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Smart Black Friday Shopping: Maximize Savings, Minimize Debt

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The Countdown to Savings Begins

Black Friday, the day after Thanksgiving, marks the unofficial start of the holiday shopping season. It’s a time when retailers roll out some of their biggest deals and discounts. But in the rush to grab these bargains, it’s easy to get swept up and spend more than planned. This article is your guide to navigating Black Friday wisely, ensuring you save money without adding unnecessary debt.

This year, more than ever, it’s important to shop smart. With budgets stretched thin for many households, understanding what to buy (and what to skip) on Black Friday can make a significant difference in your holiday season spending. Let’s dive into the world of Black Friday deals with a strategic eye—focusing on where you can find true savings and how to avoid common spending traps.

What to Buy on Black Friday

The Best Deals of the Season

Black Friday is famous for its deep discounts, especially on certain items. Knowing what to target can lead to significant savings. Here are the top categories where you’re likely to find the best deals:

  1. TVs and Electronics: If you’ve been waiting to upgrade your home theater or snag the latest tech gadget, Black Friday is the time. Historically, retailers offer substantial discounts on TVs, laptops, wireless headphones, and soundbars. It’s the perfect opportunity to get high-quality electronics at a fraction of their usual cost.
  2. Small Kitchen Appliances: Kitchen gadgets see major markdowns during Black Friday. Look out for deals on items like air fryers, KitchenAid mixers, and Nespresso machines. Last year, for example, the price of the KitchenAid Classic Series 4.5-Quart Tilt-Head Stand Mixer dropped significantly, making it an excellent buy for both novice and seasoned cooks.
  3. Winter Apparel: With the warmer weather prolonging the selling season, Black Friday might surprise you with better-than-expected deals on winter clothing. Retailers are eager to clear out inventory, which means shoppers can score big on coats, boots, and other cold-weather essentials.

Shopping in these categories can yield meaningful savings, but it’s important to stay focused. Remember, a deal is only a deal if it’s something you actually need and are planning to buy. With this in mind.

What Not to Buy on Black Friday

Deals to Pass By

While Black Friday can offer some fantastic deals, not everything is a smart buy during this shopping event. Here are a few categories where you might want to hold off on spending:

  1. Toys and Holiday Decor: It might be tempting to stock up on holiday gifts and decorations, but these items often see further price drops as the holiday season progresses. Waiting until closer to December can lead to better savings on these festive purchases.
  2. Sporting Goods: If you’re eyeing new fitness equipment or outdoor gear, December, particularly the first week, typically offers more substantial discounts on sporting goods compared to Black Friday. Patience can pay off in this category.
  3. Tools and Home Improvement Items: While there may be some deals in these areas, the discounts aren’t always as steep as they are for other categories. It’s wise to research historical prices and compare to ensure you’re getting a good deal, not just a nominal markdown.

By being selective and understanding the best and worst buys, you can avoid the common pitfall of buying something just because it’s on sale. This approach helps in maintaining a healthy budget and avoiding unnecessary debt accumulation.

Examples of Past Black Friday Savings

Real Deals from Previous Years

Looking back at past Black Fridays can give us a good idea of the kind of savings you might expect. Here are three notable deals from previous years that highlight the potential discounts:

Electronics Galore: Last year, a popular electronics brand offered a high-end 4K TV usually priced around $1,500 for just under $1,000. This substantial price drop made it an excellent time for tech enthusiasts to upgrade their home viewing experience.

Kitchen Must-Haves: In a previous Black Friday sale, a well-known kitchen appliance brand slashed prices on their top-of-the-line mixer. The model, typically retailing for over $300, was available for under $200, making it an ideal purchase for baking enthusiasts and culinary aficionados.

Fashion Finds: A major clothing retailer offered a 50% discount across their entire store, including winter wear. This meant shoppers could get quality coats and boots, originally priced at $200, for just $100. A perfect opportunity for updating winter wardrobes without breaking the bank.

These examples illustrate the types of deals that savvy shoppers can find on Black Friday. They serve as benchmarks for what constitutes a good deal, helping you distinguish between genuine bargains and mere marketing hype.

