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3 Reasons Why Black Friday Won’t Save You Money

stairs-906720_1280As a frugal person, you probably have become quite adept at looking for sales – and there is certainly nothing wrong with that. There is no reason to pay full price when you could possibly shop around and find the same item on sale. Consistently shopping sales can save you money both in the short-term and over the long run. If you want to regularly stay within your budget on a monthly basis, you will find that sale shopping is a key part of the equation.

You might think, then, that the Black Friday sales that go on all over the country are a great opportunity to save some cash. Not so fast. Sure, you will see incredible prices posted for a number of quality goods, but those sales aren’t necessarily all that they are cracked up to be.

Here are three reasons why you should think about steering clear of Black Friday.

Limited Supply

Usually, when you see a great price advertised for a product on Black Friday, there is a very limited number of items actually available at that price. So there might be a TV listed at $300, but there may only be five units offered at that price. Therefore, unless you get up very early – or get very lucky – you aren’t going to get that deal.

Missing out on the deal might not be the end of the world, but you may then feel compelled to buy something else because have gone through the trouble of getting up to go shopping on the day after Thanksgiving. By avoiding the scene altogether, you will eliminate the risk of making a bad shopping decision.

Things You Don’t need

What are the chances that the items that happen to be on sale on Black Friday are actually things you need? More likely, you will end up buying something that wasn’t in your plans simply because it is on sale.

Buying stuff you don’t need is one of the fastest ways to blow through your budget. Stick to only buying things that have a specific purpose, and leave everything else alone – even if it is on sale.

The Holidays Are Expensive Enough

November and December are an expensive time of year, even if you keep all of your money in your wallet on Black Friday. Don’t add to the cost of the holiday season by purchasing items that could have waited until the New Year – if you even needed to buy them at all.

The reality is that, thanks to online shopping, you can almost always find a good sale when you do really need to buy something. Your best bet from a budget perspective is to ignore the Black Friday marketing blitz and simply stick to the shopping plan that has served you well throughout the rest of the year. Not only will you have more money in your bank account by ignoring Black Friday, you will also be able to sleep in!

 

Are you going to shop or sleep on Black Friday? Do you think Black Friday actually allows you to save money? Do you go shopping on Thanksgiving?

 

Photo courtesy of: jarmoluk

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John Schmoll is a Dad, husband and veteran of the financial services industry. He's passionate about helping people learn from his mistakes so that they can live lives free from the shackles of debt and empowered to make their money work for them. You can check out his other sites: Frugal Rules, for ways to improve your financial literacy; and Sprout Wealth for tips on different ways to make more money. John has been featured on Forbes, Lifehacker, Yahoo Finance and US News & World Report and more. If you're wanting to grow your blog, check out my blog coaching services to see how I can help you take your site to the next level.

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2 comments

  1. Black Friday does actually have some of the lowest prices of the year. The key is knowing how to be strategic with your shopping and not necessarily focusing on just the super doorbuster deals.

    There are still some stores that do the limited supply thing but most of the larger retailers have moved to guaranteeing the doorbuster as long as you are in the store for a specific period of time. This was to prevent the problem with people getting trampled.

    I do agree with you that Amazon is a great place to go if you aren’t “into” Black Friday sales, especially for toys.
    Paul @SavingFreak recently posted…The Ultimate Black Friday Shopping Domination GuideMy Profile

  2. I normally don’t go out for Black Friday but I do agree about being strategic. Black Friday will not save you money if you go with no plan. I had my amazon list on my phone. Comparing Prices. ☺

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