Named for the outrageous profit margins retailers experience during this 24 hour period, the Friday after Thanksgiving is commonly referred to as “Black Friday.” However, with the economy in its current state, it is more important then ever that we realize that Black Friday for the Retailers actually means Red Friday for the consumer. The term actually stems from the old accounting practice of using Red ink for debts and Black ink for profits.
For those of you planning to brave the crowds (more then 147 million last year), here are a few things to keep in mind while hunting for those once in a lifetime sales and impossible to pass up deals.
First, have a plan. If your purpose for shopping is to complete your holiday gift list, make sure you actually make a list, and bring it with you! Stores make a considerable amount of money on impulse buying. By making a list of the people you need to buy gifts for and what you plan to buy them, you can combat the urge to splurge and still get the gifts you need without sliding into the Red. If you are unsure of what you want to get someone come, up with an appropriate amount that you would be willing and able to spend and write it next to their name on your list.
Second, make a budget. It is easy for shoppers to get carried away in the moment. After all isn’t that what the entire day is built around? Some of us may already have our holiday list complete so Friday will be more for the thrill of the hunt. Regardless of who you are buying for, having a budget can keep you calm while the world around you is whirling with “last chance deals.” The key to a budget however, is to keep track of your purchases. If you buy mom the video camera she asked for make sure you write down how much it cost you next to her name (on your gift list). No matter who you are buying for, you should keep a notebook handy to tally your receipt totals as you go. This will keep you aware of what you have spent and how much of your budgeted money you have left while a also keeping your bank account in the black.
Third, make sure to ask yourself one very important question before each purchase. “Do I need this?” If there is a chance that you are buying something for the thrill of the sale instead of the quality of the item or the fact that you actually need it, rethink your purchase! Don’t let yourself get so caught up in the moment that you start to impulse buy. Asking whether you really need something will prevent you from purchasing items you do not need.
Fourth, do your research. How will you know if 30% off of that IPod is a good deal if you haven’t looked at what it goes for normally? If you have made a list, you should have some things in mind. Spending a little time researching the things you want to buy can save you a lot of money. Many stores provide prices for items on their websites so there is little effort needed to do a little research. For instance, if I wanted to get my sister a new camera, I would check its price at Best Buy, Circuit City, Wal-mart, and Amazon. If I’m prepared with a list of comparable prices I am less likely to spend more then I have to in the stores. To aid in the researching process there are many websites dedicated to helping consumers find good deals. To preview the sales, try visiting www.bfads.net or www.blackfriday.gottadeal.com
If you can’t find the perfect gift on Friday, stay calm there are more sales. Many stores extend their sales throughout the weekend to maximize their profits. And, if you are not one of the 147+ million people who will be hitting the stores on Monday, you can still take part in the savings. Many retailers cut prices on their products thru their online the Monday after Thanksgiving. To take advantage of these deals go to www.cybermonday.com or www.bestcyermondaysales.com.
So, cut your coupons, create your itinerary, and fill out your budget. This year black Friday will happen as it always does for the retailers. However, this year make sure it doesn’t become “Red Friday” for you.