How to survive and thrive on Black Friday
The day after Thanksgiving can be polarizing. For some, it energizes their dreams of deeply discounted new clothing, gadgets and household items. For others, the chaos and crowds are a reason to stay home and avoid shopping at all costs. People are similarly divided about cyber monday - another chance for some to save big online, while others would rather shop in person or skip out on spending all together.
Whatever your preference this coming week, we’ve wanted to summarize some of our favorite tips and tricks for surviving, and even thriving during these holiday sale events.
Tip #1: You can always sit these holidays out
The best way to save money is to not spend it in the first place. There are plenty of reasons to not participate in either Black Friday or Cyber Monday. In many cases, the discounts may not actually be that good. Even worse, some websites have been known to mark up prices before Cyber Monday so the discounts look more deflated. Chances are, you can find the same deals at other times of year, so it’s important to not feel a false sense of urgency to buy right this moment (and remember that marketing campaigns are aimed to make you feel this way).
Tip #2: If you do shop, make a plan first
If you are planning to capitalize on some savings, or just participate in the fun of bargain hunting, you’ll definitely want to make a responsible spending plan before the day hits. There are a few ways to approach this, depending on what you want to prioritize.
1. Plan according to what you need
Make a list of all the things you need to buy (as in, what you were already planning to spend money on in the next 3 months or so). Maybe it’s new sports equipment for your kids, a set of warm gloves for the winter months, or that dinner-changing pizza stone you’ve been meaning to pick up. You can even separate this list into “wants” vs. “needs” if you plan on spending a bit more. Having an organized set of items to target will help you stay within your bounds, only spend on things that make sense, and avoid impulsive decisions. You can even research where the best deals for these items will take place ahead of time (Wirecutter is a great place to start for this).
2. Set a budget limit
Maybe part of the thrill for you is just hunting around for a cool bargain. There’s nothing wrong with a bit of retail therapy, as long as you can afford it! Another way you can engage with Black Friday and Cyber Monday is by taking a look at your cash flow for the rest of the year and deciding how much you can allocate to shopping. If you take this route, consider adding some practicality to your day of spending by making some planned purchases early (it’s a classic time to start Christmas shopping). This could help ensure that you can enjoy the holiday and also prevent last minute blown budgets and overspending in late December.
3. Do your research
Even if you don’t make a comprehensive shopping list, it’s still a good idea to check out the deals ahead of time and make a plan. Get a sense of where you might find the best deals and let it inspire whatever form of organizational preparation you choose. CNET publishes a guide each year for many of the sales, but a simple Google search will do the trick too. We also highly recommend taking a look at the pricetracker CamelCamelCamel, to see how unique/strong the sale offers are.
Tip #3: Don’t be afraid to change your mind
Remember, just because it’s on your list, within your budget, or shiny and appealing, doesn’t mean that you must buy it. Before you commit to any purchases, take a pause and reflect on how much joy this item will bring your life. Ask yourself how much value it will add, and imagine how you will use/wear/engage with it in 6 months or 2 years from now. We like these visualization exercises better than simply asking, “do I need this?” because they can provide a bit more realism and detail to your judgment.
However you decide to celebrate, or not celebrate Black Friday and Cyber Monday, remember to do it as mindfully as you can. Either way, let the day bring you some joy and an excuse to do something nice for yourself or your loved ones.
Happy shopping (or avoiding of shopping), and remember to stick to your budgets.
Madison Elliott is a UX Researcher at Google. Madison leads data engineering and usability at Mana Financial Life Design (FLD). Mana FLD provides comprehensive financial planning and investment management services to help clients grow and protect their wealth throughout life’s journey. Mana FLD specializes in advising ambitious professionals who seek financial knowledge and want to implement creative budgeting, savings, proactive planning and powerful investment strategies. Madison brings her combined background in cognitive science, computer science and clinical psychology with her professional UX design and engineering experience to optimize workflows at Mana FLD and improve people’s lives.