34 minutes | Nov 16th 2020

#070 | 8 ways to conquer Black Friday without going broke

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Black Friday is the day after Thanksgiving when stores and customers lose their minds, and a lot of mindless shopping ensues. The term Black Friday refers to the idea that stores sell so much that they are in the black, which means profit. In the red means a loss. Cyber Monday is a new idea but functions in the same way. And we can’t forget that Black Friday isn’t like a whole month of “sales” and such. It’s a big deal. 

Mike loves Black Friday because it’s a family event. For 15 years now, he and his sister would go out early on Friday and go shopping. Then with their spouses and then with their entire families. It’s about getting fancy Christmas coffees and Starbucks and just enjoying the decorations and perhaps some good sales. It’s never been solely about shopping.

But there are some deals to be had, and here’s how you own them.

8 Ways to Conquer Black Friday:

  1. Sign up for alerts at Blackfriday.com.
  2. Have a plan.  You don’t need to be fixed entirely on this, but say, for example, “I’m going to buy a jacket.”  And then enjoy picking your favorite jacket from the store you decided to shop at. Don’t just show up and say, “Oooh, nice jacket!”  This is like going grocery shopping without a list.  If you don’t have a plan, you’ll do a lot of mindless shopping and will buy too many things you don’t need and perhaps can’t afford.
  3. Go with family and friends.  Not only is it more fun, but you’ll have some accountability partners and people bugging you to “get moving,” which prevents you from lingering.
  4. That deal you see? It’s probably not a deal.  Know the tricks! Here are some common ones:
    1. Buying more than you otherwise would to save money. You’re in fact spending more.
    2. Buying now for future savings. You’re almost certainly going to forget.
  5. Familiarize yourself with the tactics, and for all of the purchases during the year that you don’t “need” immediately, just wait. Not only will you probably change your mind, but you’ll save on something you were going to buy anyway.
  6. Ignore doorbusters. It’s almost always some low-quality item designed to get you in the door and buy something else. 
  7. Don’t buy a TV. You’ll be ok. Cheap TVs are always cheap for a reason.
  8. For commodity items, compare! If you want to buy a new Xbox game as Mike does, they are 100% the same and always the same price, so check Target, Walmart, Best Buy, etc., and then wherever you can save $5 or $10, that’s the place you buy!

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Show References

Blackfriday.com

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Other Links

Maggie’s Blog: Mostly Minimal Life

Mike’s Book:  Your New Relationship with Money

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