‘Tis the season?

Considering that consumer debt in the United States will reach $4 Trillion(!) by the end of 2018, having a day (or days) predicated on spending money seems odd.

For those not from the US, Black Friday is the term for the day after Thanksgiving.  It is known as the busiest shopping day of the year.  While originally a financial term, this first instance of the term ‘Black Friday’ used in a shopping context was in Philadelphia in the 1950s.

There are many reasons why this day is so big.  First, because Thanksgiving always falls on a Thursday, many people have a four-day weekend.  Also as the day after the last holiday before Christmas, Black Friday represents the first day of the Christmas shopping period.

The Black Friday phenomenon has spread to other countries.  Many places in Europe (like the UK) now have Black Friday sales.  Interestingly, in the Middle East, they have ‘White Friday’ sales.

Is it a really a deal?

There are a number of ways that we could approach talking about Black Friday.  We could talk about the rampant consumerism in America and how unhealthy it is to spend money on frivolous things.  We could talk about the ‘spirit of Christmas’ and how buying presents really isn’t what the holiday is meant for. (I won’t even get started on stores ruining their workers’ Thanksgiving by staying open a day early) We could talk about how horrible it is to be stuck in crowds, traffic, and riots during a day off.

Not Our Idea of a Good Time!

Instead of focusing on those reasons, what you should focus on is your pocketbook.  Stores like to talk about the fabulous deals and “doorbusters” that they are running, but are they actually worth it?  Many of these “doorbusters” involve a limited number of items to try to lure you into the store where you can spend even more of your money.

Also, Black Friday is only a deal if you actually need the item that is on sale.  Too many people seem to buy things because of the deal and not because they actually need them.  We are prone to impulse buys (hence the candy aisles by the checkouts at stores)

According to Wallethub, an item needs to be discounted by 37% in order for it to be considered a good discount.  You also need to do a bit of homework to determine whether or not the item has been priced for cheaper at other times throughout the year.

Being Smart on Black Friday

The easiest thing to say is to save yourself time and misery and skip Black Friday.  I think most people do shopping online anyway, nowadays.

If you must do your shopping make sure that it is actually worth it.  Use a site like CamelCamelCamel to determine the history of prices on Amazon.

If you are shopping online at stores other than Amazon, consider using a Cashback site like EBates or TopCashBack to help you save money.

Click here for $10 for free when you sign up to E-bates

Finally, if you really do need to go out to the store for your Black Friday shopping, why not save extra money by using discounted gift cards from a site like Raise?

Click here for $5 for free when signing up for Raise

Final Words

It is difficult to express in words the dislike we have for Black Friday.  I think that it is on par with Valentine’s Day.  Both of these ‘Holidays’ were created by big business to get you to spend more money.

Instead, spend Black Friday with those that you care about most.  Maybe use it to get up your Christmas decorations.  If you do enjoy shopping, do it wisely and do your homework!  Those deals that you see may not be so great, but, I’ll admit, there are savings to be had.

Are we wrong?  Are there savings in Black Friday? Please Comment Below!