Black Friday: 10 Tips on How to Avoid Overspending
Updated: May 12, 2022
There’s a day every avid shopper (or money saver!) has marked on their calendar. It’s the fourth Friday of November, or Black Friday – the biggest shopping event of the year! This year, it lands on November 26… Which is just one week away. What initially started in the US decades ago has now spread around the globe and even sparked a whole new shopping event in the online realm called Cyber Monday.
Black Friday’s actually a great time to get an expensive home gadget or a brand-name clothing item you’ve been eyeing for a great price… However, being bombarded with advertisements, a lot of us tend to succumb to the deals and overspend on things we never actually needed. In this article, the Honeygain team will share a handful of tips on how you can avoid overspending as you shop around and make the most out of excellent deals!
Know exactly what you’re looking for
Think of what you need to get before you step out of the door, and shop for those items exclusively. Need a new air fryer, an electric toothbrush, and a pair of jeans? Great: that means you only need to visit the electronics and clothing sections. By sticking to your list, you won’t wander into stores that don’t carry these items – which means you’ll be less likely to be overspending on items you never planned to buy.
Make sure you keep your receipts
According to statistics, 1 in 4 people come to regret their Black Friday purchases. If you get home after shopping and realize you too have succumbed to the temptation and bought items you didn’t plan to buy, you can usually undo the damage by returning them... if you have the receipt, that is. Save the receipts for all of your purchases, and carefully re-examine what you bought the next day – and if you decide to return something, do it as quickly as possible, because there’s usually a time limit for non-faulty returns.
Make the most of your smartphone
These days, we have apps for everything, right? And they’re not just games and entertainment – a lot of them are actually great for things like personal budgeting and preventing overspending. As you shop around on Black Friday, remember to check out various couponing and cashback apps, as well as simple apps that let you create shopping lists or plan your gift-giving for the year.
Discuss gift budgets with your loved ones
A lot of people have noticed gifts to be the main reason for their overspending: Black Friday is just a month away from Christmas, and everyone wants to get something great for their friends and relatives. Speak to them in advance and decide on a limit – let’s say, $10 or $25, for each gift. This way, you won’t be tempted to buy expensive or brand-name treats as you shop around!
Set a spending budget
Before you hit the shops, seriously consider your financial situation and think of an amount of money you can realistically afford to spend. If you feel like you might find it hard to keep to the budget once you see those alluring prices, don’t take your credit cards with you: only bring as much cash as you have allowed yourself to spend and not a dollar more!
Learn what triggers your overspending
Some people are lulled by holiday tunes that make them forget all about savings. Some are easily influenced by what others seem to be eagerly buying. Others just can’t say no to pretty stationery. Think for a moment what factors might have worked when you did your weirdest purchases in the past: the earlier you recognize the triggers that cause you to act a bit irrational when shopping, the easier you can identify them and avoid overspending!
Know another money-saver? Take them with you
Shopping is always best when you have someone to discuss the items and deals with – and it’s even better when you have a common goal. If you shop with a friend who’s also inclined to save money, you can help each other out and avoid overspending by stopping your friend from making unplanned purchases, advising them on what to spend money on, and reminding them about the strict lists each of you brought to the stores with you.
Research prices in advance
Some dishonest sellers actually fake deals by lying about the item’s previous price. If you’re looking for a particular item, check out its pricing online in advance (a month or at least a week before is ideal) and compare the offers in different stores. This way, you’ll always know whether you’re actually getting a great deal or overspending unintentionally!
Debit, not credit
It’s fine if you decide not to follow the tip of only carrying cash and use a debit card to pay for your purchases – but don’t go testing the limits of your credit! Paying in credit is actually the easiest road to overspending: you’re spending money you don’t actually have, which means you’re acquiring more consumer debt with every purchase. It’s not much of a great deal if you’re left paying the bills long after the joy of the new purchase is gone!
Look for in-store pickup options online
In-store pickups combine the best of both worlds: you do get the item from the store so there are no shipping costs, but you don’t need to walk around the store and look for it, which means you avoid seeing (and being tempted) by deals for items you don’t need. In some stores, the staff can even carry your purchase out for you to collect at the curbside – talk about a time-saver!
As you’re deciding what to spend money on and what to avoid to prevent overspending, don’t forget there are also ways for you to boost your savings by earning extra money on the side. Not sure you’ve got time for side jobs? Don’t worry: Honeygain is here to help you earn effortlessly by simply sharing your unused internet bandwidth. All you have to do is download and run the app on your desktop or mobile device – Honeygain will take care of the rest!