Surviving Black Friday

November 16, 2016

According to Holiday Headquarters Consumer Survey, 135.8 million Americans plan to shop on Thanksgiving weekend. In addition, shoppers are expected to spend about $882.00 on holiday shopping this year.  Black Friday is the largest shopping day of the year with great deals on almost anything and everything.  Staying on track when your facing deal after deal can be difficult. You need a game plan before stepping out on the Black Friday turf.

Decide on how much to spend. The goal is to allocate no more than 1.5% of your income for holiday expenses.  Set a budget and stick to it. Don’t forget to include gifts, postage, flights, food, etc.

Significant others. Agree to a spending limit ahead of time.  You may also consider going in on a joint gift or experience that you would both enjoy.   Life is about the memories, not how much money you spend.

Credit vs. Debit. To help manage your money consider opening a separate savings account solely for your holiday spending.  If you plan to rely on credit (which we don’t recommend), figure out how much debt you are comfortable taking on and how you plan to pay it off.

Toys. The Saturday before Thanksgiving is the largest single-day price drop for online toy deals according to data from Adobe Marketing cloud.  Discounts average 18%. If you missed those deals, don’t forget about Cyber Monday which is the Monday after Thanksgiving.

Electronics. If you miss the blowout tech deals, the Monday before Thanksgiving is also a good day for online deals.

However you shop, just remember that it is the thought that counts, not how much you spend on the gift.  Don’t break the bank just to get the latest and hippest things.

If you need help determining a budget, please call our office at 763-231-9510 and we would be happy to help you.

The information contained in this blog does not purport to be a complete description of the securities, markets, or developments referred to in this material.

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Nicole Middendorf and not necessarily those of Raymond James.

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