Five things to do before leaving home on Black Friday

For many, shopping on Black Friday has become as much of a Thanksgiving tradition as turkey, with friends and families whipping up a shopping strategy along with the dressing and gravy. MMI and the National Foundation for Credit Counseling advise consumers to shop smart by planning ahead.

Following are five steps you should take before hitting the stores on Black Friday, helping you enjoy your shopping excursion without harming your pocketbook.

  1. Beware of special credit card offers – Issuers are tempting consumers by offering incentives such as no interest balance transfers, extra perks by meeting certain spending levels, and increased cash back in specified categories. However, no deal is a good deal if you can’t afford it. Responsible shoppers will commit to spending no more than what they can repay in full when the bill arrives, regardless of how many bonuses are tacked on.
  2. Know what you currently owe – Review all existing debt obligations, tallying what you’ve already spent and committed to repay. This reality check may put a temporary damper on your holiday mood, but that’s better than digging the financial hole even deeper.
  3. Create a plan – Knowing who you’re shopping for, what items you hope to find, and most importantly, how much you intend to spend is critical to a successful shopping day. Commit in advance to stick to your plan, and enlist an accountability partner if necessary, as it is very easy to be caught up in the excitement of the moment and get off course.
  4. Find the best deals at home – Shop from home before heading for the stores. Compare prices online, as well as local circulars for sales in your area. Be aware of time restrictions, as some prices may only apply during certain time periods throughout the day. Once the actual shopping begins, going directly to the store which has your item at a good price will save you time, gas, money and frustration.
  5. Remove all unnecessary cards from your wallet – Spreading purchases across multiple cards makes you feel as though you’re charging less and can trick you into overspending. Designate one card for holiday spending, and remove all others from your wallet. This will not only help you stay within your budget, but will also lessen the damage in case of loss or theft.

For 33 alternatives to shopping, read You don't have to shop on Black Friday.

This guest post was provide by the National Foundation for Credit Counseling (NFCC).  Money Management International is a member of the NFCC. The NFCC is the nation’s largest and longest serving national nonprofit credit counseling organization. NFCC Members annually help over three million consumers through close to 800 community-based offices nationwide.

Kim McGrigg is the former Manager of Community and Media Relations for MMI.

  • The Consumer Federation of America (CFA) is an association of nonprofit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education. Today, nearly 300 of these groups participate in the federation and govern it through their representatives on the organization's Board of Directors.
  • The National Council of Higher Education Resources (NCHER) is the nation’s oldest and largest higher education finance trade association. NCHER’s membership includes state, nonprofit, and for-profit higher education service organizations, including lenders, servicers, guaranty agencies, collection agencies, financial literacy providers, and schools, interested and involved in increasing college access and success. It assists its members in shaping policies governing federal and private student loan and state grant programs on behalf of students, parents, borrowers, and families.

  • Since 2007, the Homeownership Preservation Foundation (HPF) has served as a trusted, neutral source of information for more than eight million homeowners. They are partnered with, and endorsed by, numerous major government agencies, including the U.S. Department of Housing and Urban Development and the Department of the Treasury.

  • The mission of the U.S. Department of Housing and Urban Development (HUD) is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD works to strengthen the housing market in order to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.

  • The Council on Accreditation (COA) is an international, independent, nonprofit, human service accrediting organization. Their mission is to partner with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.

  • The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.