When it comes to the holiday sales, Black Friday isn’t necessarily the end. There are plenty of great deals to be had before Black Friday, and often there are sales in the weeks after.
Still, there is no doubt that the temptation to shop on Black Friday can be strong. The last thing you want to do is take on credit card debt while filling up on offers. Here’s how to save for a Black Friday shopping spree.
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1. Reduce some expenses
Chances are, some of the things you spend money on each month are not essential. And to be clear, there’s nothing wrong with indulging yourself here and there. But if you want to increase your cash reserves for Black Friday, you may need to temporarily reduce your spending. This could mean committing not to dine out for several weeks or canceling your cable plan for a few months.
2. Treat yourself before Black Friday
You might not have too many expenses that you can or want to cut back, but that doesn’t mean you’re out of luck in terms of your money back. If you’re ready to temporarily take a secondary role, you can increase your bank account balance in time to take advantage of the Black Friday deals.
What kind of secondary turmoil should you pursue? It depends on your schedule and your savings goals. If you need flexibility but also want to fill your bank account well, consider driving for a rideshare service. This way you can take as many hours as you want.
Another option is to see if any local businesses need additional help in the weeks leading up to the holidays. Chances are they will. Also, at the moment some industries are struggling to hire, such as restaurants, so there may be an opportunity to take evening or weekend shifts.
3. Organize a garage sale
Hope you get your fair share of freebies this holiday season. If you have a yard sale ahead of time, not only will you free up space at home to store these new items, but you will also potentially earn cash that can be used towards your Black Friday shopping.
Of course, if you really want to have a successful garage sale, you will need to advertise. That could mean posting on your city’s social media page or going the old-fashioned way and posting flyers around the neighborhood.
Another good bet is to team up with neighbors and have a group garage sale to attract more crowds. Moreover, if your neighbors tell you their friends to introduce themselves, you will have more potential customers.
It’s easy to tell yourself that you won’t be shopping on Black Friday, or that you won’t be doing a lot of shopping. The reality is that a day when so many offers hit you in the face, it can be difficult to show restraint.
It’s a good idea to set up a shopping budget for Black Friday to avoid getting into debt. The more money you can manage to save up front, the more likely you are to get the most out of these transactions without ending up in a financial hole.