How to Budget for Black Friday

How to Budget for Black Friday

Don’t be blinded by the advertising bonanza that is Black Friday. The holiday can be a great avenue to save, but if utilized incorrectly it can be a black hole for your budget, a vacuum that sucks in your money into a spiral of bad debt.

The most important way to ensure that you’re taking advantage of Black Friday is to plan ahead. Make sure that you work out a specific budget. Avoid overspending on frivolous items that seem heavily discounted. No matter how good the deal is, it’s not saving money if it’s something you don’t need. Ensure to do the following:

  • Make a list of people you need to purchase gifts for and then search for the best deals online ahead of time.

  • Use Black Friday to buy essential items at a discount, and if your budget allows for it to spring for non-essentials.

  • Be strategic about your Black Friday purchases. Find deals early by searching online and compare discounts on similar items from different branches or brands. Reserve early if you can. Run your purchase through comparison websites to make sure you’re finding the lowest price.

  • Look for discounts on household items like toilet paper and toothpaste that you use frequently but don’t spoil. Buying these in bulk at low prices results in immediate reductions in your expenses and also lowers the number of errands you need to run.

This kind of planning ahead not only helps you save money, but also makes your life a little easier!

If you’re looking for a credit counsellor in Toronto, get a quick assessment with us today or call us at 416.900.2324. We will help you develop a plan, reduce your interest costs and get out of debt over time.

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