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November 20, 2024
By: Jennifer Floyd
We understand the excitement surrounding Black Friday and Cyber Monday.
These shopping days offer fantastic deals and savings opportunities, but, unfortunately, they can also lead to impulsive spending and financial strain if not approached responsibly. And with everyone tightening their belts these days, we've put together some helpful advice on how to make the most of these sales while still maintaining your financial wellness.
1. Set a Budget:
Before diving into the whirlwind of Black Friday and Cyber Monday sales, take some time to establish a budget. Determine how much, overall, you can comfortably afford to spend without jeopardizing your financial stability. Consider your monthly expenses, savings goals, and any upcoming financial obligations. Setting a clear budget will help you avoid overspending and keep your finances in check.
2. Make a List:
Creating a shopping list is a simple yet effective way to stay focused during these sales events. Identify the items you genuinely need, items you have been planning to purchase for a while, and make your holiday gift list. If you need a wish list from your family members or need to make one yourself, now is the time to do that. Resist the temptation to buy items solely because they are on sale. Stick to your list to avoid impulse purchases that can derail your budget. If an item is on your list and not included in these sales, wait to purchase it until you get through these deal days. You may find that it shows up on sale a couple of weeks later.
3. Do Your Research:
Take the time to research deals and compare prices across different retailers. Just because an item is advertised as a “Black Friday deal” doesn’t necessarily mean it’s the best price available. Use price comparison websites and apps to ensure you’re getting the most value for your money. We suggest doing this before Black Friday and Cyber Monday ads begin as some retailers have been caught raising regular prices of high-demand items so the sale price isn’t actually as good of a deal as it’s advertised to be. Additionally, read reviews and product descriptions to make informed purchasing decisions.
4. Use Cash or Debit Cards:
Consider using cash or a debit card for your Black Friday and Cyber Monday purchases instead of credit cards. While credit cards offer convenience, they can also lead to overspending and accumulating debt if not used responsibly. Using cash or a debit card allows you to stay within your budget and avoid accruing interest charges.
5. Beware of Impulse Buys:
The excitement of scoring a great deal can sometimes cloud our judgment, leading to impulse purchases. Before making a purchase, ask yourself if it fits within your budget and if it’s something you genuinely need. Take a moment to pause and reflect before adding items to your cart. Remember, it’s okay to walk away from a deal if it doesn’t fit into your financial plan or your overall needs. You don’t want to waste money on an item that wasn’t on your list instead of saving it for an item that was on your list.
6. Prioritize Needs Over Wants:
While it’s tempting to splurge on luxury items or the latest gadgets during these sales events, prioritize your needs over your wants. Focus on purchasing essential items that will improve your quality of life or contribute to your long-term goals. Be mindful of the difference between needs and wants to make prudent spending decisions.
Black Friday and Cyber Monday present exciting opportunities to snag incredible deals and savings just in time for the holidays. However, it's crucial to approach these sales events with caution and responsibility.
By setting a budget, making a list, researching deals, and prioritizing your needs, you can enjoy the thrill of shopping while maintaining financial wellness. Your Newton Federal team is here to support you in making smart financial decisions year-round.
We’ve put together a free, printable packet to help you get started prepping for Black Friday and Cyber Monday deal days. In this packet, you’ll find a budget template, priorities & wants template, gift list template, and shopping list template to help you stay organized and on track. Just click the image below to download.
Happy shopping, and remember to spend wisely!
