How to Avoid Black Friday Splurges and Still Have a Great Holiday Season

With Thanksgiving approaching, a lot of retailers are hoping and praying that consumers will resort to "old" purchasing behaviors and splurge this holiday season. The following are some tips on how to avoid spending unnecessary money on Black Friday and still have a great holiday season.

Review your finances and come up with a holiday budget

All these anticipated sales are so tempting. However, you will wind up spending too much if you don't know your limit. So, first come up with a holiday budget for your family.

Make a needs list before a "wish" list

Most parents know that if kids have their way, parents would wind up purchasing everything in the toys store, so a clever parent somewhere along the way came up with the idea of a holiday "wish" list for kids to write down what they would like as gifts. Let's make our own list, but not a "wish" list. First, outline some items that you need within the next year. Think of the following to be included on the "needs" list: home improvement equipment, gardening equipment and other household items that are broken.

Make a "wish" list

Now that you've completed a list of items that you need, then, you need to compile a wish list of items or experiences that you desire.

Compare the two lists

Compare the two lists and discuss with your partner/spouse which items you will purchase this holiday season.

Compare the items you plan to purchase to retailers' anticipated sale items

You need to compare the items you plan to purchase to retailers' anticipated sale items. So, okay, the $3 toaster may appear too cheap to pass up on, but do you really need another toaster?

Come up with a final purchasing list

Review your purchasing list and make sure it's within your holiday budget. Once you have a final purchasing list, stick with it. Write it down and put it on the refrigerator, somewhere you can readily see it.