For those looking to get through the holidays on a budget, Black Friday and the other deal days, like Small Business Saturday, and Cyber Monday are a must. You get killer good deals on nearly everything, from big ticket items to small things like socks.
But, even with those big deals, you’re still spending money, and probably a lot of it over these three days of deals. We have suggestions on how to not ruin your savings account by getting those great deals on Black Friday.
Set Aside a Specific Amount, Don’t Go Over
Going into the Black Friday weekend, have a set amount you are willing to spend. One of the biggest risks of going shopping is something catching your eye you didn’t plan on buying, but seeing the big discount and feeling like you are missing out. Maybe you’ll spot a TV for half the price, or some clothes at a ridiculous discount.
A great protection against this is to set a hard spending limit for yourself. Don’t allow yourself to go over that limit at all costs. This can help keep you focused while shopping on the items you need to buy.
If you need a little bit of help, Pioneer’s Card Companion app is the tool for you. You can set a transaction limit on your card, preventing overspending at the store.
Plan What You’re Buying and Get Out
Along the same line, go into Black Friday shopping knowing exactly what you are buying. Make a hard list and don’t deviate from it for anything.
Once the Black Friday deals start dropping, start planning. Don’t count on doorbusters unless you’re planning on camping out. However many other items are within your reach. Look through the ads, find the best deals, and plan out your day.
Once you’ve purchased the items on your list, get out. Walking around and looking for more deals leads to buying more, which leads to going over budget. Get the items, pay, and go home.
Use Your Rewards! points for Extra Cash
If you have a Pioneer credit or debit card, you’ve been earning Rewards! points every time you’ve used it! Especially if you haven’t redeemed points for a long time, you probably have a lot of points you can use.
Rewards! points can be redeemed for all sorts of things. Focus in on the gift cards you can redeem points for. Many major retailers and restaurants have gift cards you can get to help with holiday spending. You can use these gift cards to help with Black Friday shopping. You just need to be sure to redeem your points ahead of time so you can get your gift card in the mail.
Credit Cards Give You Financial Flexibility
Needing a little bit of financial flexibility with your shopping is completely understandable. The average person spends about $400 a year just on Black Friday. If you aren’t prepared for it, the extra cost can really throw off your budget.
Using a credit card can give you a little bit of flexibility when it comes to shopping, just be sure not to bite off more than you can chew. Keep with the advice above and plan out exactly how much you’ll spend and then know how you’ll pay it off quickly. Maybe you can split the cost over a paycheck or two instead of depleting your savings to pay it off.
If you’re looking for a great credit card, Pioneer’s VISA Credit Card is one to consider. You earn Rewards! points with every purchase, with 1 point for every $1 spent. That’s including all of the spending you’ll be doing on Black Friday!
Take Out a Small Loan
Pioneer’s Annual Loan Sale, formerly known as Black Wednesday, is another avenue for financial flexibility. Many people take out a small loan with low interest rates to cover their holiday expenses, and then pay it off in the following months.
This is one way to exercise your credit, grow your credit score, and spread out your Black Friday shopping and other expenses over a longer term than using a credit card. We have a variety of loans available, so if you’re looking to buy a new car as a gift, or have something more expensive on the list, we can help!
Check Out Pioneer's Annual Loan Sale