Budget Wisely, Even for Black Friday!

Black Friday normally means that customers earn discounts during their shopping. If you have shopped on Black Friday before, then you know the excitement that comes from getting discounted prices on your favorite holiday gifts!

Here are some tips to help you save money this Black Friday without spending more than you have to.

Create a Budget

You don't have to stick with one expense for everything. Instead, you can group certain costs into categories, which helps make shopping easier—especially during highly promoted sales at discounted prices like Black Friday. Here are a few different ways to create a personal budget The 50/30/20 rule: One of the most common budgets is known as The 50/30/20 Rule. It divides expenses into three groups: Fixed expenses (50%), or things that you need every month; variable expenses (30%), or things that vary from month-to-month; and savings goals (20%).

By paying your fixed expenses first and saving money before spending, it gives you room to play with in terms of your variable expenses. 

Know What You Need

Getting ready to go back to school? Make sure you're clear about what your goal is when it comes to shopping season.  Are you looking for a new pair of jeans, or are you in search of a new laptop?  When you have a specific item in mind, you can better set yourself up for success by avoiding impulse buys and only buying what you need. With that said, don't forget about sales: There will be plenty of highly promoted sales at discounted prices during shopping season—but don't let that make you forget about your budget!

This will help keep your spending focused and controlled during highly promoted sales at discounted prices. 

Know What You Can Afford

When it comes to shopping season, it can be tempting to get carried away with all of the good deals. Don't fall into that trap! Instead, make a plan in advance. Figure out how much you're willing to spend and what you'll buy with that amount. This way, when you get there, you can actually stick to your plan and save money instead of running up credit card debt trying to find a good deal—which doesn't really exist. Just because something is cheap doesn't mean it's a good deal therefore it is imperative to do some research beforehand so you know exactly what you should expect to pay for things at various stores before you go bargain hunting.

Include Alternative in the Budget

Consider alternatives to shopping. Make a list of what you plan to buy and note alternative methods for obtaining those items.

Final Thoughts

We as National FCG are normally committed to helping you to effectively exercise financial prudence in terms of spending as we engage also in productive accountability for maximizing your purchase power with the available portfolio. Knowing exactly what you need will help keep your spending focused and controlled during highly promoted sales at discounted prices. 

To learn more about your financial prudence reach out to us on the National FCG  website.