Smart Holiday Shopping: Budget-Friendly Tips for Black Friday & Cyber Monday

November 20, 2024

With holiday sales projected to reach up to $989 billion this year — a 2.5%-3.5% increase over last season, according to the National Retail Federation, that’s positive news, provided shoppers are not going beyond their means. Whether you’re gearing up for major savings on Black Friday deals, planning to shop local for Small Business Saturday, or hunting for best online offers on Cyber Monday, a little strategy can go a long way. Ridgewood Savings Bank offers essential tips to help you shop smart and stay secure this holiday season.

1. Set a Budget & Stick to It

Before you start filling up your cart, it’s essential to set a budget. The thrill of Black Friday and Cyber Monday deals can easily lead to overspending if you don't have a plan. Use Ridgewood Savings Bank’s free online financial calculators to help you outline how much you can comfortably spend while avoiding post-holiday financial stress.

2. Use Your Cards Wisely

Debit cards are convenient, and it’s important to choose one that provides valuable benefits. The Ridgewood Debit Mastercard®, for example, not only offers secure round-the-clock access to your account, but also allows you to earn uChoose Rewards® for each purchase—perfect for earning points toward cash back, travel, and more. For added convenience, you can add your Ridgewood Debit Mastercard to a mobile wallet on your device, enabling quick and secure purchases at most locations without needing to carry cash or even the physical card. Just select your card in the wallet app at checkout, hold your device at the terminal, and enjoy the convenience and rewards.

3. Take Advantage of Rewards and Loyalty Programs

Black Friday and Cyber Monday are prime opportunities to leverage rewards. Many retailers offer exclusive discounts or extra points for loyalty members. If your card offers purchase rewards, you can activate cash back offers at select retailers and get more from every purchase. Enroll in rewards programs offered by your bank or credit card provider to maximize your savings.  Ridgewood offers two standout rewards programs: uChoose Rewards and Purchase Rewards.

4. Compare Prices Before You Buy

Deals aren’t always as good as they seem. Use online tools and apps to compare prices between retailers before making Black Friday or Cyber Monday purchases. Be sure to read reviews and check out competitors’ offers as sometimes retailers will price-match or offer even better deals as the shopping weekend progresses.

5. Embrace Social Media

Follow your favorite stores on social media for exclusive sales and flash deals. Many brands announce “limited time” offers on their social media platforms, giving you a head start before the rush begins.

6. Shop Smart on Small Business Saturday

Small Business Saturday (November 30) is not only a great way to score unique gifts, but it also supports businesses in your local community. Eighty percent of small businesses say the holiday season is critical to their overall profit, with half earning 25% or more of their yearly revenue during this time. Shop local and make a difference in your community, while finding personalized and special holiday gifts.

7. Secure Your Online Shopping

Cyber Monday is known for massive online sales, but it’s also a prime time for fraud. Help protect yourself by purchasing only from reputable websites and ensuring the site uses secure payment methods. Always read the return policies carefully before finalizing a purchase, especially for sale items marked "final sale."

8. Multiply the Change While You Spend

If you're using a debit card, Ridgewood’s Multiply the Change can help you save as you shop. Once enrolled, each time you make a purchase, your transaction is rounded up to the nearest dollar, and the difference is deposited into your savings account. It’s a great way to boost your savings while taking advantage of Black Friday, Cyber Monday and Small Business Saturday deals.

This holiday season, whether you’re braving the Black Friday crowds, supporting local businesses on Small Business Saturday, or taking advantage of online Cyber Monday sales, it is crucial to plan ahead, shop smart, and secure your purchases. With Ridgewood Savings Bank’s financial tools and calculators, rewards programs, and debit cards, you can stay on track and make the most of your purchases. Happy shopping!

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