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Make a Plan to Avoid Black Friday Overspending

2012/11/21 by

How many people will NOT be partaking in the up-at-dawn, shop-til-you drop insanity that is known as Black Friday? Here’s one– this guy! What I WILL be doing is enjoying Thanksgiving leftovers from the couch, in my slippers, while perhaps perusing the internet for some deals, away from the hundreds of thousands of bargain-thirsty shoppers overtaking the malls and stores that day. Now, if you are thinking about braving the shopping centers on that fateful day, it’s important to remember to stick to a budget– no matter HOW many HD TVs are on sale at Wal-mart and how many other shoppers you had to stand in line in front of to get in. The SF Gate recently published a great guide to how NOT to overspend if you’re going shopping on Black Friday, and I think it is well worth a read if you are considering joining the masses on Friday:

“As Black Friday approaches, Springboard Nonprofit Consumer Credit Management, Inc. (“Springboard”) is encouraging shoppers to be mindful of their budget before heading to the malls. Traditionally, the day following Thanksgiving Day or Black Friday as the day is referred to in the United States, signals the beginning of the holiday shopping season. With retailers opening early and offering wide-spread promotions on everything from clothing to electronics, consumers can be tempted to purchase items they do not need or otherwise would not consider buying.

“With all the attention surrounding the day after Thanksgiving, it’s easy to understand why so many consumers get caught up in the excitement,” said Sheri Stuart, Springboard’s education department manager. “We strongly encourage consumers to review their budget before heading out on Black Friday. Avoiding impulse purchases during the holidays can help consumers start the New Year without unwanted debt,” said Stuart.” 

Click here to read Springboard’s steps to avoiding overspending on a Black Friday shopping spree.

My personal favorite of Springboard’s very well advised steps is Step #2: Don’t create new debt! The best point is that if you can’t pay the balance off on your credit card at the end of the month, you WILL end up paying interest on the purchase/s and the interest just might be more than the amount that you saved buying the item on sale. Food for thought, friends!

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