Can’t resist Black Friday deals? How to shop while staying within your budget

Article content

TORONTO — As retailers put reminders in e-mail inboxes and on TV that Black Friday deals are rolling in, the glow of every ad is designed to entice shoppers to open their wallets even further.

Article content

Article content

Deidre Cross, founder of Ohh You Budget, says there are many ways shoppers can avoid being overwhelmed by the sales frenzy and resist overspending.

Article content

“(That) it’s for sale, doesn’t mean it’s for sale to you,” he said. “Don’t let luxuries pressure you into buying things you wouldn’t have bought in the first place.”

Here are some tips for buyers to consider.

Use prepaid cards or cash

Using cash or prepaid credit cards when shopping in person can help protect against impulse purchases and overspending during flash sales, Cross says.

If you tend to make impulse purchases and carry a credit card, that’s “setting you up for failure,” Cross says.

“Withdraw that money and go to the mall with $400 or $300, whatever your budget is.”

Know your needs versus your needs

Make a list of what you need and want rather than being influenced by everything you see, says Cross. He said he usually prioritizes the things he needs and goes from there.

This year, Cross said, he made a list of items and their regular prices so he could compare and see if he was getting a good deal. He also prioritizes what is most important on the list.

Cross said he budgeted $400 for Black Friday and Cyber ​​Week sales. “I don’t spend a dime past $400,” he said.

Article content

Article content

Buy now, pay more later

While it may be tempting to pay for an expensive item in the long run, Cross said consumers should remember that it could hurt their budget in the future.

“People always forget that life happens after buying these things,” said Cross.

“When you … pay those payments in the future, you don’t think, ‘Okay, maybe I’ll need that money later, or something could come up – unexpected debt.'”

He said buy now, pay later plans include future paycheques for things you may not need and can be financially damaging, if not planned properly.

Some buy-now-pay-later plans come with penalties for missed payments and high interest rates over a long payment period, making the item more expensive than it is.

Think about the post-holiday season

Cross said people should think about things they would like to do after Black Friday and the holiday season.

Sometimes, future goals like taking a vacation or booking time off work can be affected when people’s budgets get out of hand. For example, Cross said, saving money now could allow an hourly wage earner to take fewer shifts in January to spend time with his family.

Article content

“If you were to … spend more than your budget, you’re robbing your future of doing the things you wanted to do and have,” he said.

Shoppers can offer deals as well

Grocery stores including Walmart Canada and Loblaw-owned Shoppers Drug Marts are offering deals on personal care and holiday items in addition to regular flyer deals during Black Friday sales. Cross said she usually buys things she will need during the holidays, such as packets of sugar to bake when there are sales events.

“Buying flyers and backing up all your food on paper is the way to go.”

This Canadian Press report was first published Nov. 29, 2024.

Article content