7 tips for not spending too much on Black Friday and Cyber ​​Monday

Holiday shopping is stressful - crowds of people, choosing the right gifts and finding good deals can be tiring. Writes about it CNBC.

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But for many Americans, the biggest problem with holiday shopping is the huge financial cost this season. They try not to save on necessary gifts, but at the same time try not to go beyond their budget. In fact, according to an Experian poll, about 60% of Americans spend too much money during the holiday season.

Overall, about 63% say that holiday shopping creates an additional burden on their finances. However, experts claim that there are a few simple strategies that you can use during tempting sales on Black Friday and Cyber ​​Monday to limit your costs.

1. Set a spending limit

Gift exchanges and parties at work set limits on how much you are allowed to spend on a person. For example - 5, 10 or 20 dollars. “But the same rule can be applied to your friends and family,” said Rod Griffin, director of consumer education and advocacy at Experian.

“Set your limits and announce them - there is nothing wrong with that. People will respect your decision, ”Griffin advises. - Talk with your family and determine the amount per person that will suit everyone. However, you can set your own limits, say, 20 dollars per person. Therefore, inform your family and friends in advance. ”

2. Know your weaknesses

“People overpay for a number of reasons. But you can control your expenses by defining what makes you make purchases impulsively and buy unnecessary things, ”advises expert on consumer savings Andrea Vorokh.

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“For example, many people cannot resist the sale. But not all offers are equally profitable, and buyers should be wary of such types of transactions as “buy more - save more,” Vorokh emphasizes. “You think you save a lot when you see that the discount is 10 dollars from 50 dollars or 20 from 50 dollars, but this is the same percentage discount, just in cash,” she says.

Some purchases are more subliminal, such as music. One can make buyers spend more, especially if they are impulsive purchases, according to a study by the American Psychological Association in 2005. Make sure you track what you buy and how much time you spend in each store.

3. Develop a shopping plan

Before heading to the store for holiday shopping, take the time to create a list. Especially if you plan to buy a lot on Black Friday and Cyber ​​Monday. Retailers post their ads in advance so you can compare prices and promotions.

You can create a list of gifts that you want to buy in each store. This will save you time and money. It is also useful to come up with a backup gift. Thus, if the product in the store runs out, you will not need to buy it at the last minute and spend too much money.

“You have to make a list and double check it,” says Griffin.

4. Put yourself on a money diet

“Credit is not for everyone,” Griffin is sure. Nearly 60% of respondents in the Experian poll say they don’t plan to spend credit this holiday season.

“If you can’t refrain from buying, then you better pay for it in cash, especially on Black Friday. Thus, you can only buy what money has been set aside, ”Vorokh recommends.

On the subject: Thanksgiving and Black Friday: What You Can Get For Free at US Stores

Let's say you have 200 dollars in cash on Black Friday. Leave credit cards at home, take only cash with you to the store. When the money runs out, you don’t buy anything else - simply, but efficiently.

5. Track your expenses

It is important to control your expenses.

“People often spend too much money and go into debt on holidays because they get stuck in sales and don’t keep track of how much they spend,” Vorokh explains. “You can do this by checking transactions on your credit card or using a special application that links all your financial accounts and sends real-time purchase notifications.”

“Seeing the numbers on the screen, you will be able to make the right purchase decisions, because you will feel responsible,” she adds.

6. Avoid spending for the sake of saving

“You can immerse yourself in debt,” Griffin says. It’s easy to spend extra 5 or even 50 dollars to get free shipping or extra discount.

“If the minimum amount of free shipping does not come close to your total, and the additional amount that you put in the basket is equivalent to the cost of delivery, it’s better to stick to a lower purchase amount and just pay for the delivery,” says Worch.

7. Shop in advance

Do not wait until the last minute to make your holiday shopping. Prepare holiday gifts in advance, says Griffin. And he means really early acquisitions. “Ideally, holiday shopping should be done in January, not December,” he says.

In the end, the bottom line is to “have a wonderful holiday season with minimal stress.” Indeed, already in February, many of us can’t even remember all the holiday gifts we received.

“All you remember is friends, family and time spent together,” Griffin sums up.

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