In order to take advantage of Black Friday deals, you need to have sufficient money. Sufficient here is subjective and depends on an individual.
If you do not save up enough money, you will pass up on offers that will haunt you. You should consider a two-way approach: reduce your expenses and raise your income. Here are ways to save up for black Friday:
1. Reduce expenses
– Stick to a budget
Budgets help people keep their expenses in check. Though different finance professionals recommend different spending percentages on different expenses, they all agree that a budget is necessary to keep finances in check.
A budget should be made to include everything that you usually spend on. Entertainment should be part of the budget. After the income is allocated, the figures should be stuck to no matter what.
The beauty of budgeting is that you can always set aside a portion of your income for Black Friday purchases. That way, you will have money sitting and will not have to run up and down to look for money to buy that item you have always wanted.
– Reduce bank and card charges
Bank charges can be ridiculously high if you are not careful. Card fees charged by banks are typically on a percentage of the amount being billed for example at a mall. Different accounts from different banks have different charges.
You should ask upfront about a bank’s bank and card charges. The goal is to look for a bank that gives you the most value at the lowest price possible. Also, it is advisable to do bulk payments at a go rather than multiple small payments.
– Save up on phone expenses
Expenditure on phone services is unavoidable. That does not however mean that it cannot be minimized. How much of the service you have paid for do you actually use?
As a guide, unlimited bundles are usually costly compared to set bundles. Figure out how much call time you need, text messages you send and internet you use and pay for just that.
What is the point of paying for an unlimited phone package that costs a fortune yet you barely use it enough to warrant the spending?
– Cut out unnecessary snacking
Sweet tooth syndrome is a big challenge for many. Do you see that cupcake and all over sudden you are craving something sweet? Well, you should know that marketers are out to get you! They will position advertisements and displays in strategic areas to get you to spend your money.
That is what they are paid for so you should not blame them. However, you should be smart. Snacking much as it may be smart is completely unnecessary. Half the time, snacking is usually on unhealthy stuff anyway so what is the point?
The few dollars you save on snacking today, tomorrow and the day after will accumulate to a handsome amount that you can then use to buy something tangible during Black Friday.
– Avoid paying for services you do not need
Services you do not need depend on an individual. There are those who have cable TV for example yet are barely home to watch TV to begin with. What is the point of paying for such a service if you will barely ever use it?
In popular terms, you should cut the cable cord. Rather than spending money on such a service, would you rather not use the same money to buy something you will use every often during Black Friday?
– Entertain in-house
External entertainment is more expensive compare to in-house entertainment. That is a fact. It is cheaper to buy liquor at the store and have it from home as compared to clubbing.
The experience is not exactly the same but if you are having fun and enjoying time with friends that frankly speaking there is not much a difference.
You should be objective enough to realize that entertaining in-house will save you enough quite a bit of money and this can be pushed to you Black Friday budget.
2. Raise income
– Sell stuff you do not use/need
Everyone has that old sofa set or golf club they know they do not need. Well, why have you not gotten rid of it? What if I told you that you could get rid of it and still salvage some value?
Exciting? Yes! You can sell stuff you would like to get rid of and raise your income. The extra income can then be used to buy new stuff during Black Friday.