Finally Black Friday and Cyber Monday have arrived. And shopping on these two most popular discount days such as Black Friday, which is celebrated on the last Friday of November, and three days later on Cyber Monday, have become key dates for the commercial reactivation in USA especially.

Since years, Black Friday and Cyber Monday, have been gaining ground; so much so that in the calendar many people mark these dates as “the immovable annual date”. And it’s all because of the offers and discounts on products or services available both in physical stores and on the Internet.

But, are your finances prepared for this season of offers, which is no longer limited to one day, but to practically the whole month? And do you really need it?

These are the questions to answer before incurring expenses that could jeopardize the financial health of your wallet. Therefore planning, especially for these enticing days, is indispensable. It is recommended, in case of buying, to do it with caution so as not to unbalance your economy or fall into the so-called “misleading advertising”. Do not forget that many establishments make false offers.

If you do not plan properly you run the risk of spending more money than you want or not making the most of every discount. Therefore, making a budget is very important.

An effective strategy is to compare prices and do a little research on the item or service you need. This will allow you to make a smart purchase.

To that amount (price of the product or service on offer) add the cost of transportation (or shipping) and installation (if applicable), to weigh whether it is really ‘worth’ buying at that time.

Keep in mind that not all offers are money savers. Ideally, you should confirm pre-Black Friday prices and make sure they actually lowered the price on that product or service.

Ability to pay

Once you have made your prioritized list, you should analyze your ability to pay. Before incurring shopping expenses, make sure you have covered your basic needs for the month.

Even if you want to indulge in some treats such as buying some furniture or appliances for the home, buying new shoes, clothes, perfumes, make a gift or change the car, if it is not within your priorities, do not buy it, as it could compromise the money of your previous commitments.

Avoid going into debt to make purchases on Black Friday or Cyber Monday. If you plan to use your credit card, determine if you will be able to pay it by the deadline.

If you are going to buy online, take into account:

Shipping cost: Take this into account, as it is usually excluded from the product offer. In addition to taxes, if applicable.

Use a secure connection: Avoid accessing through public Wi-Fi networks. These offer no guarantee of security. Buy only through known and reputed sites.

Do not access through links: It is advisable to enter the web address of the site where you will make the purchase directly in your browser to avoid fraud.

Only necessary data: Be sure to offer only the necessary data for a purchase operation. No personal or confidential data. Verify beforehand.

Check the movements of your credit card: Periodically the movements of your card should be reviewed to determine whether you made that purchase or not.

Compare prices:. This practice will allow you to know if you are buying a product at a “good price”. There are “offers” with prices similar to previous days.

Don’t save your payment method: As tedious as it may be to enter your data every time you buy, it is advisable not to save your data and thus prevent someone from stealing your account.

Warranty or right of return: If you buy something that doesn’t work for you or arrives defective and you want to exchange it, be aware that the online store allows you to return it.

Check the reliability: If you have doubts about the reliability of an online store, it is better to discard the purchase and look for another alternative that inspires more confidence.

Author Bio:

I am Nikesh Mehta, owner and writer of this site.

I’m an analytics and digital marketing professional and also love writing on finance and technology industry during my spare time. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business. I can be reached at [email protected] or LinkedIn profile.