For those who have tight budget, holiday shopping can be difficult task even on days designed for the cost-conscious. With the added economic stress this year to an already stressful holiday season, many Americans are relying on making the most of Black Friday and Cyber Monday savings. Here’s the deal – Follow our guide to maximize your savings this Black Friday and Cyber Monday:
Make a plan
Whether it’s all in your head or perfectly outlined on paper, know your plan of action from when you first enter the store or log on the computer to when you checkout. Search through your mail and email and compile all things regarding Black Friday and Cyber Monday promotions – from circulars to discount codes. Seeing what’s out there and creating a shopping list ahead of time will help you not buy something just because it’s on sale.
No, we don’t mean start at 4am or even right after Thanksgiving dinner wraps up. A lot of stores start their deals and doorbusters on certain products or categories days (and even weeks) early! As an added sense of security, check out the retailer’s holiday return and price match policies. For instance, if the item you purchased goes on sale within a certain time frame at a lower price than what you paid, they will refund you the difference. So, remember to save your receipts and be proactive.
Spend a few days before doing some scouting. Consider factors like the store’s deal, coupons you have, and availability. Make note of the item’s original retail price to make sure you’re actually getting a good deal and not being fooled by the hype and madness of Black Friday and Cyber Monday. Know what items are a must and have alternatives just in case it doesn’t work out. Don’t be afraid to try out a browser extension that automatically scours the internet and lets you know if you’re getting the best deal out there.
Use the right credit card
For those with a credit card or two (or three… or four…), be sure to consider the rewards or any promotions running on each card. Believe it or not, certain credit cards double cash back on retail spending during Q4. Some store credit cards even give customers an additional discount for checking out using their card on top of Black Friday and Cyber Monday discounts. Typically, maximum savings on a store credit card occur on the first purchase you make or only on the day of opening an account. So, if you’re planning to spend a large amount at one store, consider opening a credit card at that store when you make your purchase.
If you have a tendency to get carried away on credit card spending, giving yourself a designated amount in cash is a great way to stick to your budget and avoid overspending.
Know what can wait
Believe it or not, Black Friday isn’t the best day of the year for all items – especially in the home improvement category. While Black Friday deals focus more on gifting items, holidays like President’s Day are traditionally the best time to purchase big-ticket home items like furniture, appliances, and mattresses. So, don’t get caught up in the spending spree and make a large purchase. If you can wait out just a few more months for these expensive items, it’ll probably pay off.
For more tips on budgeting and savings during the holidays, visit www.penncommunitybank.com.