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How not to bust your budget on Black Friday

(Money Management) Permanent link   All Posts

Brenda EcheverriaNext week it's all about turkey, football, and for some: shopping. With some retailers opening their doors on Thanksgiving evening, there's bound to be some great deals to be found. Here are some tips to keep your Black Friday budget in check.

  1. Do your homework. Scour the ads ahead of time. Compare prices online to see if you're really getting a deal. Sign up for email alerts and visit your favorite retailer's social media sites to see if they are offering any additional deals or incentives.
  2. Make a list of the items you want to purchase for each person on your list. Impulse buying can be costly and is sure to bust your budget.
  3. Create a budget, set a limit, and stick to it. Decide ahead of time what your limit will be per item or per person, and stick to it.
  4. Don't forget Cyber Monday deals. Many online retailers are offering deals the Monday after Thanksgiving. When shopping online, be aware of shipping costs that can sometimes drive the price of an item up. Check to see if the item has a "pick up at store option" that could save you shipping costs.
  5. Use credit responsibly. If you're going to charge your Black Friday purchases, charge only the amount you have budgeted and only the amount you know you can safely pay off. If you know you have a tendency to go over-budget, leave the credit cards at home and pay with cash instead.
  6. If you're lucky enough to score the deal of the century, don't get bogged down by all the pricey accessories. The fancy new tablet you just bought may be on super-sale, but the power cord, car charger and protective case you think you need (right away!) may not be.

Brenda Echeverria, Financial Planner