Strategies for Smart Black Friday Shopping

Making the Most of the Deals

To truly benefit from Black Friday sales, it’s crucial to shop with a strategy. Here are some tips to help you maximize savings while minimizing the risk of overspending:

Set a Budget: Before diving into the deals, decide how much you can afford to spend. Stick to this budget to avoid post-holiday buyer’s remorse and debt.

Make a Shopping List: Identify what you need or have been planning to buy. A list keeps you focused and helps avoid impulse purchases.

Compare Prices: Don’t assume every Black Friday deal is the best offer. Use price comparison tools and check different retailers to ensure you’re getting the lowest price.

Check Return Policies: Understanding return policies is crucial, especially for high-ticket items. Be aware of restocking fees or short return windows.

Avoid “Doorbusters” Traps: Some deals, known as doorbusters, are designed to lure shoppers into stores or onto websites. However, these items are often limited in quantity and may not be the best value. Don’t let these deals pressure you into quick decisions.

Plan for Online Shopping: Many Black Friday deals are also available online. Shopping online can help avoid the crowds and make it easier to compare prices. Plus, some retailers offer additional discounts for online purchases.

Watch Out for Hidden Costs: Sometimes, the price tag doesn’t include additional costs like shipping or warranties. Make sure you account for these in your budget.

Smart Shopping for a Debt-Free Holiday

Black Friday offers a bounty of savings opportunities, but the key to truly benefiting from these deals lies in smart shopping. Remember, the best deals are those that align with your needs and budget. By focusing on what to buy (like electronics, kitchen appliances, and winter apparel) and what to avoid (such as toys, holiday decor, and sporting goods), you can make the most of the discounts without falling into the trap of unnecessary spending.

Incorporating strategies like setting a budget, making a shopping list, comparing prices, and shopping online can further enhance your Black Friday experience. These tactics not only help you save money but also ensure you stay clear of unwanted debt. Black Friday is not just about snagging the lowest prices—it’s about making wise financial choices that align with your long-term financial health.

Remember, the holiday season is about joy and celebration, not financial stress. Shop smartly this Black Friday, enjoy the savings, and step into the holiday season with financial confidence and peace of mind.

By following these strategies, you can navigate Black Friday sales more effectively, ensuring you get the best deals without straining your finances!

  1. Black Friday TV Deals – CNET
  2. Best Kitchen Appliances Black Friday Deals – Consumer Reports
  3. Amazon Black Friday Deals – Forbes

About the Author

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Rick Munster

Rick Munster is a personal finance expert and author with over 21 years of experience in the credit counseling industry. He currently serves on the board of directors for the Financial Counseling Association of America and has written over 200 articles on personal finance. Rick's expertise has been recognized by several prominent online organizations, which have quoted him on issues related to credit counseling, debt management, and financial education. With more than 20 years of experience at Money Fit, a non-profit credit counseling organization, Rick has established himself as a trusted authority in the field of personal finance.
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NOTE: This sheet is to inform new or returning clients about our services, records, fees, and limitations that may affect you as a consumer of our services. This form also discloses how we might release your information to other agencies and/or regulators. If you do not understand a statement, please ask a Debt Reduction Services (DRS) counselor for assistance.

Debt Reduction Services, Inc. (DRS) has put into place policies and procedures to protect the security and confidentiality of your nonpublic personal information. This notice explains our online information practices and how we use and maintain your information to conduct our financial education and credit counseling sessions and to fulfill information and question requests. This privacy policy complies with federal laws and regulations.

To provide our financial education and credit counseling services, we collect nonpublic personal information about you as follows: 1) Information we receive from you, 2) Information about your transactions with us or others, and 3) Information we receive from your creditors or a consumer reporting agency. We do not share this information with outside parties.

We use non-identifying and aggregate information to better design our website and services, but we do not disclose anything that could be used to identify you as an individual.

You hereby authorize DRS, when necessary, to share your nonpublic personal, financial, credit, and any information that you provided (including any computations and assessments produced) with the following entities in order to help DRS provide you with appropriate counseling or guide you to appropriate services: third parties such as government agencies, your lender(s), your creditor(s), and nonprofit housing-related and other financial agencies as permitted by law, including the U.S. Department of Housing and Urban Development.

