There’s no arguing the temptation to go on a shopping spree this Black Friday can be strong. However, the last thing you want is the sales to drive you into credit card debt.
If you’re one of those people who stress over budgeting and planning ahead, don’t worry, we have you covered on how to save for Black Friday. If you ensure to implement these money-saving tips, you can sock up a few extra hundred dollars — painlessly.
However, real life is busy and sometimes it’s only practical to follow a few of these tips. That works too. Even following a few of these tips will help you stash money aside. If you want to stock up on Black Friday deals while also saving up before you go on a shopping spree, here’s how you can do so.
Cut down on spending
Let’s be honest, we all tend to spend on some things each month that aren’t essentials. And to be clear, there’s nothing wrong with indulging every once in a while. But do you want to boost your Black Friday cash reserves, you might just need to cut down on spending temporarily.
It could be simple stuff like pledging not to dine out for a few weeks or canceling your cable plan or an unnecessary subscription. You decide what works best for you.
How to spend and budget
A good rule of thumb especially with regards to Black Friday sales is to allocate a certain amount of your income for holiday expenses. Before you begin your shopping spree for Black Friday, take the time and plan a budget.
This is to help you not spend more than you can afford. Keep nagging yourself about your budget, so you stick to it and that way you avoid credit card debt. For more tips on how to get your shopping right, check out our blog.
Write your plan of action
Are you a spreadsheet junkie or a compulsive list-maker? Whatever it is that you are, put your POA (the plan of action) in writing. It can include a rough outline of who you plan to spend on and how much you plan to spend and where you’d like to spend and what you’d like to buy. Keep your plan with you on your phone or on notes while you shop.
Hustle hard for Black Friday
Sometimes you may not have expenses you can or want to cut back on, but that doesn’t mean you’re out of luck in terms of stashing up cash. If you’re willing to take on a temporary gig/side hustle, you might boost your bank account balance in time for holiday deals. Make sure you’re also asking yourself if you’re saving money when you’re holiday shopping.
Right now, what works to your advantage is that some industries are struggling to hire, like restaurants, so there may be an opportunity for you to pick up some evening or weekend shifts. All in honor of the holiday shopping.
Have a yard sale
Want your share of gifts this holiday season? Have a yard sale. This will not only free up space at home for those new items but will help you score some cash for your Black Friday purchases.
Our other best bet would be to team up with neighbors and have a group yard sale to attract more crowds. Your neighbors have friends and they could tell their friends to show up. That way you’ll have more potential customers.
Quality first, then quantity
If you want to buy gifts for your loved ones this holiday season, one tip to help you avoid overbuying is to focus on quality over quantity. Instead of getting many gifts, buy one or two items with intention. Your friends and family will see that you care. It is essential that you use the best Black Friday hacks out there to avoid overspending.
Not overbuying on Black Friday is easier said than done, because reality check, the day those deals hit you in the face, it will be difficult to show restraint.