5 Mistakes That Can Be Expensive On Black Friday
'29.11.2019'
Source: Fool
Black Friday can be a great shopping opportunity, but on this day the wrong approach to shopping can lure you into unexpected and unpleasant traps. Fortunately, many of these potential problems can be avoided if everything is planned correctly.
Knowing about 5 the most common mistakes on Black Friday and Cyber Monday, you can consciously and wisely take advantage of the best offers, writes Fool. So, what is better not to do during the holiday shopping?
1. Spend more than you can afford
Advice to stay within your budget may seem obvious, but any buyer can easily convince himself that he can spend more than would be financially reasonable. A survey conducted by Bankrate showed that more than 60% of Americans had doubts about whether to spend more money during the holiday shopping season than their budget allows. Such internal pressure combined with fear of missing big discounts or disappointing loved ones can easily lead to purchases that put you in an unjustifiably difficult financial situation and negate your festive mood.
2. Wrong to use credit cards
Each year, millions of people pay for their holiday shopping with new or existing credit cards. If interest rates are not very favorable or the balance is not returned within a reasonable period of time, your expenses may be significantly higher than the attractive price of a holiday product.
Registering new credit cards can also lower your credit rating, which will ultimately significantly increase the real cost of holiday expenses. Moreover, many retail credit cards tend to have high interest rates, and signing up for a store’s credit card to finance purchases can significantly increase your real costs if you don’t get the principal back quickly.
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If you have favorable terms with a refund and low rates, you can make credit cards work in your favor, but be careful not to let expenses get ahead of what you can quickly pay back.
3. Think low price — this is the main thing
The fact that the price tag looks like the best deal of the year does not mean that it really benefits you. Be sure to look at product reviews and see which ones are actually attractive to buy.
Think of it this way: if you buy electronics because the price looks super low compared to similar offers in this category, but next year it will break or work poorly, is this a good deal? There are enough discounts on Black Friday and Cyber Monday, so in the long run you can spend a little more on quality.
4. Unsubscribe from the best discounts
If the retailer offers a particularly attractive deal, you may be tempted to make all the purchases in one place. This may seem convenient and significantly save time on shopping. But field research can also pay off. Check out the best deals in every store and be sure to check out online deals on Black Friday, Cyber Monday, and the rest of the holiday shopping season.
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5. Do not have a shopping plan
Availability of a specific shopping list and its compliance — the easiest way to make sure that you do not spend too much time, effort and money on shopping this season. Setting a budget and sticking to it will probably be a lot easier if you plan all your purchases in advance, and a well-defined plan can save you the stress of holiday shopping.
Remember why all this is necessary
Festive season — it is much more than just giving gifts and buying things at a discount. It is very easy at this time to get bogged down in the hunt for discounts and get out of your budget, ruining yourself all the holidays. Remember that the opportunity to give gifts to loved ones — it's fine, but spending time with each other and appreciating him — this is what really creates the best impressions and good memories.
