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Steer clear of Black Friday hole

By Kemberley Washington ·
Thursday, November 22, 2012
Posted: 7 am ET

Black Friday is an event many consumers anticipate the entire year. It is a time to save money on products and services.

But with all the hoopla surrounding Black Friday, many people use money they do not have to take advantage of savings they may not need. If you are not careful, Black Friday can put you in a black hole!

Buy only what you need

Before standing in the long lines or perusing the Internet, take inventory to determine which items you actually need. Maybe it is a good idea to buy a big-screen television. But if you already have a few at home, reconsider your purchase.

This is also a great time to purchase items you expect to buy in the near future. For example, if you are going to buy Christmas gifts for loved ones, consider doing so now to not only save money, but time, too.

Do your research in advance

Just because a store says it is having a sale, it doesn't mean the cost of every item has been reduced. Take time now to research the cost of items to determine whether a sale is actually a sale. Do your research.

Use the Internet to research other vendors that may offer the same item at a better price. Also, consider using apps such as ShopSavvy to locate the lowest price in your area.

Create a budget and forget the plastic

Before heading out this Black Friday, know the amount of money you expect to spend. It is a good idea to create a budget -- and more importantly, to stick to it. I know this may be difficult, but creating limits before you shop can help you financially.

Also, leave the plastic at home. If you purchase an item on your credit card and pay for it at a later date, your savings may be reduced due to interest and late fees.

Remember: your choice, your future!

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1 Comment
November 22, 2012 at 4:01 pm

Good Article! A lot of people get caught up in the black friday shuttle. It's important to comparison shop before making any big purchases.