How to Save Big Money on Black Friday

I am not a shopper so I will be staying home on Black Friday.  I did go out a few years back and experienced a once in a lifetime event just to say that I did it.  I am done.  But I have gotten to observe my brother-in-law who is real good at shopping and saving money so I would like to share some of my observations on how to save a lot of money on Black Friday and relate them to our everyday personal finances.

Tips for Saving Money on Black Friday

  • Have a plan

My brother-in-law intends to get all of his Christmas shopping done in one day so it is imperative to have a well thought out plan prior to beginning the day.  On Wednesday and Thanksgiving Day before the big shopping event, he sits down with his shopping list and all of the ads from the various stores to compare prices and times for the sales.  He then figures out the best price for the items he seeks and the times that the stores open and makes out a schedule for getting to the various stores.

Making a financial plan is imperative as well.  Have you taken the time to sit down and write down your financial goals?  Have you taken the time to make a plan for getting out of debt?  Writing down goals is a great way to think about what you want to accomplish and come up with the necessary steps to get the job done.  I always find that I get more done when I write the tasks down and even assign a timeline to them.  I did this last Friday on a day off and got to cross about 10 things off the list.  The progress is encouraging as well.

  • Focus on the Big Things

He may not be able to get to everything at the perfect sale time, so he starts with those items that offer the greatest savings.  A 50% savings on a $200 item is worth more than a free $20 item.  He saves the smaller items for later in the morning when the savings may not be as great.  Placing a priority on limited quantity items which are in high demand ensures that he will get the most savings during the early hours of the sales.  You can always buy socks later in the day.

When trying to save money in a budget, focus on the big things.  If your largest monthly expense is housing, is there any way to save money there?  Saving $300 a month on housing is like finding the equivalent of more than 50 lattes.  How about transportation?  Moving from 2 cars to 1 or from 1 to public transportation might make for a significant savings rather than skipping a movie once a month.

  • Enlist the Assistance of Others

If you have been reading this blog, you may know that I have 6 kids.  Not all of them are old enough to go shopping in the early morning hours of Black Friday, but several have gone with in the past and would actually stand in line with instructions to purchase certain items.  As mentioned, I only went one time a couple years back and ended up fighting over a flat screen television at Wal-Mart (actually, the first three that I touched were yanked from my hands but I finally got one and didn’t yank it from anybody).  I don’t care for shopping, but the kids actually enjoy heading out and getting involved.

In our finances, we may not be able to do it all and may need the assistance of others to manage and execute certain aspects of our plan.  Some of the best money that I spend each year is to have my accountant do my taxes.  I must save myself about 80 hours of frustration by outsourcing that task.  It takes me about 12 hours to fill out his information booklet and get the numbers and receipt copies to him.  Then a few weeks later, he returns a roughly 80 page booklet.  To me, it is worth every penny.

Summing It Up

So if you want to try to save big money this Friday, have a complete plan for your day, focus on the biggest savings, and find someone with a lot of teenagers who like shopping.  I will be sleeping in and waiting to shop for Christmas until December 24th.

Readers:  Do you shop on Black Friday and like it?  Tell me about your best Black Friday deal!  Please share in the comments below.

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