How to Avoid Black Friday Shopping Pitfalls

Black Friday is known for doorbuster deals and unbeatable discounts, but some flashy ads proclaiming "70% off!” or "Lowest price of the year!" might offer few actual savings. Before you rush to buy, consider these strategies to help you make wise financial decisions this holiday season.

Two Ways to Spot Genuine Black Friday Deals

It’s easy to assume you’re getting the best deal when you see price tags with multiple markdown stickers and discount displays designed to grab your attention. Some retailers inflate prices before Black Friday to create the illusion of rock bottom prices. Avoid falling for fake Black Friday deals by:

• Tracking price history. Use tools like Honey to check the price history of items that you’re tempted to add to your cart. It could reveal whether the Black Friday price is truly a bargain or a marketing ploy.
• Inspecting "Up To" discounts closely. Clearance racks with phrases like "Up To 80% Off" can be misleading. Sometimes only a few items are heavily discounted, while most have minimal price reductions.

Take a closer look at Black Friday discounts before you open your wallet. You might find the sales price isn’t as great as you thought.

Smart Black Friday Shopping Tips

You can maximize Black Friday savings and avoid overspending when you have a plan. 

• Make a list. Decide what you need before the sales start. This helps you avoid impulse purchases that could negate your savings on other items.
• Set a budget. Figure how much you can afford to spend and stick to it, no matter how tempting the deal. 
• Understand price matching fine print. Don't overlook the power of price matching to save time and money. If you prefer shopping at a particular retailer, you can use price matching to lock in savings from competing stores without leaving your favorite shop.
• Check return policies. Some retailers have different return policies for Black Friday purchases. Make sure you understand specific policies before buying.
• Keep your receipts. If you need to return items or there's a price adjustment later, having your receipts will make the process easier.

The best bargain is rarely found in buying something you’ll never use, no matter how steep the discount. If you stick to your list and budget, you'll be more likely to experience substantial savings.

Common Black Friday Scams 

Black Friday shopping scams lurk among real seasonal discounts. As you hunt for bargains, beware of these common fraudulent tactics.

• Fake coupons. Scammers often give away counterfeit online coupons and discount codes in exchange for personal information. Only use coupons or codes provided by trusted sources.
• Lookalike websites. Be cautious of sites that mimic legitimate retailers. Always check for secure URLs (http://) and look for signs of legitimacy, such as valid customer service contact information.
• Phishing emails and text messages. Consumers often see an uptick in fake order confirmations and phony failed delivery notifications during the holiday season. Avoid clicking on links even if they appear to originate from FedEx, UPS, or other well-known delivery companies. Contact them directly through official channels to verify questionable deliveries. 

You can secure the best deals without falling victim to misleading tactics. If a deal seems too good to be true, it's better to err on the side of caution and walk away.