5 mistakes to avoid making this Black Friday

5 mistakes to avoid making this Black Friday

According to the International Council of Shopping Centers, more than 7 in 10 citizens look forward to stocking up for the holiday season over the Thanksgiving weekend. In the growing rush to grab the best deal on Black Friday, it is easy to make rookie mistakes that cost you money. To many, Black Friday shopping may feel competitive and energy-consuming, but with the right planning and research, it doesn’t have to be.

Here are five Black Friday shopping mistakes you can avoid for a smooth Black Friday shopping experience.

Rushing into purchases
Before buying anything on the Black Friday sale, ask yourself a few key questions like how much you need/want the item, would you buy it if it wasn’t on sale, or how much use you’ll get out of it. Holding yourself accountable for every purchase you make will ensure you don’t regret your shopping experience later. To make shopping more efficient, make a list beforehand to determine what products you’d like to buy and the stores where you’ll find them. Research the best deals available before making the purchase.

Additionally, setting spending limits on your expenses, especially during the shopping season, can help you stay on top of your finances and avoid unnecessary debt. Create a list for all your purchases, along with your total budget, and stick to it. With sales starting before Black Friday, it may be appealing to indulge a little extra. At the same time, it is also important to know your financial limits and be realistic about what you can afford.

Paying full price for add-ons
When shopping for electronics, a common mistake that shoppers make is paying full price for electronic add-ons like batteries, cables, and chargers. Remember that you don’t need to make all your purchases from the same place or at the same time. To maximize savings, research where you can buy each commodity at the most affordable price. Consider waiting until Cyber Monday for more discounts and better deals.

Choosing the wrong time for shopping
Many stores start their pre-Black Friday deals on Thanksgiving day itself. With over 54% of shoppers saying they would prefer to be home on Thanksgiving, you may consider wanting to beat the crowds to the store and get your hands on the products you are looking for early. You can also enjoy online shopping during the rush hours. Some retailers offer early bird access to their websites.

Not using a price comparison app
According to a survey, 75% of people shopping in stores say they use smart devices like a phone or a tablet to research store locations, deals, and coupons. There are a plethora of price comparison apps available to help shoppers navigate the best prices online and in-store, and allow users to check product reviews, related deals, coupons, and discounts where available. Consider using these apps to find the best deals, as well as the best time to shop..

Using “Buy Now, Pay Later” without establishing a repayment plan
Most commonly offered by online retailers, the “Buy Now, Pay Later” scheme may seem appealing for many, but it can quickly add up to your financial debt. Make sure you plan your payments, so they do not come back to haunt your credit scores. When using your credit card at stores, ensure that you are not shopping beyond your means in the excitement of the holiday season. Work out your monthly expenses, and then set a budget for your shopping accordingly. This will help you limit your spending and stay on top of your finances. When opting for such tempting schemes online, consider setting up payment reminders using third-party applications or your calendar so you don’t default on any upcoming payments.

With so much buzz and excitement around the upcoming Black Friday sale, brush up on your shopping strategies and amp yourself up for a brilliant holiday. Make the right choices for a good shopping experience.