4 Shopping Tips for Black Friday and Cyber Monday
Are you ready to shop ‘til you drop? This Friday is Black Friday, where retailers offer their best deals of the year. Black Friday used to be just an American shopping phenomenon, but a few years ago it came north of the border and it’s been a hit ever since (Black Friday has actually proven more popular than Boxing Day). Black Friday is the perfect time to pick up some last minute presents for family and friends. And don’t forget about this coming Monday, Cyber Monday, where online retailers offer their best deals of the year.
Without further ado, here are some tips for getting the most out of Black Friday and Cyber Monday.
Tip #1: Create a Budget
Thanks to credit cards and mobile payment, it’s easier than ever to spend these days. With the simple tap of your credit card or phone, you can spend $50 in an instant. However, this convenience comes at a cost. It makes it easier than ever to go over your holiday spending budget. The last thing you want is to start the New Year in debt, carrying a balance on your credit card.
Before going on a Black Friday and Cyber Monday shopping spree, take the time to create a budget. If you have a lot of family and friends to buy for during the holidays, consider setting a spending limit per person and in total. For example, you might spend up to $20 per person and $300 in total for gifts for everyone.
Tip #2: Earn Credit Card Rewards
If you’re anything like me, you’ll end up spending a bundle on holiday presents, so why not get rewarded for that spending? Instead of paying by debit, use a cash-back or rewards credit card to earn cash. Most credit cards offer one or two percent cash-back or rewards on purchases. Just don’t lose track of your spending and make purchases for the sake of earning reward points. (No credit card in the world is worth carrying a balance and paying 19 percent interest just to earn one percent in rewards.)
Tip #3: The Best Deals Aren’t Always Found in Store
Why head to busy, crowded malls when you don’t have to? Don’t just assume the best deals are found in store. With Cyber Monday just around the corner, there are plenty of deals to be had online. Not only can you often find a better selection online, many stores offer free shipping. That brand-new laptop you’ve been waiting for could be yours with a few simple clicks of the mouse at half price. Some retailers post their Cyber Monday deals ahead of time. Take the time to comparison shop and see if you can find a better deal on the World Wide Web.
Tip #4: Avoid the Old “Bait and Switch”
Retailers like to wow customers by offering eye-popping deals on door crasher specials. Some retailers open the store early or let customers line up outside the night before. Unless you’re willing to wait outside in the cold overnight, chances are the best deals may be gone by the time you arrive. Retailers know this and may offer you a deal on a similar products, say a TV, at a higher price. This “deal” may not end up being much of a deal. If a retailer is sold out, take some time to shop around to see if you can find a better deal elsewhere.