Garden rakes? Fine lace lingerie? And what about another candle set from Bath & Body Works? Doesn’t matter that it’s already your tenth this fall. Right?
Girl, Black Friday is around the corner, and it is a high time to think about the overdraft danger. Whether you are a business owner or soaring to new heights of your career, saving money is always a good thing. Use these seven powerful hacks to avoid overdraft this Black Friday so you don’t have to suffer from the financial hungover the next morning.
1. Create a shopping list. Pile up a list of things you truly need. Black Friday is a great chance to get them with a discount, and you should use it to your benefit. But don’t write in your Notes app on the phone. Take a piece of paper and a pen. Write everything down so that you cannot add anything extra or erase something and replace it. An old-fashioned approach actually works. If you run into the mall with flashing eyes and no plan you are more than likely to waste money. The entire atmosphere of the “sale orgie”, nothing less, makes you an animal who wants it all.
2. Set up notifications from your bank. You might lose control while shopping on the Black Friday night. Find out if your bank has an option to send you the alert when you reach a certain level in your withdrawals. This way you will get an email, a text or a phone call when your account goes below the threshold.
3. Download the Flipp app. Stacking up a pile of paper flyers and coupons may turn into a disaster. It’s also not sustainable at all and doesn’t help reduce our climate issues. We’re living in 21st century, girl. There are tech solutions like Flipp now. The app gathers bargains from the local buyers you’re interested in. So if you’re curious if that laptop you’ve been eyeing is selling for 80% off this Friday, just search it up through the app. And the best part of this app, you can make a shopping list in the app by adding up all the offers you’re interested in.
4. Set a strict budget for your Black Friday spendings. It’s important to sit down, do some math with the help of your old significant pal – the calculator, and decide how much you can really let yourself spend this Black Friday. Be reasonable and be honest with yourself. If you cannot spend even $10 – it’s fine. You have to admit it to yourself. No matter how itchy it will feel to spend nothing on this day, you must reassure yourself that this decision is good for your financial health. Moreover, it will be great for your mental health too! Think about not having to worry about the approaching credit deadline after the Black Friday! Trust us, you’ll be sleeping much better. But if you can let yourself spend at least something, do make sure you set the exact amount and stick to it. Download the Mint app as it helps to set a budget on your phone. You can also use it later to allocate money for savings, an emergency fund, and retirement. Mint also protects you from breaking the credit deadline which might be costing more money than you need to spend on late fees and penalties.
5. Snooze all push notifications on your phone. You will receive trillions of Black Friday-related emails and push notifications on your phone. Even if you don’t leave the house that day, the chances are high that discount offers will get to you through your phone. The seduction will be real. And the struggle of overspending too. You can go to the Settings on your phone and snooze all notifications for a day. You can snooze either all of them or select specific apps that you don’t want to receive notifications from.
6. Check your balance hourly as you wander through the mall. According to the CFPB, most overdraft fees from debit cards happen with transactions of $24 or even less. You should check the balance via a mobile app or a phone call as often as possible to get the update easily and fast. Keep in mind that using more than 30% of the available credit on any of your cards you can worsen your credit score super fast. You don’t want that trouble.
7. Opt out of overdraft coverage. It’s up to the banks to decide whether to cover or refuse a transaction that makes your balance negative. Without overdraft coverage, transactions get declined if there is not enough money. When you opt out, your bank cannot cover one-time debit card or ATM transactions or charge overdraft fees on them.
What are your Black Friday shopping hacks? Share them in the comments!