Here are some tips to help you save money and stay debt-free on sofa black friday deals and beyond.
1. Recognize your spending limit
Before you go shopping on Black Friday, you need have at least a few figures to help you make decisions. Perhaps it’s only a percentage of your regular budget or the complete amount you’ve saved up for Christmas purchases over the course of the year.
An overall spending budget, like $500, might be your guide as you approach the Black Friday weekend. Alternatively, you could wish to divide it into more focused subcategories. Maybe you’ll set aside $400 for presents and save the remaining $100 for any amazing discounts you find for yourself if your main objective is to have most of the things on your list crossed off.
To help you make a better budget this year, review your expenses from the previous year. Examine your previous receipts and statements. Are there any goods you wouldn’t buy again, or were you happy with the amount you spent?
2. Make a strategy
You may be inundated with the newest sales and best products from both online and physical merchants, but you may avoid falling for their tricks by planning ahead before you purchase.
In the weeks before the major shopping days, almost all large box stores and many smaller retailers offer their greatest Cyber Monday or Black Friday sales. Make your shopping list in advance and use these to locate deals on the things you need. Additionally, keep an eye out for internet roundups that list the greatest deals of the year.
3. Purchase with no annual percentage rate
Consider a card with a 0% APR introductory offer for new purchases if you’re not sure you’ll be able to pay off your entire debt by the time your monthly payment is due.
Just keep in mind that toward the conclusion of the intro period, you will still need to pay for all of your purchases. If not, interest will be charged at the regular annual percentage rate (APR), just as with any other credit card.
If you have a tendency to splurge around the holidays, 0% APR cards may be dangerous. A new credit card might not be worth it if it will merely make you spend more than you would have otherwise. However, a new 0% APR balance transfer card can provide a solution to stay debt-free this season provided you have your spending and budget planned out and know you can pay off the sum over the coming months.
4. If you currently owe money on your credit card, reconsider unnecessary purchases.
Everyone would likely benefit from fewer emails touting sales and discounts over the holidays, but cards with outstanding debt would likely benefit the most.
Think about whether Black Friday shopping is a wise idea this year if you currently have credit card balances that are incurring high interest rates. Make an additional contribution toward your debt as an incentive instead.
Think about doing your holiday shopping entirely with cash. Keep your credit cards at home and only take out as much cash as you can use for gifts and other expenditures. Additionally, if you haven’t previously created a strategy for paying off your debt, get ahead of the game right away.
5. Benefit from credit card incentives
Your Christmas shopping savings can be significantly increased by using credit card rewards, provided that you only spend what you can afford to pay when your bill is due.
You might want to take advantage of a high-value sign-up bonus if you’re looking for a new credit card and have extra money for the Black Friday weekend. These are only a handful of rewards credit card examples that can help you throughout the next shopping week and go nicely with regular purchases.
6. Look for further offers and savings
Continue looking for deals with merchant discounts. There are many additional ways to uncover bargains before you go shopping.
If you purchase online, think about installing browser extensions that can search the web for discounts and cash-back deals you might be eligible for. You may be able to save the difference at checkout if Black Friday shops in-store match offers seen elsewhere.
Start tracking prices right now or set up a price alert notice if you have your eye on anything. You may determine whether the lowered price is ultimately worth it later on by being aware of the typical pricing in the weeks preceding a major sale.
7. Make use of card security
Numerous credit cards offer protection for qualified purchases against theft or unintentional damage. If a retailer refuses to accept a return, you may occasionally also be eligible for compensation. These benefits could be particularly helpful if you intend to buy a phone or other high-priced gadget for the holidays.
8. Get a bonus for signing up.
Get a credit card welcome bonus on items you’re currently making to make the most of your extra holiday spending. This could be the best time of year to match increasing spending with earning a ton of cash back, points, or miles, since many sign-up incentives involve spending thousands of dollars over a few months.
9. Include incentives for card shopping
Credit card companies like American Express, Chase, and Citi frequently give their customers tailored shopping incentives. These deals vary, but they usually give you a discount if you buy anything from a certain merchant that qualifies.
For instance, a Chase Offer for 10% back on a DoorDash order or 15% cash back at Shake Shack may appear in your online account. Add the offer to your account, then make the qualifying purchase to take advantage of it. Make sure to thoroughly study the deal specifications because there is sometimes a cap on the amount you may save.