Personal FinanceBlack Friday: Shop on a Budget

Enid KathambiNovember 5, 20183316 min

The holiday season is upon us people, and what better way to kick it off than with Black Friday. The deals that come with Black Friday from various retailers could make you break your bank. We do not want that for you mostly because the holiday season can be very long when you are broke.

To help you contain your shopping spree excitement this Black Friday, here is how to shop on a budget. This, of course, will also help you manage your finances throughout the holiday season.

 Step 1: Creating a Budget

You, of course, have to create a budget to help you manage your finances. Without this, you will end up getting excited by each and every deal you see. Trust me, once you start seeing those Black Friday deals, your head will explode. This leads to impulse buying, which is what we are trying to avoid.

Whether you are planning on using an App, or writing down on your diary, list down all the necessities of the holiday season. This might include rent, food, power bill and gas among others. Once you are done with the necessities, the money that remains can be split between your savings accounts, gifts and emergencies over the holiday season.

I am hoping you are financially disciplined not to dive into your household budget especially on Black Friday deals.

Step 2: Create Your Shopping List

For starters, you might want to take advantage of Black Friday to shop for Christmas gifts for your loved ones. If that is the case, then you need to list down all the people you want to gift, and how much you are planning to spend on each individual.

For those of us waiting for Black Friday deals to buy household stuff or clothes and other things, make a list to avoid impulse buying. The trick is knowing that you do not have to buy everything. Once you have listed all that you need to buy, allocate the amount you want to spend on each item. Then, of course, check online for Black Friday deals on those items and see which store has a price range you are hoping to spend.

Step 3: Shopping Within Your Budget

You have made it to step 3, good. This is where you go scouting online or through your local retail shops for Black Friday deals.

Once you have a budget for every item you are going to buy, compare and contrast between all the deals you can see before you settle for any. Some deals are sweeter than others, do not settle for less.

We are advocating for this because it saves you the excitement of impulse buying , which makes you spend more than you wanted to. Most importantly, stick to your budget and keep track of your transactions. In case you need more income for this, try saving in advance. It might not be enough for this year’s Black Friday deals but next year is there.

This year’s Black Friday will be on 23rd November. Creating your shopping list and budget for each item early enough will help you shop on a budget. So, go ahead, make a shopping list, set aside some money, sit back and wait for Black Friday deals!

 

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