This holiday season, sales are set to reach $1.1 trillion, according to a survey by Deloitte, and the typical shopper expects to spend more than $1,000 on gifts and other seasonal purchases, according to the National Retail Federation.
Much of this money will be spent during Black Friday, when researchers expect more than 100 million people will shop online and in stores. But not all Black Friday sales are good, which is why it’s important to go in with a game plan as to what you’re going to buy, how you’re going to stay on budget, and what items will probably be cheaper on Black Friday.
Here is our guide for how to get the most out of Black Friday.
“Historically, we’ve seen more deals on Thanksgiving than Black Friday or Cyber Monday,” says Michael Bonebright of DealNews.com. But “many Thanksgiving door-busters do carry over to Black Friday.”
A slew of products will be heavily discounted, including televisions, gaming consoles, and smartphones. For example, at Target, an iPhone 11 comes with a $200 gift card and a Samsung Galaxy comes with a $400 gift card. Here’s a full list of things to buy on Black Friday.
But in some cases, it would be better to hold off spending until Cyber Monday. On Cyber Monday, remember that the deals are often not product-specific and instead tend to be site-wide discounts. For example, Old Navy will offer 50% off everything, online only, on December 1 and December 2. Here’s a list of things to buy on Cyber Monday.
And if you’re a Costco fanatic, here’s what the best deals at Costco on Black Friday will be.
Create a budget
The amount of money Americans plan on spending this holiday season, $1,050, is more than the average American makes in a week, according to the Bureau of Labor Statistics. So, even though shopping is inevitable, it wouldn’t hurt to come up with a plan to curb some of that spending.
Put money aside for necessary expenses like bills, and then create a budget for gifts.
If it helps, try to cut back in some other areas of holiday spending, like by sending e-cards or by bringing great but budget-friendly host gifts. This can pad your Black Friday budget or keep you from overspending.
By layering coupons, you can save even more money than if you were to just take whatever sale the store is offering. Check to see if you employer offers discounts and apply those to already discounted items. Or follow through on cash-back rebates to pocket more money.
Don’t fall for mental traps that make you buy more
A new study found that the longer you wait in line, the more you can end up willing to buy. To combat that urge, make a budget, and when on line keep yourself occupied by downloading an app or bringing a shopping buddy, since according to research, the happier the wait, the less you may then feel you need to spend to justify it.