November 28, 2013

By Margaret H. Johnson

The clock is ticking. Eager consumers count the minutes. Some are going to camp out in front of their favourite store tonight. Why? Tomorrow is Black Friday.

The fact that Christmas is just around the corner adds to the frenzy. Yes, we have to buy gifts for Christmas, so, why not buy them on Black Friday at a discounted price?

All sounds, well, a little too good to be true.

My first tip about Black Friday shopping is this. Know your products and know their prices. Some retailers raise their prices before Black Friday so that the discount appears to be much bigger than it really is.

Secondly, be careful not be sucked into impulse buying mode. Make a list of the items you can afford, and stick to it. Your first impulse purchase could kick-start a purchasing frenzy that may cause a lot of damage to your pay cheque and Christmas plans.

Thirdly, don’t go overboard with the credit cards. Use them only if you’re able to pay the balance off in full in 30 days.

Remember all of the other rules about Christmas Shopping.

  • Create an overall budget of all of your Christmas spending for all family members and friends. Make sure that this budget is reasonable and affordable and then stick to it.
  • Agree to only spend so much on gifts with all family members and friends and stick to it.
  • Pool resources to purchase one gift of value for parents and grandparents instead of several small ones. This approach eliminates competition and unites the spirit of giving into an integrated family activity.
  • Do not go overboard. Keep the spirit of Christmas at the forefront and the gifts as a symbol of the season.
  • Be careful with online shopping. Don’t become a victim of fraud. And take your time to make sound decisions before clicking yes for the purchase. 
  • Don’t go into debt for Santa.

Remember, if you are experiencing financial difficulties do not wait. Call Solutions Credit Counselling at 1(877)588-9491 or fill out our Debt Consolidation Questionnaire and get your Free Credit Counselling Advice today.

For more information visit Debt Canada - your Canadian credit education centre.

If you are a woman in debt, speak with Women and Money first. We specialize in helping women with their personal and business financeMoney management advice you can count on!

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