11 Black Friday Mistakes to Avoid to Save Money

Even as more people become aware of their hyper-consumerist tendencies, Black Friday remains one of the biggest shopping days of the year. You can drive past department stores, hardware stores, and even grocery stores and see people pushing, shoving, and yelling — all in search of the best deal.

But Black Friday has evolved, and it’s become much more complicated than it used to be. Now, if you want to save money, you have to use the right strategies. 

Read on for the 11 worst mistakes you can potentially make on Black Friday.

Retailers have found a way to get consumers to shop on Black Friday without offering doorbuster deals: Mark up items ahead of time. Then, when Black Friday comes around, mark them down, making shoppers think they're snagging something for 50% or 60% off. 

If you shop online, you can use browser extensions, like CamelCamelCamel, to show you the price history of a particular item. This can help you decide if that Black Friday price is actually the lowest one.

Sometimes a Black Friday deal is too good to be true — and that’s especially true with items like TVs, laptops and other electronics. Stores will often sell an inferior version of a product to generate sales on Black Friday. The TV you're getting for $150 is actually worth only $150 — not the $550 it says on the ad. 

Before buying anything on Black Friday, you should read several reviews online to make sure that you’re buying a high-quality item. Remember, it’s not a good deal if you end up spending more money on a replacement later on.

Getting a good deal can be tempting — even if you can’t really afford it. However, if you use a credit card to pay for a Black Friday deal and carry a balance, then you’re likely foregoing any savings. Here’s how it works. Let’s say you buy a new TV for 25% off and pay for it with a credit card that has 28% APR. The amount that you’ll pay on interest will be greater than the amount you’ll save. 

Instead, save up for the purchase and wait for another possible sale, such as during New Year’s or Presidents Day.

Have you ever spent a lot of time at a store and felt like it was a waste if you didn’t buy something? That’s an example of the sunk-cost fallacy, which refers to when people feel like they’ve put too much time into something and can’t get out without doing something. 

Keep in mind, it’s better to leave the store with nothing than to buy something you don’t need or want just to justify the time you spent. Whether you buy something or not, the time that you spend is already gone. And isn't it better to leave without spending money on something you didn't really need?

Oftentimes, stores will offer you a better discount, like an additional 10% off, if you open up a credit card with them. However, store credit cards usually have higher interest rates than regular credit cards. Plus, opening up a new card can negatively impact your credit for a short period of time. 

Unless you really need to open a new card, you're better off skipping the store card offer. And if you do keep a balance on that store card, you'll probably pay more interest than you ended up saving on the item.

While Black Friday remains one of the biggest shopping days of the year, you can opt out while still getting a great deal. How? By checking out Facebook Marketplace or Craigslist a few days after Black Friday. 

People will often be selling their old TV, computer or tablet that they replaced on Black Friday. You might score some great deals while avoiding the hassle of shopping on one of the busiest days of the year.

There’s a wise saying to follow before shopping on Black Friday — it’s only a good deal if you were going to buy it anyway. If you get caught up in the discounts, you may not realize you didn’t actually really want or need that item. 

It helps to make a list of needed items beforehand so you can stay grounded shopping on Black Friday.

One of the sneakiest ways that a store will advertise a special deal is to offer a mail-in rebate. Often, you will have to fill out the form and mail it in. But if you forget to do it, then you won't get the extra savings. 

Black Friday can be a stressful day, so make sure to set a reminder in your phone or calendar to mail in the rebate. Then, send another reminder to double-check its status.

When you shop on Black Friday, it can be easy to think you’ve found a great deal on a well-reviewed product. But be careful — retailers are ready to dupe you. Many companies have similar-sounding names for the same product. And it's easy to get confused and think that you're actually saving money on a well-reviewed item instead of its cheaper doppelganger. 

Instead of comparing brand names, use the model number instead. The model number is the only way to know for certain that you’re buying the right item.

Some retailers will offer price matching from its competitors and even provide a slight extra discount if you can find a lower price somewhere else. See if you can find these special deals and get a lower price from a competitor.

Have you ever noticed that once you start eating a cookie, it's hard to put down the box? Shopping is a little like that too. Once you swipe your credit card, it's easy to keep swiping. Have a budget before you step into a store and keep track of it throughout the day so you know exactly how much you've spent. This can also help you avoid running up an unexpectedly huge credit card bill.

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