Pattie Lovett-Reid: How to avoid going broke on Black Friday

Retailers hope to head into the “black” after a flurry of sales activity today.

Black Friday is notorious for being the biggest shopping day in the U.S. and the ultimate bargain hunter’s dream. While it may have originated south of the border, Canadians have embraced the shopping “sport” and love to shop. Retailers know this and while not everyone will be waiting to break down the doors, you can be sure online activity even ahead of Cyber Monday will ramp up.

In addition, more and more stores join the shopping bonanza each year because no one can afford to be left behind when it comes to the share of wallet and big dollars that are spent just ahead on the holiday season.

If you are planning on doing a little shopping this Black Friday or Cyber Monday, here are a few considerations:

Dos

• Ensure you are getting the deal you hope to. Do your research and compare before you buy.
• Focus on the bigger ticket items like electronics. If history repeats itself, clothes and toys are often discounted further the closer you get to the holiday season.
• If you are holiday shopping be very clear on delivery expectations.
• If you decide to buy from a non-Canadian retailer, double check the currency. You might think it a great deal until you have to do a currency conversion.

Don’ts

• Don’t forget to set a realistic budget for yourself – you can go broke trying to save money.
• Don’t be tempted at the checkout counter.
• Sales for furniture are often greater in January. When it comes to jewelry, November, December and February are busy times, so you aren’t likely going to get the best deal right now.

And finally, if you are thinking of buying for someone else, a new report out by ebates.ca found 87 per cent shoppers are buying gift cards and almost the same amount enjoy receiving them, with only 21 per cent disappointed by the gift.  

So this Black Friday and Cyber Monday, proceed with caution. The retailers want to be shifted into the “black,” while your bank account could shift into the “red.”