It has been many decades since Black Friday, the day after Thanksgiving, earned the designation as the start of holiday shopping season. In 1939, in response to pressure from retailers, then President Franklin D. Roosevelt moved Thanksgiving to the fourth Thursday in November. The original date, the last Thursday in November, left less time for holiday shopping season, retailers argued. With the change, Black Friday would begin to evolve into the juggernaut of shopping it is today.
Even as it became one of the most popular shopping days of the year, Black Friday preparations mostly required enough planning to get to stores at the crack of dawn and the stamina to wait in line. Today, successfully navigating the event requires a different type of tenacity. Here are some tips to help you come out on top:
Know what you want: It does no good to shop blindly on Black Friday (or any other day, really). Retailers want you in the stores and they want you to impulse buy. This is the one time when you should really know what you want or need. If the answer is nothing, you may just want to consider sitting it out.
Do your research: Spend time researching the items you are interested in buying during Black Friday sales. Conduct price comparisons online, as well as visiting stores to "showroom," or scope out items you want to buy. Focus on the actual cost of the item, not the percent discount or other incentives being offered. Look for and figure in any valid coupons you can use. Calculate the cost of buying the item during Black Friday versus any other time. Include any shipping or other fees as part of your costs if you plan to shop online. Also consider the cost of your time if you are going to stand in line at a store or the cost of travel if you don't live near a retail center.
Read the fine print: Once you've chosen the retailers that you want to shop, make sure you read the fine print on their ads and websites. This is the only way to arm yourself with the information you will need to take full advantage of any special incentives. Wal-Mart, for example, began price matching select deals from competitors on Nov. 21, but they will not online price match their One Hour Guarantee Items and Walmart.com will not price match items purchased on Walmart.com between Thanksgiving and Cyber-Monday. Toys "R" Us only offers price matching in-store and requires you to show the ad. They will not match competitors' Thanksgiving or Black Friday printed ads or online prices from Nov. 23 – Dec. 1.
Also look for store policies on using coupons or other discounts in conjunction with Black Friday deals. If you are a cardholder for a specific retailer, gather information on perks being offered for Black Friday such as Belk Rewards cardholders getting an extra 20 percent off regular and sale merchandise from 6 p.m. Thurs. through 1 p.m. Friday (of course, some exclusions apply). These are the kinds of details you will want to have this nailed down before you enter the shopping frenzy.
Decide if you will shop in-store or online: Retailers are offering deals everywhere as online and mobile shopping has grown from year-to-year. There are in-store doorbusters, online doorbusters, online exclusives and so on. Make a decision in advance so you can arm yourself with the appropriate information for shopping online or in-store.
Choose your method of payment: Don't wait until you get to the register to decide how you will pay for your purchases. Advance planning can help you save in the long run. If you're buying electronics, use a credit card that offers extended warranty coverage. A card with price matching may help you get around Black Friday exclusions. And using any card that offers reward points or cash back will give you returns, long after your Black Friday shopping is done.
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