Financial expert gives tips to help control spending on Black Friday

News

INDIANAPOLIS — Black Friday one of the busiest shopping days of the year, but many stores have seen a shift due to the pandemic. 

Stores are used to seeing a big rush of people right when they open, but this year that isn’t the case. The bustling crowds we are used to seeing are smaller because of COVID-19 capacity restrictions and because many people are shifting to online shopping. Door-buster deals also came out weeks before today in an effort to reduce the crowds. 

For those out there who plan on venturing out, you’re going to want to check the store hours before heading out. You can find a link to store hours here: https://blackfriday.com/black-friday-store-hours 

Many have adjusted the times they are open this year. A good chunk of stores weren’t open on Thanksgiving and won’t be open as early Friday. 

When it comes to shopping it’s easy to overspend today. Personal finance expert Peter Dunn says it’s best to set and budget and stick with it. 

“It even actually makes sense to list to people you’re going to buy for and write how much you plan on spending on each of them. It doesn’t feel like the most loving thing to do, but it’s very practical because it could keep you from getting carried away with your spending,” Dunn said. 

If you find something cheaper than the amount you set, don’t buy them more stuff to make up the difference. Save the money instead.

Dunn says consumer habits have shifted during the pandemic, and people are buying more online and buying what they need as they need it and not doing as much self-indulgent shopping.  

“We expect people to spend less than they normally would, by about a quarter of their normal habits,” Dunn said. 

“I would say there is a chance that people spend what they normally have spent just to feel better.” 

Dunn says whether you have money or not, spending it makes you feel good. It’s possible that people will spend money looking for comfort despite the fact that those trends have changed over the past nine months. So that’s why it’s important to budget and make sure you’re not overspending. 

Also, be aware of online scams and do your research if you’re ordering from a site you aren’t familiar with.  

“There’s so many vulnerable people, so many people that need to catch a break that sometimes a deal that really seems to be too good to be true really is and so we fall victim to that. So what I would say, continue to buy from reliable websites. I still encourage you to buy locally. Call a shop that’s local, and support our local economy.” 

Some things to remember if you’re out and about: try to social distance as much as you can, sanitize your hands after touching surfaces and be sure to wear a mask. 

Most Popular

Latest News

More News