Why I’m Not Shopping on Black Friday This Year – and What I’m Doing Instead
Black Friday is quickly approaching. There have been plenty of early deals and shoppers are bracing for a tsunami of sales when the big event officially kicks off. But this year I won’t be one of them.
Don’t get me wrong; I’m all about a bargain. But years of Black Friday shopping have taught me that it’s not the best way to check off my holiday shopping list.
Do you also have to unsubscribe? Here’s what led to my decision, and what you should keep in mind if you’re thinking about skipping this year as well.
Read more: CNET survey: Holiday shoppers could get $291 in deliveries at risk of theft. How to keep porch pirates at bay
What to consider before shopping Black Friday sales
Before you reach for that credit card next weekend, here’s what personal finance experts suggest.
Don’t assume you’ll get the lowest price
There are a lot of really good Black Friday deals, but that doesn’t mean every deal is the best bargain. Some stores may mark up items to make their ‘sale’ prices look more attractive.
“Never take a Black Friday sale at face value,” says Leslie Tayne, financial attorney and CNET expert reviewer and contributor. “Start by checking the historical price of an item to see if the Black Friday price is a good deal (there are apps and browser extensions that can help you find this information quickly). It’s also important to check the price at different retailers to check.”
CNET editors scour the sales to make sure you get the best deals. If you’re shopping Black Friday, check out their recommendations. You can also use browser extensions, cashback apps and price tracking tools like Camelcamelcamel to track price history and changes and find other discounts.
Time your purchase well
When you find the best bargains depends on what you want to buy. According to one Adobe Analytics predictionwhen to get the best prices on specific categories this holiday season:
- Furniture: Thanksgiving Day (November 28)
- Devices: Thanksgiving Day (November 28)
- Toys: Thanksgiving Day (November 28)
- Sports equipment: Thanksgiving Day (November 28)
- TVs: Black Friday (November 29)
- Computers: Saturday (November 30)
- Clothing: Cyber Monday (December 2)
- Electronics: Cyber Monday (December 2)
Compare products before you buy
Black Friday deals may push you to buy a product that is inferior to the one you would normally buy. For example, a heavily discounted TV from another brand may cost significantly less than the top TV you have in mind, but if the quality is lower the savings may not be worth it.
“Keep an eye on derivatives products,” Tayne added. “Make sure you get the same model as the rest of the year.” Make sure you compare product features and prices to find the best item, rather than one that just happens to be on sale.
Avoid impulse purchases
I’m a sucker for sales. I’ve gotten better, but there are still times when a reduced price tempts me to waste money on something I don’t need because it seems too good to pass up. Combine this with a limited time period, and I could really be in trouble.
Limited-time offers are designed to get you to buy before you even think about it. If you know a deal is ending soon, you may be pressured to make a purchase for fear of missing out. Stores a sofa on it.
“Many people buy things they don’t need because they are told these discounts are only for a limited time, but this is just a classic sales trick that retailers use to rush you into making a purchasing decision,” said Daniel Braun, credit card expert and CNET expert reviewer and contributor. “The truth is that impulsive shopping and overspending on non-essential items can actually cost you more money around Black Friday than it saves you.”
If you’re overwhelmed by the sales, hit pause
Black Friday used to take place the day after Thanksgiving and was largely limited to the bargains you saw in newspaper circulars. Now the deals start as early as October and run until Cyber Monday.
With a seemingly endless array of retailers offering Black Friday discounts online and in-store, you might be feeling stressed or overwhelmed by all the deals. Instead of panic buying, take a moment to refocus. Ignore the offers and focus back on your budget and shopping list.
What I do instead of shopping Black Friday sales
Skipping Black Friday doesn’t mean I’m not interested in saving money this holiday season — it just means I’m using other strategies to do it.
I make a budget and stick to it
It is known that many consumers spend beyond their budget at this time of year. A CNET Money survey found that nearly two-thirds (72%) of shoppers plan to make financial sacrifices or compromises to pay for holiday expenses this year, and 24% plan to use credit cards or make plans to pay for them now and buy later to cover holiday costs.
To avoid spending money, I create a budget for the holidays. I start by determining how much I want to spend throughout the season and then break that down into categories, like entertaining and gift giving. Then I further divide my gift-giving budget by deciding how much to spend on each person on my list. This budget gives me a framework that I can refer to whenever I make a spending decision.
I find other ways to save
Sales events aren’t the only way to get a great deal on your purchases. For example, if you’re interested in an expensive item like a TV, there are plenty of other ways to reduce your costs.
“Many people forget that buying used, certified refurbished or even buying last year’s model is an option,” Braun said. “Sometimes buying stuff that isn’t the ‘latest and greatest’ can still get you really good deals at any time of the year, not just around Black Friday.”
Keep in mind that while you can save money on reconditioned or restored electronics, make sure you buy from a reputable retailer and that you get a warranty if you have any concerns.
Additionally, consider purchasing some of your gifts second-hand to reduce your carbon footprint and lower your overall costs. I’ve found great gifts on Facebook Marketplace, from gently used, high-quality kitchen appliances to hard-to-find collectibles. You can even take it a step further and search your local Buy Nothing group. You might be surprised at the things people are willing to give away for free just to tidy up their house.
Getting a head start on the holiday shopping season
Shopping for last-minute gifts may force you to make some bad purchasing decisions. By shopping year-round, I have a better chance of finding the items I want on sale.
This also helps me because it gives me a whole year to plan and spend money on holiday gifts, instead of trying to fit my budget into a few paychecks at the end of the year. You can also save yourself stress by stocking up on gifts before the holidays.
If you don’t want to rush your Christmas shopping next year, consider setting up a sinking fund so you have more time to reach your gift goal.
Should you shop Black Friday?
It depends. If you take the time to do your homework and don’t let your emotions get the best of you, you can score great deals. Stay tuned to CNET’s Black Friday coverage for the latest deals and shopping tips.
If, like me, you find Black Friday overwhelming and dangerously tempting at the same time, you might want to skip it. The most important thing is that you know the pitfalls to watch out for and that you stay aware of how much you can spend.
“There are great Black Friday deals to take advantage of,” says Braun, “but people really need to think carefully about whether they have any intention of spending money on certain items at all.”
Tayne agrees. “Keep in mind that a deal is only good if you buy something you really need and it’s within your budget. If you let the hype and pressure of limited-time offers sway you, you could end up starting the new year in debt .
