Black Friday will be coming up right around the corner and the deals will be hitting your e-mail like a hailstorm over the next few days. While Black Friday deals are always tempting, there are certainly money traps that can actually make you spend more than you should on this shopaholic day. Here are my four smart money moves to make on Black Friday.
- Don’t Be An Impulse Buyer– Remember that there is a difference between Black Friday “deals” and Black Friday “sales”. The language can be very confusing, so if you are planning on going shopping in a particular store make sure you know what deal items you are going to buy. Once you are in the store, you’ll be tempted to just get it done while you are there which can be a big mistake because you’ll be buying merchandise that is not the best price.
- Get Social– It pays to be a ‘fan’ on social media pages including Facebook and Twitter during this holiday season. Check out the Facebook page Black Friday which is currently aggregating many of the major department stores currently. If you love to shop at a place like Target, then get on their Facebook page as this is where the latest and greatest deals will be posted. On Twitter, some of your favorite department stores will run contests and incentive programs which means you need to stay updated on their Twitter feed.
- Have A Price Shopping App On Your Phone– There are more than a dozen decent price shopping scanner apps you can download on your phone. You should look at Red Laser or Shop Savvy which are two of the best ones out there. Also, consider whether or not you will need to ship what you are buying on Black Friday. www.freeshippingday.com is just around the corner on December 18th.
- What To Avoid– Not all deals are great deals on Black Friday. Specifically, you should wait to buy winter gear until after January 1st when it will go on sale. In addition, stay away from home furniture which often has its best prices during the summertime and luxury handbags (the good ones) hardly ever come down in price.
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Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.