Preparing for Black Friday on a budget

The day after Thanksgiving — commonly known as Black Friday — is one of the busiest shopping days of the year. The unofficial kickoff to the holiday shopping season, Black Friday is when retailers promote special, one-day — and one-of-a-kind — deals to get customers into their stores or on their websites. And for retailers, it's paid off: In 2023, Black Friday sales in the U.S. reached $9.5 billion.¹

With the excitement around Black Friday and deep discounts, it may be tempting to spend more than anticipated. Preparing for Black Friday can go a long way in keeping holiday budgets on track.

Read on for budgeting tips and shopping ideas to help make the most of Black Friday — without breaking the bank.

Setting a realistic Black Friday budget

It's possible to set up a budget specifically for Black Friday. Here are a few strategies for developing an effective spending plan:

• Evaluate finances. Before setting a Black Friday budget, review current finances. Figure out total monthly income, then subtract regular expenses. What's left is disposable income that may be used for shopping and gifts.
• Make a list (and check it twice). For more financial control on Black Friday, make a list of the items to purchase ahead of time and organize them in order of priority. Determining which items are necessary versus discretionary can help whittle down long wish lists.
• Get organized. Make a list of everyone you want to buy for. Then assign a category to each person. This will make it easier to quickly find deals that are relevant when scanning Black Friday ads.
• Plan ahead. It's never too early to start planning for holiday shopping. Saving months ahead can help afford even a lofty Black Friday wish list. Some savings accounts, such as PayPal Savings, even allow users to set money into different buckets to align to specific financial goals which can make it easy to track savings as Black Friday approaches. Use money-saving apps to help automate the savings process to have enough set aside in time.

How to find black Friday deals

As the Black Friday shopping event has grown, so have the different ways to find the best deals — both in store and online. Here are some tips on scoring top discounts:

• Monitor prices. To get a sense of how good a deal really is, continually check prices leading up to Black Friday. This can make it easier to recognize solid deals once the day comes. Price-tracking tools can find and share pricing, as well as alert users to price drops and discounts as well.
• Subscribe to retailer alerts and apps. To get notified early about deals and exclusive offers, sign up for emails and alerts from favorite stores. A store's app may also offer special deals that can't be found elsewhere.
• Tap into loyalty and rewards programs. Store loyalty programs may offer early access to Black Friday sales and promotions and extra rewards on the purchases. Some payment platforms offer shopping bonuses and discounts. For example, PayPal users can select and save cash back offers in the PayPal app to earn when they shop.²
• Follow social media. A retailer's social media account can be a good place to score exclusive discounts and promo codes, as well as Black Friday flash sales. Shoppers may also receive incentives for liking or following a retailer.

Compare prices to get the best Black Friday savings

For the best discounts, smart shoppers compare competitors’ prices regularly or try companies that might offer a similar item for less. Price comparison apps and websites can automatically compare prices, helping to find Black Friday shopping deals with less effort. Some offer tools to track price changes in real time and alert shoppers to last-minute deals.

Shoppers can maximize savings with the PayPal Honey shopping extension, a web browser tool that can search for and add coupon codes at checkout with a single click — adding to the Black Friday online deals.

Make the most of Black Friday shopping

While using these tips and ideas to find a great discount can be exciting, Black Friday marketing tactics can encourage impulse buying. Be sure to check budgets regularly and stick to them. Overspending or going into debt can take the joy out of the merriest of seasons.

Put in the extra effort to price-check and research deals using the various tools that are out there to save as much as possible. Keeping shopping lists with specific items and individuals in mind — and prioritizing those purchases — can help ensure an effective spending plan.

An article about Black Friday shopping tips wouldn't be complete without a reminder to shop wisely. No matter how good a deal is, review vendor policies for returns. And to help keep online holiday shopping transactions safe, use reputable retailers that offer secure websites and transaction protection.

Get a head-start on shopping deals with the PayPal app.