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Updated: Jan 31

As the holiday season approaches, so does the excitement of Black Friday deals. While the allure of deep discounts and exclusive offers can be tempting, it's crucial to approach the shopping frenzy with a strategic mindset to avoid falling into the debt trap. In this guide, we'll explore practical tips and strategies to help you make the most of Black Friday without compromising your financial well-being.

Set a Realistic Budget

Before diving into the sea of Black Friday promotions, establish a clear and realistic budget. Determine how much you can afford to spend without jeopardizing your financial stability. Having a budget will act as a guardrail, preventing impulse purchases that could lead to unnecessary debt. Use a budgeting app like EveryDollar

Create a Shopping List

Make a list of the items you genuinely need or have been planning to purchase. Stick to this list to avoid succumbing to the allure of additional, often unnecessary, deals. Focusing on your priorities will help you stay on track and within budget.

Research Deals in Advance

Don't wait until the last minute to explore Black Friday deals. Research promotions and discounts in advance to identify the best offers for your planned purchases. This strategy helps you make informed decisions rather than being swayed by last-minute, potentially less beneficial, deals.

Compare Prices

Not all Black Friday deals are created equal. Before making a purchase, compare prices across different retailers. Some may offer the same product at a lower price, saving you money without sacrificing quality. Online tools and price-tracking apps can assist in finding the best deals.

Prioritize Essential Purchases

While the discounts may be enticing, prioritize essential purchases over frivolous ones. Consider investing in high-quality, long-lasting items rather than succumbing to the temptation of multiple, less durable products. Quality over quantity ensures a more sustainable and economically sound approach.

Avoid Impulse Buying

The fast-paced nature of Black Friday can lead to impulsive decisions. Before finalizing a purchase, take a moment to consider whether it aligns with your budget and needs. If in doubt, step away and give yourself time to think before making a commitment.

Don’t Buy with Credit

If you find a must-have item but can't afford it upfront, don’t buy it! Long after the holidays are over and the gifts are unwrapped, you will be reminded every month you receive the credit card bill PLUS interest for that decision you made to go into debt! Instead, buy gifts  with cash / debit and come January you won’t have buyers’ remorse.  

Be Wary of Limited-Time Offers

While the urgency of limited-time offers can create a sense of excitement, it's essential to approach them with caution. Evaluate whether the deal genuinely benefits you or if it's a tactic to prompt impulsive purchases. Stick to your researched list and budget. Along the same lines, don’t give in to the temptation to apply for that store credit card to save 15% on today’s purchase. This serves only as a marketing ploy to get you to buy more than you originally planned and that “savings” turns into 25% interest. Trust me, merchants don’t offer these credit opportunities out of the goodness of their hearts. They ALWAYS win and the consumer pays the price. 

Reflect on Long-Term Financial Goals

Before succumbing to Black Friday fervor, reflect on your long-term financial goals. Assess whether the purchases align with your overall financial plan and priorities. Maintaining a focus on your broader objectives will help you make decisions that contribute to your financial well-being.

Black Friday can be a rewarding shopping experience when approached with careful planning and consideration. By setting a budget, researching deals, and prioritizing essential purchases, you can navigate the Black Friday landscape without succumbing to debt. Keep these strategies in mind to make informed decisions that align with your financial goals and ensure a financially healthy holiday season.

Have a wonderful, peaceful and restful Thanksgiving with family and friends!

Become A Better Steward,

Greg Carroll

Legacy Financial Coaching


Whether you are financially frustrated or have big money goals, I help you take control of your money so you can live debt-free, build wealth and better steward your resources to create a lasting legacy. Find out what its' like to Work With Me.

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