Smart Holiday Shopping
As your credit union, we want to help you – our member – make the most of your money and time during the holidays, while also keeping your financial information safe and secure. Smart shopping strategies during this time of year can keep your finances from going “in the red” on Black Friday.
The busiest shopping day – Black Friday – traditionally signals the start of the holiday shopping season, and this year promises to be robust. With low unemployment and increased consumer confidence, the National Retail Federation reports that Americans are expected to increase holiday spending by 4.5 percent over last year, spending an average of $1,007 throughout the 2018 holiday season.
Black Friday is a day dedicated to shopping, but that doesn’t mean you should let the excitement of the holidays take over your budget. Even if you don’t plan to spend thousands over the holidays, the following tips will help you find the best value for your money, encourage safe shopping habits and keep your finances going from black to red when shopping for deals and holiday sales.
Your Spend-Wise Strategy
Preparation is key:
Use a budget—and stick to it. Decide ahead of time how much you want to spend on your Black Friday shopping spree, and do your best to resist impulse buying – especially if you're not sure how good a specific deal is. Black Friday sales, including the doorbuster specials in limited quantities, are designed to get you into a store so that the retailer can sell you something else.
Make a list. The holidays are an exciting time, and it can be easy to get carried away. Making a list will help keep you from buying something that’s beyond your budget.
Start early. You can no longer count on checking the ads in the Sunday paper to get the best Black Friday deals. To judge how good a sale may be, you'll need to track the deals leading up to Black Friday and Cyber Monday, too.
Know before you go. Study the ads — in print and online — the weekend before Thanksgiving.
Gather your tools:
Use tech to comparison shop. You don’t have to go retailer-by-retailer to compare prices. Try Google Shopping, plus services such as NexTag. Apps such as ShopSavvy and Shopkick loaded on your phone let you scan bar codes or QR codes to compare prices, get discounts, and score coupons.
Check the retailers’ apps. Many Black Friday sites have their own shopping apps and so do major retailers such as Amazon, Best Buy, and Walmart. Amazon's Mobile app, for example, lets you use a smartphone camera to scan products and price-shop online.
Use loyalty programs. Stores with loyalty programs may offer sales and promotions to their members first, then let them earn rewards on what they buy. Black Friday shopping alerts can get you first dibs on promotions, coupons, and discounts.
Get social. The Facebook pages and Twitter feeds of your favorite retailers are a great way to find out about deals and promotions. Retailers will often reward customers who like or follow them with special alerts to Black Friday discounts and incentives.
Check the store’s policies. Almost all of the major retailers have some form of price-match policy, but some stores might suspend their price-match guarantees during the Black Friday weekend on certain items, so read the fine print.
Other money-saving options:
Try an older model. When buying electronics, consider older versions that may have been the latest and greatest just a few months ago.
Track your spending. Review your account statements, pay bills regularly, and monitor your accounts through online banking.
Use your talents. Give a homemade gift of baked goods, mason jar mixes, or art. Homemade gifts can cost a fraction of a similar item from a store.
Use Credit Card Reward Programs. Consider using a card that offers rewards. You’re spending money regardless, so give yourself something in return.
Strategies to safeguard your credit and debit card purchases
At the stores:
At the cash register, protect your PIN by blocking the keypad from the view of cashiers or other customers.
Some non-metal keypads have heat sensors that are active for several minutes after you enter your PIN, and infrared cameras on smartphones can be used to obtain your PIN. We suggest resting your fingers on other keys as you enter your PIN.
When shopping online:
Do not use public wireless networks for online purchases.
Shop on trusted sites with https:// in the URL and be sure that an icon with a lock appears to the left. The “s” stands for “secure” and indicates communication with that site is encrypted.
Type the merchant’s address directly into your browser; avoid links.
Use complicated passwords with at least eight characters. Include numbers, special characters, and upper- and lower-case numbers.
Keep the operating system, antivirus, and security software updated on your computers and mobile devices.
Set yourself up for success:
Use eTeller to check your account history and report any suspicious activity to us right away.
Keep a list of all card account numbers in a safe place, so you can report it immediately if they are lost or stolen.
We recommend that you don’t store your payment information on shopping sites or shopping apps.
The gift of a brighter financial future
Give yourself the gift of a brighter financial future this holiday season. Open a new savings account, take financial education classes, or look for low interest loans to help you achieve your financial dreams in the coming year.