As Black Friday looms ahead (or right at us with some retailers starting sales today), it is easy to get caught up in the frenzy. Just turn on your radio, tv, or internet and you will be blasted by sales messages. Every retailer has jumped on the bandwagon of this trumped up sales opportunity.
I am definitely not an exception. Five years ago, a friend told me all about her bargain shopping the day after Thanksgiving. Mentally, I fought back. Why would I get up in the middle of the night to buy stuff? I am perfectly happy in my bed sleeping. However, she was so persuasive in her planning that I couldn’t help but get caught up in her enthusiasm. I was one of those people who woke up at 2:00 am and stood in line at WalMart and Best Buy. I fought the crowds and the checkout lines for the deal of the day.
In the years since, I have participated in this event. This time, however, more selectively and with a cynic’s eye. As I see the media frenzy, I can’t help but wonder “are these really one-time only deals? Are they the best deals to be had this season?”
Here is what I have learned in my research year after year. There are some amazing one time deals to be had if you are willing to do what it takes to get them. If you want that $99 HDTV at WalMart, and they open at 4:00 am, you had better be in line for it at midnight. Those are the true limited time offers. As for the rest of Black Friday, I have followed a trend among retailers. They will discount prices for the weekend. Then, they will have sales for a few weeks that are not as deep. However, in the week before Christmas, expect those deep discounts to take effect again.
So basically, it pays to shop early or to shop late in the season.
For those of you that are still intent on joining the mayhem, I think it is important to distinguish your goals for Black Friday to ensure that a good deal doesn’t blow a good budget.
So let’s start at the beginning. What is your budget? If you haven’t put a pen to paper, this is the time. Those retailers are fantastic at sucking the cash out of you. Don’t fool yourself into thinking you will just pop into a store to get that ‘one thing’. The displays will be better than ever, and the promotions will be hard to resist. Know your cash limits. Set a firm amount that you will not go beyond, no matter how good the deal appears to be.
Now that you have your numbers, make a list of what items you want to get.
Before you hit the stores, shop online or look at old-fashioned newspaper offers to see who is giving the best deal on what you want. Prices will be pretty competitive, but you should find some steals. Many retailers are offering their sales online with free shipping. You may find that you don’t have to change out of your pajamas for a good deal.
There are some awesome apps for iphone or android users to help you compare prices. I love RedLaser. It is an iphone app that allows you to scan the bar code of an item and retrieve the best price in the area and online. I also love Mobiqpons. This app pulls all of the great deals in my area and shows them to me. I have my favorite places, and the app recognizes that and tells me the special each time I open it.
I also found eight Black Friday apps that are free. There are even more if you want to spend 99cents. I downloaded the one by Ecatcher, which claims to give me the ability to search all of the store ads for a specific product. I was able to search for the best price on a kid’s toy, so I will most likely play with that one more before Friday.
Good luck to all of you shopping enthusiasts, no matter how you go about it. Just be smart with your money, so that you don’t end up feeling an empty wallet along with a full belly.
Filed under: Career, Personal Finance Tagged: | black friday, budget, online shopping, retail, shopping
