Via LearnVest By Cheryl Lock ~
Two simple words can trigger fear in even the savviest of shoppers:
Last year, eager shoppers spent an estimated $11.4 billion on Black Friday sales — and $52.4 billion over the post-Thanksgiving four-day weekend.
If you’re game to do a little research ahead of time, and purchase items online, taking advantage of the Black Friday sales can score you great deals—if you’re smart about it.
“Not everything is a door buster, and you should stay committed to your shopping list,” says consumer expert Andrea Woroch. “Otherwise, you’ll end up overspending and buying items you don’t need just because you’re lured by the sales signs.”
So what’s the secret to spotting the great deals and avoiding spending pitfalls—while also keeping your budget intact?
Before you hit the stores, check out Woroch’s Black Friday tips, so you can skip the side of buyer’s remorse with your turkey this year.
1. Research Prices
While both Black Friday and Cyber Monday offer stellar deals, Woroch says that you shouldn’t assume that they’ll have the top discounts of the entire season. If you have time to spare for advance research, consider using Decide.com ($2.49 per month for a membership) or check out LearnVest’s What to Buy When chart to see if there could be a better time to purchase the key items on your list. You can also sign up to receive retail newsletters that tout Black Friday updates, as well as follow favorite brands on Facebook and Twitter for discount news.
2. Make a List
“Keep in mind that a lot of those sales will continue throughout the holiday season,” says Woroch. “Black Friday isn’t the last day to get incredible deals.” So you should only plan to buy items on this day that you’ve researched ahead of time to determine if you’re truly getting the best prices. For example, Black Friday has traditionally been the day to snag deals on big-ticket household items, like washers and refrigerators. Other items to add to your buy-in-person list: Anything you’d like to see or try on, like clothes and shoes.
And you can track your purchases with the Holiday Gift List app, which lets you record your shopping list, mark things off as you buy them and manage your spending budget (particularly this time of year), so you’ll know when you’ve reached your limit.
3. Map Out a Route
If you know which stores offer the deals that you’re looking for—and how to get there—you’ll save time, money (in gas) and aggravation. “Opt for a mall where you have multiple store locations in one place that are easily accessible by walking,” suggests Woroch.
4. Double Your Savings
Buy discount gift cards ahead of time from places like eBay Auctions, Plastic Jungle and GiftCardGranny.com and you can save an average 12% off the face value of your purchases at stores where you plan to shop.
LearnVest is the leading lifestyle and personal finance website for women.