There’s a lot of hype around Black Friday sales, 

particularly at stores that sell electronics and other coveted items, but is getting up at 5 a.m. or standing in line overnight worthwhile, financially?

There’s no denying that Black Friday does bring some impressive sales, with average discounts of 35% to 40% on some items. You may find limited-time offers, and the day provides some good motivation to get some holiday shopping crossed off your list.

But there are some disadvantages to shopping on Black Friday, too:

• Prices may not be at their lowest. With all the hype, Black Friday prices are not necessarily the lowest price an item might see this season. For example, a lot of children’s toys will see deep discounts 10 days before Christmas.
• Doorbusters are often overrated. The heavily advertised doorbusters at big stores are usually offered in very limited quantities, so unless you’re there very early, you might miss out.
• Crowds and chaos. The massive crowds and chaotic scenes you’ll likely encounter on Black Friday are enough to make many shoppers sleep in late and get their shopping done even later.
• It’s no longer the biggest shopping day of the year. Many stores run Black Friday weeks before Thanksgiving, and they continue through Cyber Monday (the Monday after Thanksgiving weekend). This means Friday isn’t the only time you can score these deals.

Here’s how to be sure you’re truly saving money on holiday gifts and not getting up at 5 a.m. for no good reason!

• Track prices over time. Some stores are a bit unscrupulous and raise prices before Black Friday just to make their sale price look like a better deal. Check prices of items you’re interested in as soon as you can, so you know whether the price went up before it went down.
• Make a list, check it twice. It turns out the jolly old man is right! To avoid overspending or making impulse purchases, spend some time really thinking about your loved ones and what they might want this holiday season. If you spend time thinking and doing research on ideas, your gifts will be much more meaningful.
• Bring a friend shopping. A friendly adviser can be a huge asset when you’re shopping. Bring along someone you trust who can offer helpful opinions, remind you to keep your budget in check and help you do price-comparison research when you’re standing in the store debating.
• Skip Black Friday entirely… There are some people who are skipping Black Friday this year in favor of doing more shopping at independent boutiques and family-owned businesses on Small Business Saturday, the day after Black Friday. For Black Friday itself, look up the #OptOutside movement and Buy Nothing Day for ideas of what to do instead of shopping. The most popular idea: Pack up a sandwich made with leftover turkey and go for a hike in the woods!

Need budgeting help? We’re here for you! CommonWealth One members can always meet with a certified financial counselor at no charge, and they can help you budget for the holiday season or for 2024.