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Debt Reduction Services, Inc. complies with the privacy requirements set forth in the HUD housing counseling agency handbook 7610.1 (05/2010), including the sections 2-2 Mc, 3-1 H(2), 3-3, 5-3 F, and Attachment A.5. At all times, we will comply with all additional laws and regulations to which we are subject regarding the collection, use, and disclosure of individually identifiable information.

  1. Services: DRS provides the following housing-related services: counseling that includes Homeless Assistance, Rental Topics, Pre-purchase/Homebuying, and Home Maintenance and Financial Management for Homeowners (Non-Delinquency Post-Purchase); Education courses that include Financial literacy (including home affordability, budgeting, and understanding use of credit), Predatory lending, loan scam or other fraud prevention, Fair housing, Rental topics, Pre-purchase homebuyer education, Non-delinquency post-purchase workshop (including home maintenance and/or financial management for homeowners), and other workshops not listed above.

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Disclosure to Client for HUD Housing Counseling Services

Debt Reduction Services, Inc. and its financial education arm, Money Fit by DRS, offer the following housing counseling and educational services related to housing, personal finance, and bankruptcy certificates to consumers:
  • Housing Education Courses: DRS offers many online self-guided education programs classified as Financial, Budgeting, and Credit Workshops (FBC), Fair Housing Pre-Purchase Education Workshops (FHW), Homelessness Prevention Workshops (HMW), Non-Delinquency Post Purchase Workshops (NDW), Predatory Lending Education Workshops (PLW), Pre-purchase Homebuyer Education Workshops (PPW), and Rental Housing Workshops (RHW). These courses help participants increase their knowledge of and skills in personal finance, including home affordability, budgeting, and understanding the use of credit, as well as predatory lending, loan scams, and other fraud prevention topics, fair housing, rental topics, pre-purchase homebuyer education, non-delinquency post-purchase topics including home maintenance and/or financial management for homeowners, homeless prevention workshop, and other workshops not listed above relating to personal finance and housing. Course details are found below under “Housing Workshops.”
  • Home Equity Conversation Mortgage (HECM) Counseling (RMC): Via telephone and virtual platforms, we offer the required HECM counseling nationwide in addition to in-person counseling in Boise, Idaho. We also offer in-home counseling options in thirty counties across southern Idaho for an additional fee to cover our travel and additional staff time costs.
  • Home Maintenance and Financial Management for Homeowners (Non-Delinquency Post-Purchase) (FBC): Clients receive counseling and materials on the proper maintenance of their home and mortgage refinancing. Clients can find help and resources by phone, in our Boise office, or virtually on all topics related to stabilizing their long-term homeownership.
  • Services for Homeless Counseling (HMC): Clients receive phone, virtual, or in-person (Boise) counseling to evaluate their current housing needs, identify barriers to and goals for housing stability, establish a path to self-sufficiency, and connect with emergency shelters, income-appropriate housing, and/or other community resources (e.g. mental healthcare, job training, transportation, etc.).
  • Pre-Purchase Counseling (PPC): Clients receive counseling through the entire homebuying process. Assistance may involve creating a sustainable household budget, understanding mortgage options, building their credit rating, and putting together a realistic action plan to set and achieve homeownership goals.  Additionally, clients will receive materials and resources about home inspections and other homeownership topics relevant to successfully maintaining a home.
  • Rental Housing Counseling (RHC): Via phone, in-person appointments (Boise, ID), or virtual platforms, clients receive housing counseling relevant to renting, including rent subsidies from HUD or other government and assistance programs. Topics can also address issues and concerns having to do with fair housing, landlord and tenant laws, lease terms, rent delinquency, household budgeting, and finding alternate housing.
DRS also offers the following services:
  • A Debt Management Program (DMP) for consumers struggling to pay their credit cards, collections, medical debts, personal loans, old utility bills, and past-due cell phone accounts;
  • The Budget Briefing and Debtor Education Certificates that are required during the Bankruptcy filing process;
  • A Student Loan Repayment Plan Counseling and application service.

