TORONTO –
As retailers drop reminders in email inboxes and on TV that Black Friday deals are in full swing, the flashiness of all the advertising is designed to entice shoppers to open their wallets ever wider.
Deidre Cross, the founder of Ohh You Budget, says there are a number of ways shoppers can avoid getting enveloped by the sales frenzy and resist spending beyond their means.
“(Just) because it’s on sale, doesn’t mean it’s a sale for you,” she said. “Don’t let the flashy deal pressure you into buying things that you wouldn’t have bought in the first place.”
Here are some other tips for shoppers can consider.
Use prepaid cards or cash
Using cash or prepaid credit cards when shopping in person can help prevent you from impulse buying and overspending during flashy sales, Cross said.
If you are prone to impulse shopping and carry a credit card, that is “going to set you up for failure,” Cross said.
“Pull up that cash and go to the mall with $400 or $300, whatever your budget is.”
Know your needs vs. wants
Make a list of things you need and want rather than being swayed by every deal you see, Cross said. She said she usually prioritizes things she needs and goes from there.
This year, Cross said, she has made a list of items and their regular prices so she can compare and figure out whether she’s getting a good deal. She also prioritizes what’s most important on the list.
Cross said she has set a budget for herself of $400 for Black Friday and Cyber Week sales. “I’m not spending a dime past $400,” she said.
Buy now, pay later is a big no
While it can be tempting to pay for a pricey item over time, Cross said shoppers need to keep in mind it can hurt their budget in the future.
“People keep forgetting that life happens after you make these purchases,” Cross said.
“When you’re making those payments in the future, you’re not thinking like, ‘OK, maybe I might need that money more later, or something might come up — an unexpected bill.”‘
She said buy now, pay later schemes tie up future paycheques into items you might not need and could hurt financially, if not planned well.
Some buy-now-pay-later plans come with penalties on missed payments and higher interest rates on a longer pay period, making the item more expensive than it is.
Think of the post-holiday season
Cross said people should think of things they would like to do after Black Friday and the holiday season.
Sometimes, future goals such as taking a vacation or booking time off work can be affected when people’s budgets get out of hand. For example, Cross said, saving money now could allow someone who’s paid hourly to take a couple of shifts off in January to spend time with their family.
“If you were to … spend more than your budget, you’re robbing your future self of doing the things you wanted to do and have,” she said.
Grocers can offer deals too
Grocery stores including Walmart Canada and Loblaw-owned Shoppers Drug Martalso offer deals on personal care and holiday items besides the usual flyer offers during Black Friday sales. Cross said she often shops for items she will need during the holiday season such as packs of sugar for baking during sales events.
“Shopping off the flyers and basing all your meals off the flyer is the way to go.”
This report by The Canadian Press was first published Nov. 29, 2024.