Black Friday 2020 is just around the corner, and many of us are gearing up to take full advantage of the savings. This year, holiday shopping is likely to look a bit different due to COVID-19. Meaning, fewer people lining up for midnight doorbuster deals on Thanksgiving night, and more people opting to take advantage of their favorite retailers' online offers instead.
Regardless of whether you plan to shop online or in-store, it's good to plan ahead to ensure you get the most out of what is often touted as the busiest shopping day of the year in the U.S. If you are wondering how to shop Black Friday sales and save, here are some simple tips to follow.
How to save on Black Friday
Research pricing history
If you have a big purchase to make and are excited to see what deals are coming up, it's worth spending some time looking at the pricing history. Unfortunately, sometimes the price on Black Friday isn't much different from any other day. In other cases, it may even be more expensive. A study by Which? found that 95% of products featured in Black Friday sales are cheaper or the same price even after Black Friday. They aren’t actual deals, they’re the same price.
Take a quick look at the items you're planning to buy to get a good idea of what they usually cost before spending on what turns out to be a bad deal. In some cases, you may be better off waiting until Black Friday is over or planning ahead and purchasing before the Black Friday sales begin.
Stick to a budget
The next thing to think about is putting a budget together. While it may take some of the fun out of Black Friday, having a budget is key to avoid overspending.
It can be tempting to get carried away with all the deals on Black Friday. It's easy to overspend or pick up nonessentials on impulse just because you see items on sale for a great price. Remember, if you weren't planning to buy it anyway, it's not really saving you money in the long run to buy it on sale.
Try to shop online
Shopping online has its advantages. First of all, you avoid the crowds, which is even more important this year during the pandemic. The other benefit of shopping online is that you can take your time and do your research on other retailer sites.
Now that most online retailers extend Black Friday deals for a couple of weeks before and after the weekend, there's less rush to make on-the-spot purchases. While you may have to wait longer for the items due to shipping, it's a more relaxed way of doing your Black Friday shopping, since it eliminates the need to rush your shopping on one day.
Sign up for store email newsletters
To get the latest updates on your favorite retailers' Black Friday offers, sign up for their store email newsletters. That way, you'll get a notice of when the deals go live, when they're about to end, and the best deals to look out for.
The bottom line
Black Friday can be a great time of year to save money on holiday shopping. However, in some cases, the lure of discounts can tempt you to overspend. That's why it's so important to have a clear budget in mind for your Black Friday spending. Also, for the best deals and savings, keep an eye on email newsletters from your favorite retailers.
Following these simple Black Friday tips will help you reign in your spending, avoid going over budget and find the best Black Friday deals this year.