Can’t resist Black Friday deals? This way you can shop while staying within your budget

TORONTO – As retailers send reminders in email inboxes and on television that Black Friday sales are in full swing, eye-catching advertising is designed to entice shoppers to open their wallets even further.

Deidre Cross, founder of Ohh You Budget, says there are a number of ways shoppers can avoid getting caught up in the sales frenzy and resist spending beyond their means.

“(Just) because it’s on sale doesn’t mean it’s a deal for you,” she said. “Don’t let the flashy offer pressure you into buying things you wouldn’t have bought in the first place.”

Here are some other tips for buyers to consider.

Use prepaid cards or cash

Using cash or prepaid credit cards when shopping in person can help prevent impulse purchases and overspending during sales, Cross said.

If you’re prone to impulse purchases and carry a credit card, “that’s going to set you up for failure,” Cross said.

“Take that money and go to the mall with $400 or $300, no matter what your budget is.”

Know your needs and wants

Make a list of the things you need and want instead of being swayed by every offer you see, Cross said. She said she usually prioritizes things she needs and goes from there.

This year, Cross said, she made a list of the items and their regular prices so she could compare and see if she was getting a good deal. It also prioritizes the most important thing on the list.

Cross said she set a budget of $400 for Black Friday and Cyber ​​Week sales. “I don’t spend a penny more than $400,” she said.

Buy now, pay later is a big no

While it can be tempting to pay for an expensive item over a long period of time, buyers need to keep in mind that this may put a strain on their budget in the future, Cross said.

“People keep forgetting that life happens after these purchases,” Cross said.

“When you… make these payments in the future, you don’t think, ‘Okay, maybe I’ll need the money more later, or something might come up – an unexpected bill.'”

She said “buy now, pay later” programs tie up future paychecks in things you may not need and that could hurt financially if not planned well.

Some buy now, pay later plans include penalties for missed payments and higher interest rates if you pay longer, making the item more expensive than it is.

Think about the time after the holidays

Cross said people should think about things they would like to do after Black Friday and the holiday season.

Sometimes future goals like a vacation or time off from work can be affected when people’s budgets get out of control. For example, by saving money now, someone who is paid hourly could take a few shifts off in January to spend time with their family, Cross said.

“If you…spend more than your budget, you’re depriving your future self of the things you wanted to do and have,” she said.

Grocers can also offer deals

Grocery stores, including Walmart Canada and Loblaw-owned Shoppers Drug Mart is also offering deals on personal care and holiday items in addition to the usual flyer deals during Black Friday sales. Cross said she often purchases items she needs during the holidays, such as packages of sugar for baking, at sales events.

“Shopping according to the flyers and preparing all meals according to the flyer is the way to go.”

This report by The Canadian Press was first published Nov. 29, 2024.

Ritika Dubey, The Canadian Press