Black Friday is now a bigger shopping day than Boxing Day.
A U.S. shopping tradition is once again heading north of the border. Thanksgiving may have already come and gone in mid-October, but that doesn’t mean we can’t partake in Black Friday and Cyber Monday. Black Friday and Cyber Monday have taken Canada by storm – Boxing Day is no longer the busiest shopping day of the year, that honour goes to Black Friday.
Personally, I prefer Black Friday over Boxing Day – it’s the perfect time to get in some last minute holiday shopping. Although there are still good deals on Boxing Day, I find a lot of the time it’s for the leftovers retailers weren’t able to sell during the holidays.
Just like Boxing Day, it’s important to make sure you’re getting the best deals. Here are some Black Friday and Cyber Monday do’s and don’ts to follow.
1. Do Shop Online
A lot of customers assume the best deals are only available in store when that couldn’t be further from the truth. Not only can you often find a better selection online, many retailers offer free shipping. Why go to the mall and wait hours in line, when you can get the same deals from the comfort of home?
2. Do Have a List
With deals everywhere, it can be tempting to spend to your heart’s content. However, if you lose track of your spending, you can end up going over budget. Similar to shopping at the supermarket, it’s a good idea have a list, so you’re less likely to spend frivolously.
3. Do Use a Rewards Credit Card
Black Friday is the perfect time to rack up some serious reward points on your credit card. Why use a debit card when you could be earning a lot more rewards with a credit card? I’m a big fan of the MBNA Smart Cash MasterCard Credit Card – you earn 2 per cent cash back on gas and groceries, and 1 per cent cash back on all of your other eligible purchases.
Wondering how your credit card stacks up against the rest? Check out RateSupermarket.ca’s handy credit card rewards calculator and find out!
1. Don’t Go Over Budget
It’s easy to caught up in the excitement of Black Friday and lose track of how much you’re spending. Even when you find a deal that’s “too good to pass up,” it’s important to stay on budget. The last thing you want is to start the New Year in debt.
2. Don’t Carry a Balance on Your Credit Card
While it can be tempting to charge an item on your credit card and forget about it until your credit card statement comes in after the holidays, it can prove costly. Many credit cards charge interest rates of 18.99 per cent for carrying a balance. Stick to the cardinal rule of credit card spending: only buy what you can afford to pay off when your statement is due.
3. Don’t Wait Until Black Friday
Similar to how Boxing Day has become “Boxing Week,” the same can be said about Black Friday. Many retailers offer great deals in the week leading up to Black Friday. Consider browsing the flyers and going online to see if you can snag a good deal early.
Do you have any do’s and don’ts for Black Friday you’d like to share?
Sean Cooper is the bestselling author of the book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians, available now on Amazon and at Chapters, Indigo and major bookstores, and as an Audiobook on Amazon, Audible and iTunes.