Black Friday deals are around the corner and Black Friday holiday is considered a massive holiday spending. In 2017, millions of people are expecting to spend money on Black Friday. So chances are you are going to do some Black Friday shopping.
Chances are you are going to do some shopping on Cyber Monday Deals, too.
But that does not mean you have to blow your budget and end up in debt. Before you go into a shopping spree, plan ahead. Here are some tips to stay on budget, enjoy your Black Friday shopping, without breaking the bank.
How to Not Blow Your Budget on Black Friday Deals
1. Pay in Full or Pay Down Your Existing Credit Card Debts First
It can be very easy to rack up more debt on you cards during this Black Friday holiday. And I am sure most of us are going to use our credit cards to pay for the things we want.
But before you start swiping, it’s a good idea to eliminate any credit card debts first. Doing so will ensure that we avoid any costly fees and interests.
Find out now: How to Pay Off Multiple Credit Cards Debt
2. Reduce Your Credit Limit
If you are an impulse buyer, the chance of you overspending on Black Friday or Cyber Monday is huge. If you think you’re going to be tempted to overspend on your credit cards, ask your credit card providers to reduce your credit card limit. You can do this online or by phone.
A higher credit limit makes it way too easy to get into more debt, especially during the Black Friday sale. Reducing your credit card limit to a manageable or reasonable amount will ensure that you can repay and that you won’t be tempted to spend more than you can afford.
Check out: How to Stop Impulse Buying
3. Make a Shopping List and Stick to It
Make a list of the things you need to buy. Having a list will help you plan your spending and keep you on track. If you’re traveling to loved ones, make a list of all costs like flights, hotels, etc. If you are driving, make a list to determine whether it is cheaper to fill up your gas tank now or the day before.
4. Shop Online
Things seem to be much cheaper online than they are in the store. If you have an idea what item you are looking for, see if it is available online first instead of just going to the retailer’s store.
5. Plan for Next Black Friday
Once this Thanksgiving holiday is over, you should start planning for next year. A good way to start planning for it is to start saving now. You can do so by opening a high interest savings account in December and start contributing a small amount to it every payday.
Saving $20 a week will add up to over $1000 in a year. See our savings calculator below to see how much you will need to save each payday to reach your Black Friday, Thanksgiving savings goal.
Follow these tips and save more money.