Black Friday is coming up and you know what that means… BIG SAVINGS! At Camino Federal Credit Union, we want to help you have a successful Black Friday by giving you some tips to think about beforehand.
Check Your Credit Card
Before going Black Friday shopping, it is important to review the charges that you already have on your credit card prior to going shopping. It is good to remind yourself of how much you have already spent this month to not only keep you on track of your finances but to also guide you on how much you are still able to spend.
In addition to checking your credit card to see your balance thus far, it is also a good idea to check your credit limit while doing so. By knowing your credit limit, it will help you plan accordingly by prompting you to bring an extra credit card or pre-paying your balance online beforehand to give you more spending room. Additionally, by having an established credit card limit, it will give you more guidelines for your budget, which we will get more into later.
The last credit card suggestion is to see what cashback rewards your credit card offers when you shop at particular stores. Even though one store may have an item you are looking for that is slightly less in price, if you can go to a different store that offers the same product and cashback rewards on your purchase by shopping there, it might be a better shopping decision to purchase there instead of the store with the slightly reduced price.
Set a Budget
As we established before, it is important to know how much you can afford before deciding on a budget. Then once that is figured out, you can begin thinking about who and what you are shopping for. Once that is determined, you can start thinking of gift ideas and other items that you have been eyeing that stick within that allocated Black Friday budget.
Do Your Research
Once you have thought of some gift ideas, it is a good idea to start researching those items to see where to purchase them and what deals these stores will be having during Black Friday.
In addition to the deals, research the stores hours of operation where you plan on shopping. By doing this, you will be able to map out the order of the stores you need to go to increase efficiency.
Make a List
Now that you’ve done your research, decide on what you are going to purchase during Black Friday for you and your family. Make a list of those items. By writing down what you want to buy ahead of time, it will keep you more focused and it will reduce the amount of impulse buys you have.
Black Friday can be a stressful yet exciting time. By following these tips, you will be financially and mentally prepared to tackle Black Friday shopping with ease!
If you need guidance with your finances for the upcoming season, feel free to give us a call at (800) 835-3400, or stop by a branch. We are here to help you on your financial journey.