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Black Friday Game Plan

November 18, 2011 | Alliant Credit Union

Black Friday is the day after Thanksgiving and is the biggest shopping day of the year! It's the day, in the United States, which officially marks the beginning of the busy holiday shopping season and it isn't an excursion that should not be taken lightly. The BIG sales that occur on this day can really hit your wallet, your heath and your safety. According to the National Retail Federation (NRF), in 2010 there was an estimated 138 million Americans shopping over Black Friday weekend, so here's a game plan on how to survive if you're planning on hitting the stores this year:

Plan Your Spending
You should already have a budget for holiday shopping, so it's important that you know it. Print it and carry it with over the weekend, so that you can review it and reduce the likelihood of overspending. If you don't have a budget yet, then you should create one before your Black Friday excursion. At minimum, you should know how much you can spend and a breakdown of price ranges per person on your holiday shopping list. It may also be a good idea to consider going cash only over this weekend to avoid giving into temptation.

Choose Companions Wisely
If you're the type of person that prefers to go shopping with company, choose your Black Friday companions wisely. If you're working with a tight budget, make sure you select friends and family that you can count on to keep you on track and not encourage you to give into buying something that's not on your list or exceeds your budget. Don't go with companions that you know you'll bicker with or end up getting frustrated with too - you'll have enough of that to deal with throughout the day. Have a strategy and layout some rules, such as spending, splitting up, etc., with companions before entering the madness to reduce some of the stress.

Do Comparison Shopping
Don't fight the crowds to find out that you could have gotten a better deal elsewhere. Do a little research before you go shopping and you'll be rewarded with knowing that you found the best deal, not just a good deal.

Get Your Phone Ready
Get your phone ready by finding apps that can help you compare prices, score extra discounts and navigate store layouts and traffic-free routes to the mall. Doing this will help you save money and time, plus reduce stress.

Pack The Print Ads
Some retailers match competitors Black Friday prices, so make sure you pack print ads to make getting the better price and saving easier.

Know When To Quit
You can go into Black Friday with a plan to stick to your budget, but after spending several hours at the mall it could cause you to give into your impulses and buy more. If you notice that you're making purchases that exceed or break your holiday budget or feeling anxious or overwhelmed, take a break. Checking your budget and gift list on a regular basis can also help reduce the impulses to give into all of the enticing deals.

Be Patient
We've all heard stories about stampedes and fights on Black Friday, so it is important to be patient to avoid these potential, but rare, disasters. Going into Black Friday knowing that it is going to be hectic and crowded will help prepare you, but also being patient will help make it a better shopping experience for you, your companions and everyone else around you. If you miss a deal, that's all right because you'll likely find a similar or better deal someplace else or online before the holiday shopping season is over.

Choose Comfort Over Style
Many retailers open their doors early on Black Friday, so it's best to dress for a long day in comfortable shoes and clothing. It'll make the hours spent on your feet more bearable, plus, as mentioned above, be a little more patient amongst the chaos. If you're going to wait in line before the doors open at your favorite store, remember to dress for the weather and in layers so you can remove then when get inside. Pack some healthy snacks and water to avoid the food court and vending machines to save a little cash too.

Happy shopping and good luck!

Sources: SmartMoney.com, SavvySugar.com, MSN.com, Investopedia.com, NRF.com


© 2011 Alliant Credit Union. All Rights Reserved.

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