Black Friday is the official start of the busiest shopping season of the year. Friday is called “Black Friday” because it’s the time of year when retailers officially go into the black. This means that they are willing to do whatever it takes to cash in on your business, including drastic price cuts or crazy good sales.
And that means that now is the time to cash in on Black Friday sales. Maybe you want to buy inexpensive gifts for family and friends. Or maybe there’s an expensive item that you’ve been waiting for all year.
While you can use Black Friday as a way to shop smart and save money, too many people go the other way, buying things they don’t really need just because they’re on sale and calling credit cards beyond your means.
If you want to spend Black Friday the right way, we’ve got tips on how to get the most out of the holiday shopping season.
Black Friday Budget (use it to save, not just spend)
Shopping on Black Friday discounts should help you save Money. But if you’re not careful, you can conduct too much and end up getting into debt with all these deals – which stop being a deal when you pay exorbitant interest on them.
The average American borrows $1,249 during the holiday season. Setting a budget for yourself can help you avoid this trap.
Here are some helpful tips to keep in mind before you go shopping:
- Set your budget. Determine how much money you can afford to spend this holiday season before you even start shopping. Retailers push you towards targeted ads to get you to spend more money than you plan on. Know your budget and stick to it.
- Find out who you are going to buy gifts for. You may feel the need to buy gifts for all your friends and family, even if it may not be realistic for your budget. Make a list of those for whom you should buy gifts. If you don’t know what to give, ask them what they might like. See what fits within your budget and discard what doesn’t fit.
- Prioritize your shopping list. The holiday shopping season can also be a great time to grab a few deals for yourself. Create two shopping lists based on things that are nice to have, not essentials. Make purchases on your priority list first. If there is something left in your budget, start shopping from your wishlist.
- Comparison store. Retailers need your business, and they are ready to capitalize on it. Compare prices in stores and find the one that offers the best deal. Many even have price match guarantees. The more pricing information you have, the more likely you are to be able to get the best deals.
Read more: Christmas on a Budget: Tips for Making Your Vacation Affordable and Enjoyable
Get rewarded to maximize your savings
If you know your budget and have cash to cover your expenses, using a credit card to make purchases can be a strategic way to earn rewards that maximize your savings. (Though we can’t say enough: whatever you do, don’t go into debt when you go shopping on Black Friday.)
Some credit cards, such as Cashback Cards and Travel Reward Cards, have a spending requirement that must be met before you are eligible for a signup bonus.
For example, the Chase Sapphire Preferred® card gives you 60,000 points after you spend $4,000 in the first three months. This is a $750 trip when paid through Chase Ultimate Rewards®. If you recently got a new card (or are thinking about getting one) and think your holiday shopping will meet spending requirements – without dragging you into debt Using one of these credit cards can be a great way to earn extra rewards.
Read more: Best credit card sign up bonuses
Many large retailers, especially grocery stores, sell gift cards for a variety of other stores. True, a 3% or 5% refund at the grocery store might not sound like much when it comes to Black Friday. But if you plan to shop at certain retailers, you can stock up on gift cards at the grocery store in advance and essentially get yourself another nice little discount on the price.
Read more: Best bonus cards
Save even more with cash back apps
If you’re planning on doing most of your holiday shopping online, you should use one of the best cash back apps.
These platforms will either refund you a percentage of your total purchase as a cash reward, or you can earn points to redeem for gift cards.
Not to mention, some even scan the internet for coupon codes to help you save money at checkout.
Capital One Shopping
Capital One Shopping is an online portal and Chrome extension that offers coupons, shopping deals, and cash back on qualifying purchases.
What’s great about this platform is that you can also get rewarded for hotel bookings and other travel expenses through the portal. If you’re planning to travel during the holidays, this can be a great way to get your travel money back.
Rakuten
Rakuten is a popular cashback site. When you use the Rakuten platform to make a purchase from a participating seller, you will receive a cash back reward. Rakuten will send you a “big fat check” of your earnings. Depending on your shopping budget, you could end up with a check for hundreds of dollars!
Swagbucks
Swagbucks is another cashback site that allows you to earn rewards on qualifying purchases. You can refund via PayPal or exchange your rewards for gift cards.
Swagbucks is also an online survey platform where you can earn rewards by taking surveys. You can cash out your survey points and use them towards your holiday spending budget.
Honey
Honey is a Chrome extension that crawls the web for coupon codes that it automatically applies at checkout. Many retailers will have special codes for online sales on Black Friday and Cyber Monday. You can use Honey to find the code that gives you the most savings.
Bring
Fetch is a rewards app that gives you points every time you receive a receipt for a purchase. It is popular in grocery stores, but also applicable to retailers like Amazon and Target. You can even connect your Amazon account to Fetch to earn points every time you shop online.
Fetch has a rewards store where you can cash in your points for gift cards. You can use them to top up your holiday budget, or give a gift card instead.
Tips for Finding the Best Black Friday Deals
With a little effort, you can get some really great deals on Black Friday. Not only is this the best time to shop for gifts for family and friends, but it can also help you save money on an expensive item you’ve been eyeing for a long time.
Here are four tips to help you get the best deals and stay on top of your budget:
1. Check prices
There are so many people shopping online these days that there are many different tools you can use to track prices.
Keepa or CamelCamelCamel are two popular extensions you can use on Amazon to tell you when price data changes over time.
While it won’t tell you what the price will be in the future, it will tell you how much the price has changed over the past year. And it can tell you if you’re really getting the best deal when shopping on Black Friday.
2. Set Price Alerts
Did you know that Google has a price tracking feature? You can create a wish list using the Google Shopping tab. From there, you can compare prices, look for discounts, and set alerts.
If you don’t need something immediately, you can wait a bit and buy it when the price is right.
3. Take Advantage of Loyalty Programs
This is an easy way to earn free money to spend on whatever you want.
Kohl’s is a great example of a popular loyalty program. When you shop at Kohl’s, you earn Kohl’s Cash, which can be used to purchase items from Kohl’s. When you combine your Kohl’s Cash with the current sale, you can win a lot of money for an expensive item.
4. Follow your favorite brands on social media
More and more people are doing holiday shopping on social media. This means your favorite brands are there too. Follow them and keep an eye out for special discounts announced on their social media.
Black Friday, Small Business Saturday, and Cyber Monday: What’s the difference?
Black Friday isn’t the only time to get the best deals. Think of Black Friday as a whole weekend of holiday shopping.
Small Business Saturday is the day after Black Friday. It’s a way for shoppers to support small local businesses rather than just shopping at big retail stores.
As more and more people shop online, virtual shoppers are getting their own special day of sales. Cyber Monday is the Monday following Black Friday.
Depending on what you buy, patience can pay off. Black Friday offers great deals for savvy shoppers, but it’s not the only day of deals. You can find the same sales – maybe even better – online.
bottom line
Black Friday is the official start of the holiday shopping season. Retailers use big discounts on popular items to entice shoppers to go out and spend. With a little planning, you can win a lot and save a lot of money in the process.
Set a budget and prioritize what you plan to buy this holiday season. Use cashback platforms to earn rewards and other price comparison tools.
A little homework can help you get the biggest savings this Black Friday.