The official kick-off of the shopping season is only a few days away, and it's the best time to snag deals on the latest appliances, electronics, and apparel. While the massive discounts and terrific deals can help shoppers save money, they are also potential pitfalls to financial woes should shoppers fail to regulate their spending.
A survey conducted by the National Retail Federation reported that more than 174 million Americans shop from Thanksgiving to Cyber Monday. On average, these people spend $335 during that period. Millennials, aged 24 to 35, are the biggest spenders, with average spending of $419.52 per person.
So, to avoid blasting through your savings, shop smart using the tips below.
Create a budget and stick to it!
The very first thing you need to do before starting the shopping galore is to decide on a budget. Think about how much you are willing to spend over the 5-day period while considering your savings and your future expenses. However, the budget you created won't matter if you don't stick to it.
Make a shopping list
Making your shopping list will help you avoid impulse buying. Divide the items into three—essentials, non-essentials, and gifts. Segregating them will help you determine which to cross out should their price tags exceed the budget limit.
Be proactive in making your shopping list. Consider buying gifts for events like birthdays or weddings coming up months ahead.
Here are some of the best deals you can get from Amazon's Black Friday Sale. You might want to include them on your shopping list!
List Price: $339 With Black Friday Deal: $179, save 47%
List Price: $120 With Black Friday Deal: $90, save 25%
List Price: $130 With Black Friday Sale: $80
List Price: $80 With Black Friday Sale: $50, save 38%
Track and compare prices early
Shopping during Black Friday should be strategic. Start tracking the prices of the items on your shopping list early. Most retailers release their Black Friday ads almost a week before Black Friday itself, so stay alert.
Compare prices from different stores or run your purchases through comparison websites to make sure you're finding the lowest price.
Shopping online
Even if Black Friday is a multichannel experience, consider shopping online more than going to department stores. There are simply more avenues to save in online shopping.
First, shoppers can use their credit card's online shopping portal to complement and increase existing discounts. Some browser plugins and shopping apps also offer rewards and cashbacks, which can be used in online shopping. Additionally, sign-up bonuses for retailer emails and introductory discounts also apply to online shopping.
If you're worried about the shipping fees, do not fret. Last year, there were a few retailers who offered online shoppers free shipping for their discounted products. Determine which retailers will offer free shipping for their products and save on shipping fees.
Always Check Security
Avoid shopping from sketchy websites. If you're not sure, check the site's SSL certificate. It protects shoppers from payment card fraud.
Once the legitimacy of the shopping site is ensured, check its policy on returns. The return policies of every store are not always the same. Think twice about shopping at sites or stores with unusually restrictive return policies.
