Tips to avoid burning wallet on this Black Friday

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By: tiarajoseph11
on 24th Nov,2015

Check out some tips to avoid overspending on this Black Friday.

During the Black Friday week, you might be thinking that you are having several good deals, but there is a chance that you’re making few mistakes, which may become the reason for your overspending habit.

The greatest shopping week of the whole year is at our doorsteps. People are excited right now as they’re busy choosing which product is the best and what is the greatest deal for them.

Because of this seasonal excitement, things which we use regularly and several other items also become costly. Regular priced items are getting high-price tags on them. Electronic media is promoting ads throughout the holiday regarding the lowest prices of the season along with other fantastic deals. Now, it’s your duty to ensure that you must not follow common mistakes which may push you to spend more than you want to.

Look at these tips to keep yourself away from overspending on this Black Friday week:

1. Track your costs

While shopping, it is very easy to use credit cards for making payments of your bills instead of using cash. But you need to use your cards strategically; don't use it just for getting the extra miles or some rewards. Think about the overall scenario. In the end, you'll have to pay off the bill, and also the interest to the credit card company if you can’t repay the entire amount within the next due date of payment. The total amount you pay off may be a way bigger than the rewards you'll probably get. So, it's not worth it to use credit cards too much for Black Friday shopping. Use credit cards only when you’re buying a huge quantity of products or out of cash.

2. Think before any upgrade

You might be thinking about buying a new 50″ LED TV, and when you’ve seen the Black Friday ads, you’ve picked one deal with an offer that can save $400 for the same TV you want. Don't do that. First think, do you really need it? $400 is not a small money, but is it really justified to spend money on a new TV just to get the discount? Saving that $400 is not a reason to upgrade your small TV to the 50″ and pay off the whole price of that TV by credit cards. If you really want to buy a good TV, make sure you buy the perfect size with the perfect price that can be affordable to you. This is what Black Fridays is all about.

3. Treat your shopping as cash deals

Black Friday deals can be good, as long as you pay small purchases using cash. Never use credit cards while buying a few goods. Try to pay off the bills before ending of the promotional period. If you don't, you're going to pay more than your bills with the added interest.

4. Don’t be confused over the deals

This is a very common problem, which people always experience while making the shopping list. One store is offering flat 50% discount if you buy over $200, but another store is giving 60% off if you cross $350. So, what are you gonna do with that? Which one is better? Is it better to spend more to get more or spend little? What if you bought everything and now you’ve only $150 left in cash? Then you might be using your credit card probably. Is it worth? Spending more than what you planned just to grab the deals is not good for your finances. Stay calm and save while spending less.

5. Read the fine print

Always read the offer booklet before getting it. There are some fine prints on the promotion banners and ads. If you don’t read them, you may miss out some significant clauses regarding that offer. Suppose you want to buy a toaster worth $45 and the given offer is - get 2 toasters at a time only in $80. If you want to grab that offer, you must read the fine prints in the offer prior to the purchase. It may happen that the offer products cover less warranty period than the product you buy without the offer price. So, check all the hidden terms and conditions before opting any offer in this Black Friday shopping. It may happen that while getting discounts you actually incur loss.

6. Don’t consider the price more than the value

When you are getting some amazing deals, it is very important that you keep focusing on the value rather than just price. Sometimes, we become impulsive and start shopping without focusing on our true motive. It may cause us to gather commodities to the shopping cart that we don’t even require. In the future, while you pick up anything at the store, think wisely, is this what you’re looking for (for yourself or any person) today? Or it’ll be just tossed to the back of your drawer to be forgotten. If you’ve no use for that particular thing, then why are you wasting your dollars for such a shit? If it has zero value to you, don’t buy it.

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