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It’s that time of year again. Black Friday is just around the corner, which means every retailer big and small is about to announce some stellar sales that you will want to get in on. If you want to make the best shopping choices, you shouldn’t wait for the date to arrive and just buy anything on a whim. You should prepare for the retail bonanza. Read these tips on what to do before Black Friday.
Make a Spending Budget
The biggest mistake that you can make while shopping on Black Friday is getting a little too caught up in the shopping frenzy and spending well beyond your means, putting yourself in a tricky financial spot where you either rack up too high of a balance on your credit card, drain your savings account, or, at the very least, leave yourself vulnerable to any emergency expense that falls in front of you.
If you’re ever in a position where you can’t pay for an emergency expense right away, don’t panic. You might be able to use a personal loan to cover it. You’ll appreciate the convenience of loans near you when you’re in the middle of an emergency. The application process is straightforward and fast — you could finish it in under 10 minutes. You’ll learn about your approval status soon after you’ve submitted your application. And, if you get approved, you can use borrowed funds to pay off your urgent expense in a short amount of time.
If you got into a bad financial position because of a shopping spree, you should see whether you can return your purchased items for cash (as opposed to store credit). You will need to have your receipt to do this, and the item will have to be unused. This money could help you follow your loan repayment plan and replenish your bank accounts.
How can you stick to your budget?
Technically, it will be easier to stick to a budget when you pay in cash or with a bank card, but this might not be the best option when you’re Black Friday shopping. First, if you’re buying electronic items, your credit card may offer benefits like extended warranties and price protections. So, you won’t want to miss out on those benefits if you can help it. Second, if you plan to shop online, using a credit card is easy and secure — it is much better at protecting users from transaction disputes and financial fraud.
So, in this case, use your credit card to cover the transactions (as long as you have room on the card, of course). Set aside enough in your checking or savings account for your shopping budget. Immediately after you’ve added the transactions to your credit card, use the budgeted funds to pay down its balance. You’ll want to do this before the next billing cycle to avoid accruing any interest.
Do Your Research
Don’t go into Black Friday blindly. This is how you’ll make bad spending decisions and pick up items on impulse. You can also miss out on shopping deals that you’ll regret when the sales event is over.
A little bit of research will go a long way. Look through store flyers and newsletters. If you follow certain retailers on social media, check their homepages to see what deals they are posting about in the lead up to the sale date. And browse the online stores — this is especially wise if you plan on doing the majority of your shopping online.
While you’re researching items, check to see the store’s policy on price matching. Price matching is when a store agrees to lower the price of an item to a competitor’s advertised price. If the store offers this benefit, you can save money without having to drive to another retailer.
Write Down a Shopping List
Writing a shopping list is another way that you can stop yourself from impulse spending, and in the end, blowing through your budget too early. Browse the stores that you’re interested in to see what types of items you’d like to buy, like a new television, and write them down. If you’re planning on online shopping, see whether you can make user accounts for your favorite retail websites and put together item wish lists.
Black Friday only happens once a year, so you’ll want to prepare for it. Follow these tips and make sure that you’re satisfied with your spending once the day is over.