5 Ways To Save Money Holiday Shopping During Black Friday 2020

The holiday shopping season is well underway with many stores offering sales all month leading up to Black Friday. With the pandemic continuing to impact everyone, many stores are trying to drive online sales and keep people at home as much as possible.

Holiday shopping can be stressful and a major cause of debt if you aren’t smart about how you approach it. Here are 5 easy ways I’ve found to shop this holiday season that will help you stay on track and actually save money.

1. Start with a budget. Yes I know, you’ve heard this time and time again, but it’s crucial to have a set amount you’re willing to spend and stick to it. This year your budget may be different due to COVID-19, but knowing your budget prior to shopping can be a lifesaver. Black Friday isn’t designed to help you, it’s designed to help stores turn a profit, so keep this in mind. If you wouldn’t have bought an item for regular price that’s now on sale, then you probably don’t need it. An item that is enticing at 50% off might be great, but if you don’t buy it you’ll save 100% and can use that money elsewhere in your budget.
2. Research Prices & Slickdeals. Most Black Friday deals aren’t actually good deals. Other than a handful of doorbuster items, the sale prices on most items have been available many times in the past. With a quick search on Slickdeals or CamelCamelCamel, you can get the price history for thousands of products. I’ve been an avid user of Slickdeals for nearly a decade and I’ve saved thousands through their website over the years. The best feature on Slickdeals is their Deal Alert feature where you can be alerted if the community finds a deal or if an item gets restocked. Last week I used Deal Alerts to secure the brand new Xbox Series X from Best Buy, despite being sold out everywhere.
3. Credit card rewards. Whenever I do shop, I always use a credit card that earns cashback or travel rewards. I’m very strategic about this and use the card that will earn the most at a specific store. MaxRewards is one of my favorite apps for helping me keep track of which card to use when I’m shopping online or in-store. Other benefits of using credit cards may include price protection, additional warranty coverage, and many banks are offering extra ways to earn rewards this holiday season. Just make sure to pay off your cards in full as you never want to be paying interest or other fees!
4. Cashback or Travel Portals. In addition to using the right credit card, I also checkout through online shopping portals like Rakuten to earn more cashback. If you prefer to earn travel rewards instead of cashback, you can also checkout through major airlines and hotel shopping portals. Cashback Monitor is a great website to figure out which portal to use and you can compare earning rates easily. Rakuten is offering up to 15% back during Black Friday at 600+ stores online, and you can earn $40 in cashback after signing up and making your first purchase of $40 or more.
5. Buy Gift Cards. Websites like Raise, allow you to purchase gift cards securely from others at a small discount. Keep in mind if you do this you’ll lose out on credit card rewards and protections, but if the discount on the gift card is higher than your credit card rewards rate then it can make a lot of sense to buy these. A good example is Lululemon where you can get 2.5% off a gift card on Raise. Combine that with Rakuten to get 5% off during Black Friday. Effectively you’d get 7.5% off Lululemon for a few minutes of work. Another strategy that I’ve used in the past is to buy gift cards for online stores at local grocery stores with a credit card that offers high rewards for grocery purchases. My favorite card for groceries is the American Express Bluecash Preferred which earns 6% back on up to $6000 annually.

I’ve easily saved over $5,000 in the past 5 years by using these tips and hopefully, I’ve helped you think a bit more strategically when it comes to holiday shopping and Black Friday this year. It all starts with budgeting, using credit cards smarter, doing research, and finding ways to save a little more each time.

Make 2021 Your Best Financial Year Ever

2021 is right around the corner. Right now I’m helping clients create their money goals and plans for next year, but it’s not too late for you.

If you’ve been suffering this year from poor money habits, drowning in debt, not saving or investing enough, and want to gain clarity and confidence over your finances, I’d love to chat.

As a financial coach, I have helped hundreds of people get out of debt, save more, and transform their relationship with money.

I will help you create a system that builds the right money habits to enable you to achieve your financial goals and financial freedom. Everyone’s situation is unique so you’ll get personalized coaching tailored to your specific needs. I guarantee that you’ll leave feeling confident about your financial future and in control of your money!

If you’re interested, please schedule a free consult on my website and we can see if we are a good fit for each other. You can also email me with any questions at info@organizedbyjosh.com.