Ever find yourself swept up in the thrill of scoring the “deal of a lifetime” only to realize you actually spent more than you planned? With Black Friday and Cyber Monday around the corner, it’s easy to get lured in by jaw-dropping discounts and limited-time offers.
In 2022, shoppers in the U.S. spent a record-breaking $9.12 billion on Black Friday and another $11.3 billion on Cyber Monday. That’s a 2% jump from the previous year, despite widespread inflation concerns.
But how do these sales keep pulling us in? And how can you enjoy the savings without falling into overspending? Spotting sales tactics and setting some personal ground rules can help you shop smart without going overboard.
The Allure of Big Sales: Why Black Friday and Cyber Monday Are So Enticing
Shopping during Black Friday and Cyber Monday isn’t just about the deals—it’s an emotional experience. Retailers have become masters at creating a sense of urgency and scarcity, turning these sales events into a sort of consumer FOMO (Fear of Missing Out) marathon.
The “Limited Time Only” Effect
Why do we feel so pressured during sales? It’s all part of the “limited time only” effect. Retailers know that adding a countdown clock or flashing “only a few items left” makes us feel the need to act quickly.
In fact, studies show that when we’re under time pressure, we’re 30% more likely to make an impulsive purchase. So, if you’ve ever bought something without really thinking it through because of that ticking clock, you’re definitely not alone!
Scarcity Marketing: “Only a Few Left!”
Scarcity marketing can be incredibly powerful, triggering a desire for items just because they seem rare. Amazon, for instance, often adds messages like “only 3 left in stock” during major sale events. This taps into the scarcity principle, where we naturally value things that seem limited or exclusive.
According to SaleCycle, scarcity-driven marketing boosted conversion rates by over 20% during Black Friday last year. This doesn’t necessarily mean you need it—just that you’re being nudged to believe you do!
The Illusion of Savings: Are You Really Getting a Deal?
Discounts and sales are often cleverly disguised to appear more enticing than they really are. In fact, 80% of Black Friday “deals” were available at the same or lower prices earlier in the year. Before you pull the trigger on a purchase, take a moment to ask yourself if it’s really a bargain—or just a cleverly marketed illusion.
How to Shop Smart Without Spending Big
Looking to score big on deals without overspending? A few smart moves can help you stay on track this sales season. With a focused game plan—like setting a budget, creating a must-have list, and using price comparison apps—you can dive into Black Friday and Cyber Monday with confidence and control.
1. Create a Shopping List Ahead of Time
Making a list might seem simple, but it’s incredibly effective. Those who shopped with a list last year saved more than those who didn’t.
A list helps you focus on what you truly need instead of getting sidetracked by flashy offers. It can be as detailed as listing out each item with a price range, or just a reminder of categories you’re targeting.
2. The True Value of a Discount: Evaluating Deals
Not every “deal” is worth it. By comparing prices across websites and tracking past price trends, you’ll get a clearer idea of whether an item is at its lowest price.
Sites like CamelCamelCamel let you check the price history on Amazon, helping you gauge if a deal is truly special or just a seasonal mark-up. With these insights, you’ll be better prepared to avoid the “fake sale” trap.
3. Apps and Tools to Help You Score the Real Deals
Comparison tools and price-drop notifications can make a world of difference during sale season. Apps like Honey and PriceBlink scan multiple retailers to find the lowest price and apply coupons automatically.
Deloitte’s holiday survey showed that 57% of shoppers used price comparison tools last year, and those who did saved an average of 15%. If you haven’t tried these tools yet, now’s the perfect time to download a few before sales start.
Avoiding Debt During Sale Season
Nothing spoils a good deal like realizing you’re in debt because of it. With average credit card debt in the U.S. reaching over $6,500 in 2023, it’s important to manage your finances even while shopping the biggest sales of the year.
The Temptation of “Buy Now, Pay Later” (BNPL)
BNPL services like Klarna and Afterpay have seen massive growth, especially during Black Friday. Nearly 60% of shoppers used BNPL last year, and they ended up spending 20-30% more than they would have otherwise (PYMNTS). BNPL might feel like a good deal initially, but remember, if you don’t pay off the balance quickly, you could end up with unexpected fees or interest charges.
Set Firm Spending Limits and Stick to Them
Setting a clear spending cap can help prevent buyer’s remorse. Shoppers who set a hard limit before hitting the stores both save more and feel more confident in their decision-making. Decide what’s reasonable for your budget and remind yourself that there will always be more deals down the road.
Track Your Purchases in Real-Time
Apps like Mint or You Need a Budget (YNAB) are great for tracking your spending as you shop. These apps allow you to set budgets, categorize expenses, and view real-time updates on your finances. That way, if you hit your limit, you’ll know it’s time to stop.
Recognizing and Resisting Common Sales Tricks
Retailers use psychological tricks to get us to spend more. Knowing these tactics can help you avoid falling into their traps when buying during Black Friday and Cyber Monday sales.
