As Black Friday approaches, holiday shoppers should prepare a list, make and stick to a budget and consider shifting the emphasis from physical gifts to intentional gestures that don’t break the bank.
Laura Hendrix, an Accredited Financial Counselor and an associate professor of personal finance and family resource management with the University of Arkansas System Division of Agriculture, said it can be easy to overspend in an attempt to create an extravagant holiday experience.
“But the truth is that the gifts aren’t really the most important part of holiday memories,” Hendrix said. “Do you remember what you got for Christmas when you were eight or 10 or 12 years old? Do you remember what you got two or three years ago? Chances are your happiest holiday memories have nothing to do with the gifts you’ve received.”
Hendrix offers the following tips for families interested in shifting their focus from the number of presents under the tree and instead investing in the quality of holiday time spent together:
- Limit gift giving. Hendrix said families can trim holiday spending by condensing the number of gifts they purchase or limiting the amount spent per gift. “Do you usually give gifts to everyone you know? Instead, give only to your closest family members and friends,” she said. “Has the price tag become more important than the token of affection? Set a dollar limit on the amount your family will spend on each gift.”
- Share time and talents. “Give meaningful, unique gifts by using your time and talents instead of your pocketbook,” Hendrix said. “Bake cookies or make candy to share. Give coupons for babysitting or guitar lessons. Throw a slumber party for your niece. Take your best friend on a camping trip. Get creative in thinking of special gifts that are tailored to the recipient.”
- Build traditions. Cherished memories come from the warmth and joy of holiday traditions that families look forward to every year, and they don’t have to cost much money. “Listen to your favorite holiday music while decorating the tree together,” Hendrix said. “Watch your favorite movie together and pop your own popcorn. Bake and decorate gingerbread or sugar cookies — focus on the experience.”
- Plan beyond the holiday. “Much attention is focused on Christmas morning and the opening of gifts, and it’s nice to have something else to look forward to,” Hendrix said. “Plan a special family time or a fun activity that goes beyond the gift-giving celebration.” This could be a family trip to the movie theater to see a Christmas premiere or driving through town to look at neighborhood Christmas lights.
Shop smart
Black Friday traditionally falls on the Friday after Thanksgiving, and it’s one of the busiest shopping days of the year. Online retailers also offer deals on Black Friday and on the following Monday, Cyber Monday. Local and online small businesses also encourage shoppers to support them on the following Saturday, Small Business Saturday.
For people who want to take advantage of Black Friday deals, Hendrix suggested going in with a plan and practicing discernment.
- Is it really a bargain? Research the real or original price to know if the advertised price is a real discount. Ensure it’s a quality product, and not just a cheaper product at a cheaper price. “Check in with yourself: is this something you really want or need?” Hendrix said. “If not, it’s a waste of money no matter the price.”
- Resist impulse purchases. Be aware that advertised sale items are designed to drive customers into the store or onto the website. “Though the store display or pop-up ad may be enticing, stick to the items that are already on your list,” Hendrix said.
- Make a plan. “List the items you need, and set a spending limit for this list,” Hendrix said. “Prepare in advance by checking ads, scouting for coupons, comparing prices between stores and using a store’s app on your phone. Look for ways to combine discounts, such as a sale item plus a coupon.”
- Read the fine print. Be wary of sale items advertised as “door busters,” “while supplies last” or “limited supplies.” On Black Friday, some stores do not offer rainchecks, which is a voucher that allows a customer to purchase an advertised sale item at the sale price when it’s back in stock. Similarly, price matching — when a store matches a lower price offered on the same product at another store — may not be available on Black Friday.
- Establish priorities. Research when stores open, as some may open on Thanksgiving evening, at midnight, or they may offer “early bird” specials the next morning. “If an important item on your list is labeled ‘while supplies last,’ you may want to go to that store first and get in line early,” Hendrix said.
When it comes to online shopping, ensure the retailer is reputable and has a secure payment system. Read through their return and replacement policies, and check shipping costs. If the company does not offer free shipping, consider if the item is still a bargain after shipping costs are added. Be sure to log out of all accounts and close browsers after completing a transaction.
For more money tips, contact your county extension office or visit the Extension Money Blog.
PHOTO: Man holding smartphone shopping during black friday. (Adobe Stock │ #297363624 – issaronow)
