Gift Shopping, Shopping

Gift Shopping, Shopping

7 ways to avoid overspending on Black Friday and Cyber Monday

Here's how to avoid overspending on Cyber Monday. (via @CNBCMakeIt)

12/3/2019 6:44:00 AM

Here's how to avoid overspending on Cyber Monday. (via CNBCMakeIt)

Over 60% of Americans say that holiday shopping puts a strain on their finances. Yet experts say that there are some easy strategies you can employ during those tempting Black Friday and Cyber Monday sales to limit your overspending.

can be exhausting.But for many Americans, the worst part about holiday shopping comes from the many financial pressures the season brings, including saving enough for all the gifts you need to buy and struggling to stick to your budget. In fact, about 60% of Americans say they typically spend too much during the holiday season, according to a

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survey conducted by Experian.Overall, about 63% say that holiday shopping puts a strain on their finances. Yet experts say that there are some easy strategies you can employ during those tempting Black Friday and Cyber Monday sales to limit your overspending.

Here are seven ways to help you stick to your holiday shopping budget this year.1. Set spending limitsGift exchanges and white elephant parties at work regularly impose limits on how much you're allowed to spend per person, such as $5, $10 or $20. But you can do the same with your friends and family, Rod Griffin, director of consumer education and advocacy at Experian tells CNBC Make It.

"Set your limits and make them known — there's nothing wrong with doing that and people will respect that," Griffin says. Talk with your family and come up with an amount per person that makes sense for everyone. Or you can set your own limits, such as $20 per person and let your family and friends know in advance what you're planning to do this holiday.

2. Know your spending triggers"People overbuy for a number of reasons, but you can control your spending by identifying what causes you to shop on impulse and buy needless things, saysconsumer savings expert Andrea Woroch.For example, many people can't resist a sale. But not all bargains are created equal and shoppers should be wary of the "buy more, save more" types of deals, Woroch says. "You think you are getting a better value when you see $10 off $50 or $20 off $50, but it's the same percent discount so don't let that discount claim make you spend more," she says.

Some triggers are more subliminal, such as music. Music alone can cause shoppers to spend more, especially if they are impulse buys, according to a. Make sure you're keeping track of what you're buying and how long you're spending in each store, no matter how great the shopping experience is.

3. Have a game planBefore you head to the store to do your holiday shopping, take the time to do your homework. Especially if you're planning to hit up Black Friday and Cyber Monday sales. Retailers release their ads in advance, so you can compare the advertised prices and promotions.

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Not sure something is truly a deal? Check out thisBlack Friday calculator, where you can plug in the type of promotion, the original price and the discount and it will tell you if the deal is worth considering.From there, you can create a list of gifts you want to buy from each store, which will save you time and money. It may also be helpful to have a back-up gift idea too, especially if you're aiming to take advantage of limited-supply doorbuster deals. That way, if the store runs out, you're not scrambling at the last minute and overspending.

"You have to make a list and you have to check it twice — Santa's advice is always good," Griffin says.4. Put yourself on a cash diet"Credit isn't for everyone," Griffin says. Nearly 60% of respondents toExperian's survey

say that they are planning to stick to cash this holiday shopping season."If you can't resist a sale, you may be better off shopping with cash especially on Black Friday so you can only buy that which you budgeted for," Woroch says. You can even put yourself on a "cash diet" for the day.

Let's say your cash allowance is $200 during Black Friday. Withdraw that cash from the ATM and take that with you to the store. When the cash runs out, you're done. Simple, yet effective. Read more: CNBC »

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Gigantic Travel Sales Predicted For Black Friday And Cyber Monday 2019From Cyber Monday to Travel Deal Tuesday, the sales and travel discounts are really unlimited. But only if you know where, and how, to look

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The Best Black Friday and Cyber Monday SalesThese are the best deals from your favorite fashion, beauty and lifestyle brands.