Why The Globe Struggles To Stay On A Black Friday Budget

For some, Thanksgiving is still an excuse to take a pause, give thanks, and celebrate the harvest with good people. But they’re a small minority. For most people, Thanksgiving represents an opportunity to snag some epic deals on electronics, clothes, appliances, and more.

The Thanksgiving weekend claims two of the biggest shopping days of the year — Black Friday and Cyber Monday. Last year, more than 174 million Americans took to the malls and online stores, but they aren’t the only ones to take part of this US holiday. Black Friday is now a US export with countries all over the world expecting to shop.

It’s not just an American shopping holiday anymore

It used to be that the rest of the world watched TV while American shoppers threatened bodily harm on the search for the next deal. But in this increasingly globalized world, things have started to change. Black Friday is no longer an American phenomenon as the biggest sales have migrated across borders. They’ve arrived in the UK, where last year’s Black Friday and Cyber Monday generated an estimated £7.8 billion in spending. They’re joined by Germany and France, which spent 6.39€ billion and 5.27€billion respectively.

Perhaps the first country to adopt these American shopping habits was their neighbors to north. Canada has been celebrating the American Thanksgiving weekend by shopping for the last ten years, during the last of which they spent an average of $1,400 per person. Though a much more subdued affair than the original American version (there are no stampedes during a Canadian Black Friday sale), Canadians, like their American counterparts, are liable to overspend during the shopping frenzy. It’s far too easy to get caught up in the day and go over budget.

Approach any shopping holiday with caution

Shoppers, no matter where they live, should pay attention to their limits when they’re shopping. They should also research potential financial backups if they can’t resist deals that throw their finances in a tailspin. In Canada payday loans are an easy way to cover cash shortages. They’re ideal when the holiday season puts added pressure on your budget, and you can’t cover urgent bills or essential repairs after the big day. The best payday loans Canada has to offer also come quickly because they accept applications online. This online platform allows companies like GoDay to provide applications that take roughly five minutes, and they can deliver your payday loan in as little as one hour after you’re approved.

Quick tips to keep you out of the red

Though they’re quick in a pinch, ultimately, they’re still a backup. Shoppers planning on taking advantage of Black Friday and Cyber Monday deals around the globe should make spending responsibly their plan A. Here are some tips that can help you keep on track even on a small budget:

1. Know your budget: Knowing how much you can afford without putting your finances in the red is the first step to shopping responsibly. You can use an old-fashioned paper budget or an app to help you track finances. Whatever you decide on, make sure it outlines how much expendable cash you have to spend on the holidays after you’ve paid for the necessities.
2. Save early:The experts recommend budgeting 1.5% of your income for holiday spending. This is easier to achieve when you start early. Not only will this early start give you longer to save (and to earn interest), but it will also allow you to make smaller contributions that won’t put as much pressure on your day-to-day finances.
3. Use a list:If it’s good enough for Santa, it’s good enough for you, too. A list can help you focus when you’re in the stores. You’re less likely to go off script when you have a real list of what you need in your hands.
4. Research the best deals: Every retailer will participate in Black Friday and Cyber Monday, but that doesn’t always mean every store will have the best sales. They may entice you with huge door crashers, only to let you down with pitiful sales on other items. The experts at Wallet Hub have figured out a way to determine if a sale is worth the purchase. If it promises 37% off or more, then it’s a great deal. The only exceptions include rare items that are either hard to find or never go on sale.

These four steps are relatively simple, yet they hold the secret to shopping responsibly. Don’t underestimate them or skip over them. When you plan your Thanksgiving weekend around these tips, you’ll be able to take advantage of the sales without putting your finances at risk.