- Anchoring Bias: The Original Price vs. Sale Price
Anchoring is when we rely heavily on the first piece of information we see—often the “original” price of an item. Retailers capitalize on this by setting high “before” prices, making the discounted price seem like a fantastic deal.
However, research shows that 70% of these original prices are artificially inflated during sales events to make discounts appear deeper.
- Social Proof and Herd Mentality
Ever notice how sites show how many people have bought the item or are viewing it right now? This is called social proof, and it’s meant to push you into making a decision. Seeing “200 people bought this item in the last 24 hours” taps into our need to follow the crowd.
A famous example of herd mentality in action is the popularity of AirPods on Black Friday 2020, where purchases surged because of social proof and FOMO.
How to Regain Control After Overspending
Even with the best planning, it’s easy to overspend during big sales. If you find yourself with buyer’s remorse, there are steps you can take to regain control.
Return Items You Don’t Need
Many retailers extend their return windows for Black Friday and Cyber Monday purchases, so check the policy on each item. If you find yourself with items you’re unsure about, consider returning them sooner rather than later.
Use Budget Apps to Track and Adjust Your Spending
Apps like YNAB or PocketGuard let you take a deep dive into your spending and identify areas where you might cut back in the upcoming months to make up for any overspending.
Take Advantage of Post-Holiday Sales
It might sound counterintuitive, but sometimes the best deals aren’t during Black Friday or Cyber Monday at all. Many stores offer major discounts after the holidays, especially on items like electronics and apparel. So, if you missed something on Black Friday, don’t worry—you might just find it for a better price in January.
Protecting Yourself From Fraud During Online Shopping
Shopping online increases the risk of scams and fraud, which tend to spike during the holiday season. Last year, online fraud during Black Friday and Cyber Monday resulted in over $6 billion in losses. Here’s how to protect yourself:
- Shop Only on Secure Websites: Always look for the padlock symbol next to the website URL and make sure it starts with “https” before entering any personal information. Fake websites tend to mimic real ones closely, but they often lack secure connections.
- Avoid Public Wi-Fi for Purchases: Shopping on public Wi-Fi networks can expose you to hackers. If you’re shopping on the go, consider using a VPN for added security, or wait until you’re on a secure network.
- Set Up Fraud Alerts: Most banks allow you to set up fraud alerts, notifying you if any suspicious activity appears on your account. Some apps like Credit Karma or Experian even monitor your credit score for signs of fraud.
Tips for Staying Organized During Black Friday and Cyber Monday Shopping
When it comes to Black Friday and Cyber Monday, staying organized is your best ally for avoiding overspending and finding the best deals. With multiple stores offering discounts and countless “limited-time” deals online, it’s easy to lose track of your goals–and budget.
Here are some tips to keep you on track:
1. Make a Comprehensive List and Set Clear Priorities
A detailed shopping list is more than just a reminder—it’s a tool to help you avoid unnecessary purchases. List out the specific items you need or want, and group them by category, such as electronics, clothing, or household goods. Once you have your list, rank each item by priority.
Ask yourself, “Do I really need this?” or “Is this the best time to buy it?” By setting clear priorities, you’ll be less tempted by unplanned purchases that pop up during the sales.
2. Use a Spreadsheet or App to Track Prices and Sales
Tracking multiple deals can be chaotic, especially when browsing across different stores and online platforms. Using a spreadsheet or a tool like Google Sheets can help you stay organized. List each item with links, original prices, and your target price.
As Black Friday and Cyber Monday deals start rolling in, you can compare these prices and determine which offers are actually worth it.
3. Take Advantage of Email Alerts for Early Access and Exclusive Deals
Many retailers offer early access or exclusive discounts through email subscriptions. Sign up for newsletters from your favorite stores to receive notifications on flash sales, members-only deals, and even coupon codes.
A study from RetailMeNot found that shoppers who subscribed to brand newsletters saved up to 15% more on average, as they were often the first to access the best discounts.
However, to prevent your inbox from overflowing, consider using a separate email just for subscriptions and promotions, making it easier to manage these deals.
4. Plan Your Budget and Use Budget-Tracking Apps
Budgeting for Black Friday and Cyber Monday isn’t just about setting a limit–it’s about actively tracking your spending. Apps like Mint or You Need a Budget (YNAB) allow you to set a spending limit for each category and track your purchases in real-time.
This approach helps prevent overspending, giving you an up-to-date view of your budget so you can avoid surprise credit card bills. Remember, no deal is worth the stress of overspending—staying within your limit will leave you feeling confident in your purchases.
Shopping Responsibly and Enjoying the Savings: The Final Verdict
It’s absolutely possible to enjoy Black Friday and Cyber Monday without blowing your budget or falling for clever marketing tricks. With some preparation—like making a detailed list, setting a firm budget, and understanding common sales tactics—you can snag great deals without the usual post-sale regret.
Use price comparison tools to ensure you’re getting real discounts, keep an eye on your spending, and remember: sometimes the smartest choice is to skip a “deal” that doesn’t meet your goals.And if you’re looking for extra savings year-round, check out platforms like Kashkick to earn extra cash, giving your wallet an extra boost even after the sales end!