Don’t let Black Friday and Cyber Monday be your gateway to winter-holiday-induced financial stress.
And it’s not only copious amounts of gift-giving that will give you debt indigestion in January: extended entertaining and travel plans can quickly add another layer of spending that’ll bust any budget.
How do you dial back financial stress during (and after) the holidays? Plan ahead to take advantage of Black Friday and Cyber Monday’s shopping, rather than giving into last-minute “deals” and “door-busters” you don’t really need.
According to a study from Deloitte, only 46 percent of people actually have a budget in mind for their holiday shopping – which quickly turns into overspending for the rest of us. A good rule of thumb is to allocate no more than 1 percent of your annual income to your holiday spending. How much can you actually afford to drop on that latest and greatest hi-tech gift? Don’t torpedo your emergency fund or your 401(k); start making a plan now, and stick to it.
I’ve got a few great tips that will help you plan ahead for Black Friday and give you even more ideas for your Cyber Monday spending. Because when you make a list and check it twice, your upcoming holiday indulgences will be incredibly nice!