It is this time of the year again! Black Friday is coming soon. This annual shopping event has been a hit in the US since around 2000 and has even spread to other countries. Some avid shoppers are waiting all year for the jaw dropping deals and queue from early in the morning to be the first to grab the best deals.

Some quick facts about Black Friday

Black Friday happens just after Thanksgiving and kicks off the holiday shopping season. It is the busiest shopping day of the year and retailers have been using this day as a promotional event to boost sales. Even if the amount spent slightly dropped, each American spent around $380.95 in 2014 on Black Friday and $737.95 on average for the shopping season (Source:National Retail Federation survey). This is only an average, some people spend much more and some people spend less.

Keep your head cold and beware of temptations

Black Friday does offer deals and can save you some dollars, but it is also very profitable for retailers who will shower you with enticing bargains. I am not a Black Friday expert but the best deals seem to involve many tech products such as televisions or tablets. And these deals are only available in limited quantities so you need to beat the queue (and sometimes a fellow shopper) to get what you want. Hum… My television is about 6 years old and I don’t feel the need to change it even for a discounted 3D screen. If your TV is very old and/or you want to watch movies in high quality everyday then you may think differently.

Know what you can afford to spend and plan, plan, plan

If you decide to join the Black Friday deal seeking adventure then the best advice to give is to make a budget for it. Look at your yearly/monthly budget and decide of an amount you can afford to spend. You can even make it a pleasant pre Black Friday activity. Check the Black Friday deals in advance and look at what was on offer the previous year (Tip: just google best Black Friday deal). Consider this as the excitement you feel before Christmas and involve your partner and children to participate.

Know your priorities

Make a list of 2 columns with items you need and those you may need. If your teenager needs a new laptop for uni then this is a good occasion to buy it. Take the chance to buy all the tech gifts you’ll give at Christmas. Reconsider the need to buy this action camera if your outdoor activity is limited to the beach and swimming pool in summer. Now you should know more or less what you will spend. Keep some cash for ONE impulsive buy you may find on the day.

Keep some cash for other deals

Also monitor other deals such as those available on Cyber Monday. Cyber Monday happens the first Monday after Thanksgiving and offers interesting online deals. Dealnews.com writes interesting posts about the best deals available on each bargain day and what type of products to focus on. It seems like Black Friday offers the best deal for video games while Cyber Monday is the time to look for toys deals. Doesn’t it feel even better to get great deals the smart way?

Also check our post about how to draw your first budget and remember to track your spending on the big day with Quick Money Recorder.