Relationships with Industry Partners

Through such services, DRS has established financial relationships with hundreds of banks, credit unions, and creditors such as American Express, Bank of America, Barclays, Capital One, Chase, Citibank, Credit One, Discover, Synchrony, US Bank, USAA, Wells Fargo, and others.

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The client is not obligated to receive, purchase or utilize any other services offered by DRS or its exclusive partners to receive financial education or housing counseling services. Alternatives: As a condition of our counseling services, in alignment with meeting our client services goals, and in compliance with HUD’s Housing Counseling Program requirements, we may provide information on alternative services, programs, and products available to you, if applicable and known by our staff. Alternative DMP services include negotiating better repayment terms directly with your individual creditors, paying your debts as agreed, or, in extreme cases, filing for personal bankruptcy. Alternative credit and education services can be found through MyMoney.gov or the Jump$tart Clearinghouse of online financial education resources. Housing counseling alternatives can be found through HUD at www.hud.gov/findacounselor.
Finally, you understand that you may revoke consent to these disclosures by notifying DRS in writing.
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Housing Counseling and Education Fee Schedule

 

Online Education Program Fees*

Homebuyer Education Course: $59 per participant

  • Self-paced course available here, our online housing counseling and education center. Certificates will be automatically generated upon completion of the course (approximately 6-8 hours)

Rental, Fair Housing, Predatory Lending / HOEPA, Post-Purchase (Non-delinquency post-purchase workshop, including home maintenance and/or financial management for homeowners) Online Workshops: $49 per participant

  • Approximately 1 hour each

Other Self-Guided Financial Literacy Webinars (e.g. credit, budgeting, homeless prevention, debt prevention): $0

One-on-one Counseling Fees*

Pre-purchase Homebuying Counseling, Rental Counseling, Post-purchase Ownership Maintenance and Financial Management: $75

  • Session by the hour

Reverse Mortgage/HECM Counseling with Required Certificate:

  • $200†

Credit Report Fee: Paid Directly by Client

*Fees for all but our online education courses and workshops can be paid online by debit card, credit card, or PayPal or in person by cash, check or money order to: “Debt Reduction Services, Inc.” Registration fees are non-refundable 24 hours or less before the start of an in-person course or workshop. Certificates are non-transferable

*Fees may be waived for households with income of 150% or less of that identified on the US Department of Health and Human Services Poverty Guidelines Page

†Home visit counseling is available in 30 southern Idaho counties for potential HECM borrowers at additional costs to cover our travel (IRS reimbursement rates apply) and staff time ($50 per hour or fraction there).

Close

Housing Counseling and Education Fee Schedule

 

Online Education Program Fees*

Homebuyer Education Course: $59 per participant

  • Self-paced course available here, our online housing counseling and education center. Certificates will be automatically generated upon completion of the course (approximately 6-8 hours)

Rental, Fair Housing, Predatory Lending / HOEPA, Post-Purchase (Non-delinquency post-purchase workshop, including home maintenance and/or financial management for homeowners) Online Workshops: $49 per participant

  • Approximately 1 hour each

Other Self-Guided Financial Literacy Webinars (e.g. credit, budgeting, homeless prevention, debt prevention): $0

One-on-one Counseling Fees*

Pre-purchase Homebuying Counseling, Rental Counseling, Post-purchase Ownership Maintenance and Financial Management: $75

  • Session by the hour

Reverse Mortgage/HECM Counseling with Required Certificate:

  • $200†

Credit Report Fee: Paid Directly by Client

*Fees for all but our online education courses and workshops can be paid online by debit card, credit card, or PayPal or in person by cash, check or money order to: “Debt Reduction Services, Inc.” Registration fees are non-refundable 24 hours or less before the start of an in-person course or workshop. Certificates are non-transferable

*Fees may be waived for households with income of 150% or less of that identified on the US Department of Health and Human Services Poverty Guidelines Page

†Home visit counseling is available in 30 southern Idaho counties for potential HECM borrowers at additional costs to cover our travel (IRS reimbursement rates apply) and staff time ($50 per hour or fraction there).