and shouldn’t jeopardize your ability to pay your bills that month or other financial goals.

Research, Research, Research

Many retailers roll out their deals and discounts early in November. You can start researching the products you plan to purchase and look for the best-priced product. Research helps you:

  • Compare prices among several retailers
  • Monitor deal announcements – also, there are browser apps you can install that track the best time to make a purchase
  • Read product reviews to ensure you are getting a product that meets your expectations and doesn’t cheap out

Utilize Loyalty Programs

There’s an app for everything – and there’s a loyalty program for most retailers as well. Signing up for loyalty programs opens an exclusive door to deals and discounts you can’t find anywhere else. Maximize these rewards to get the most value out of your Black Friday shopping.

Other Discount Opportunities

Now is the time to cash in on points and find other discounts.

  • Use credit card rewards – Many financial institutions offer credit cards that rewards users with every purchase. Usually, each purchase equates to a certain number of points. Redeem your points for cash back or gift cards, and "girl math" your holiday spending. Pro tip: Make your holiday purchases with your credit card to get as many points as possible. However, be sure to pay your balance at the end of the month to avoid interest charges.
  • Check member discounts – Some credit unions offer their members exclusive deals. Contact your credit union to see if you can take advantage of extra savings. For example, credit unions like Partners 1st Federal Credit Union have a partnership with Love My Credit Union that offer exclusive deals and discounts to their members.
  • Clip coupons – If you find a sale, look for a coupon. You can make purchases at a large discount by combining deals and coupons, when applicable.

Shop Online… Safely

Skip the line and shop online. The deals you can find in the store, you can find online – and sometimes with additional, exclusive sales. On Black Friday, stay in your pajamas and shop from your phone or computer. Shopping online usually makes it easier to read reviews and compare prices before making any purchases.

However, make sure you are staying safe. The holidays are riddled with chaos that scammers take advantage of. Prioritize your online security with these best practices:

    • Use secure websites. Every secure website will have a URL that starts with “https” and some browsers will show a lock in the address bar so you know it is safe.
    • Avoid public WiFi. Scammers can easily hack into public WiFi because there are fewer security parameters in place. Instead, use your personal, private WiFi at home or use cellular data when making any purchases.
    • Monitor your accounts. If you are making online purchases, periodically check your account to ensure only purchases you authorized are leaving your account. If you suspect a fraudulent purchase, contact your financial institution immediately.
    • Don’t save your debit/credit card. While it saves time at checkout, avoid saving your debit/credit card information to your browser. Instead, input the information manually with every purchase.

Brush up on other cybersecurity best practices here.

Remember, Black Friday is just one day of the holiday shopping season. There are many other opportunities to take advantages of deals and get the best-priced present before Christmas.