10 Tips to Make the Most of Black Friday

Black Friday is coming, and that's both a good thing and a bad thing. On the one hand, that day's deals can make personal purchases and gifts alike cheaper. On the other hand, those bargains often tempt consumers to spend more than they can afford, thereby increasing their likelihood of landing in debt. If you're planning to shop on Black Friday, here are some tips to incorporate into your strategy.

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Black Friday can be overwhelming, so it helps to do some research beforehand to get the lay of the land. Figure out what items are going on sale at which stores and when they'll be available. That will help you map out your day.

ALSO READ: 4 Black Friday Shopping Mistakes to Avoid

Overspending on Black Friday could easily land you in debt. Rather than take that risk, figure out how much you can afford to spend. Your funds may come from several sources, like your upcoming paychecks and savings account. But no matter what you do, do not tap your emergency fund or retirement plan for shopping purposes.

Once you establish a spending budget for Black Friday, figure out which items you want to buy the most and order them by priority. That way, you'll put your money to the best possible use.

Tackling Black Friday crowds is tough in the best of times, and during a pandemic, it can be downright unsafe. This year, think about doing your shopping online. By not venturing out, you may find it easier to capitalize on more deals.

ALSO READ: Here's How Walmart Is Holding Black Friday Sales With COVID-19 Cases Rising

You may have some gift cards lying around from previous holidays and birthdays. Before you set out to shop, figure out where you have store cash so you don't have to spend your own cash.

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If you're going to shop in stores this Black Friday, bring a trusted partner with you who can keep you in check. Having that accountability partner could help you avoid impulse buys -- and the debt that tends to come with them.

Credit cards can easily lend to overspending. Rather than run that risk, figure out how much the items on your list cost, leave your credit cards at home, and bring just enough cash with you to purchase them. Of course, this tactic only works with in-store shopping, so if you're shopping online, you'll need to rely on good old discipline.

ALSO READ: 15 Ways to Lower Your Holiday Spending

If you're planning to shop in stores and you're not vying for doorbusters, consider venturing out later in the day. At that point, there are apt to be fewer crowds, which not only makes for a safer shopping experience but a more pleasant one.

You may have your eyes on a number of doorbusters going into Black Friday -- but don't assume you'll manage to snag them. Those deals tend to come out in very limited quantities, and people tend to line up very early to snatch them up. You're better off having a backup plan in case you don't end up getting the specific items you were hoping for.

Whether you're buying items for yourself or gifts for others, make sure you know what each store's return policy entails before making purchases. You're best off doing this ahead of Black Friday, because you may find yourself frazzled that day.

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Many people look forward to Black Friday all year, and if you play your cards right, you can snag some really great deals without busting your budget. Just be sure to map out a plan in advance so you're able to score the items you want without racking up destructive debt in the process.

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