Black Friday and Cyber Monday are coming up. Soon. Are you ready? Do you have a personal management plan for maximizing these two annual sales events?
Black Friday is the day after the U.S. Thanksgiving national holiday (usually the fourth Thursday in November), and it has become a day for special shopping sales; it often signifies the start of the winter holiday shopping season. For some retailers, Black Friday is their single biggest sales volume day of the entire year. Cyber Monday is the first Monday following the Thanksgiving weekend when electronics such as desktop and laptop computers, mobile phones, tablet computers, eBook readers, headphones, wireless (and wired) earbuds and other equipment goes on sale by retailers.
According to an announcement from the industry trade organization the National Retail Federation (NRF) made on November 28, 2023, “A record 200.4 million consumers shopped over the five-day holiday weekend from Thanksgiving Day through Cyber Monday, surpassing last year’s record of 196.7 million, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics. The figures surpassed NRF’s initial expectations of 182 million shoppers by more than 18 million.”
It can be easy to get excited by money-saving deals on these shopping days and go beyond set spending limits. While the bills might not arrive immediately, they eventually will—and excessive spending may create a joyful holiday for gift recipients but leave the gift-givers facing an unpleasant burden of post-holiday debt.
However, some planning ahead for the big sales can result in a holiday where buying and saving money balance out so gift givers and gift receivers can all celebrate the season. Following are some suggestions for holiday budgeting and spending while strategically maximizing the discount benefits of the two big seasonal sales days of Black Friday and Cyber Monday.
Research and plan to get the most out of holiday sales, including budgeting
Create a holiday budget and set spending limits. Be fiscally responsible and limit what you buy to only what you can afford. Use this opportunity to shape your holiday budget and decide how much money you can set aside for holiday spending. Forecast upcoming expenses and determine how much you will have after paying for current necessities. Take a look back at your spending from last year, since this might give you a good idea of how much to budget for this year. Decide who is getting what and set a firm “no more than” amount to be spent for each person. Parents might want to have children make a list of their wants ranked in order of importance.
Know what you’re buying before the sales begin and your preferred retailers. Create a list of who you will shop for and, if known, specific gifts for them. Plan out your gift buying, and keep in mind shipping deadlines and sales tax. Consider where and when you need to purchase gifts, both physical and online stores, and prioritize when you’ll visit sites or stores.
Do your research and comparison shop. Start comparing prices now—online or in weekly advertisements—and keep track of the lowest prices you can find. That way you’ll recognize a good deal when you see it.
Increase your sales savings by using credit cards with good rewards points programs. Rewards points usually can be used in a variety of ways—possibly including buying some gifts with points—and you can continue to accrue them during your sale purchasing. But keep in mind that if you carry a balance on your credit cards, you will be paying additional interest over time for those purchases, which may offset the benefit of any rewards.
Take advantage of sales before and after Black Friday and Cyber Monday. To stay competitive, many retailers don’t wait until Black Friday or Cyber Monday to offer discounts, or they continue or start sales after those two huge shopping days. Don’t limit your shopping focus to just these big deal days. Start checking websites now and sign up for emails from retailers for advance notice of sales and other special deals.
If a little more money is needed to help maximize holiday sales’ savings, then there are special holiday loans available. Delta Community offers Holiday Loans—these are fixed-rate Personal Loans offered seasonally during the months of November and December. The Holiday Loan could be a helpful financial solution that offers readily accessible extra cash for the holiday season or for 12 months. Anyone interested in a Holiday Loan should always check the Credit Union’s website for current details, but features of these loans in the past have usually included:
- A fixed rate and term so you can better budget.
- A quick and easy application process.
- Funds deposited directly into a Delta Community Checking Account, typically the next business day.
- The flexibility to use the loan for whatever you need now or next year.
- No collateral needed based on creditworthiness.
- No annual fee or processing fee associated with this loan.
Other tips for holiday money management are available from Delta Community’s Financial Education Center and blog
More information on managing finances year-round is available from free, monthly Delta Community Financial Education Center webinars on many different money-related topics. Please visit the Financial Education Center's Events & Seminars page to register for its no-cost, on-demand webinars.
Delta Community’s blog has other practical advice on holiday season finances:
Would you like to have the gift of achieving more BALANCE™ in your finances?
Another resource for good information is BALANCE™. BALANCE™ is a financial education and counseling organization that offers free services to Delta Community members. Some of its services include credit report reviews, debt management, and information on budgeting, money management and home buying.
Visit the BALANCE™ website to learn about their education and assistance programs. Members can also speak with certified credit and housing counselors to get personalized guidance.
Want to connect with a Financial Coach about your specific situation? Chat online, e-mail, or call 1-888-456-2227 to speak with a Financial Coach today.
Note that the services offered through BALANCE™ are separate and distinct from any business conducted with Delta Community and are not guaranteed by, nor are they obligations of, the Credit Union.
