BECKLEY, WV (WVNS) — Malls, department stores, and more fill up with hundreds of people on the big spending holiday, Black Friday.Although the day is meant for saving money, it also puts many people in debt.
According to research from Adobe Analytics, U.S consumers spent 6.2 billion on last year’s Black Friday. The average shopper will spend an average of 300 dollars on Friday alone. Some shoppers, like Stephanie Lambert, have planned to squander some cash.
“Actually my husband and i saved a little from every pay day for the last three months, and we knew specifically how much we had so I used that and said okay this is how much I can spend today,” said Lambert.
Other shoppers, like Luke Keaton, didn’t save, but know that they can’t drop too much, or their wallet may suffer.
“I do have a budget. I’m not going to spend a crazy amount, I’m also not just going to come out here just to look around,” Keaton said.
And then there are the self-proclaimed planners, like Jessica Salango, that know exactly what they are buying and how much it will cost them.
“I’ve of course planned. I’ve gone through my list, went through the catalogs, and circled what I need to have and what is actually a good deal.”
Whether you’ve created a strict budget, or a generic shopping list, some shoppers said Black Friday is the day to splurge, since the sales make Christmas Shopping cheaper in the long run.
“I would like to spend a lot of money on Christmas gifts because it’s a good time to get it done and you don’t have to go out two days before Christmas,” said.
If you are choosing to spend a good amount of money on Black Friday deals, there are some tips you can follow. Market Watch suggests setting a budget and making a list to stay on track. Just like Santa, check that list twice and make sure you really need everything on there. Compare store deals and use rewards or coupons wisely. Consider store credit cards and if they’ll be worth the discount. Lastly, make sure to review your transactions and pay off any credit cards promptly, to avoid falling into debt.