How to Budget & Prepare for Black Friday

Black Friday, one of the year's biggest shopping days, is just around the corner. Is your wallet ready?

The day after Thanksgiving, consumers all over the country typically do the majority of their holiday shopping. And while there is, at times, an excessive amount of hype surrounding the infamous Black Friday, it can be an excellent opportunity to score great deals, get lower prices on big-ticket items, and save money on holiday gifts.

On the other hand, Black Friday can make a serious dent in your savings if you approach it incorrectly. Since retailers know that shoppers are ready to spend throughout the holiday season, they will do whatever they can to take advantage of that. Flashy marketing campaigns and deep discounts can be enough to seduce even the most thrifty of shoppers to splurge on stuff they don't need.

You should train your mindset beforehand to make the most of Black Friday deals and survive the day with your wallet unscathed. If you see this shopping event for what it is—an opportunity to save on gifts and essential items—you won't get overwhelmed by all the advertising and risk it all.

And with any big purchases or expenses, it's best to go in with a budget and a plan. And Pool is here to help you with just that.

In this post, we'll learn:

• How to budget for Black Friday
• How to not get distracted by unnecessary items
• Why you should do your shopping research beforehand
• How to split Black Friday purchases with others

How do you budget for Black Friday?

Before you add purchases to your cart this year (in-person or online), you need to set up a budget. If you don't have direction on that yet, consider implementing the 50-30-20 budget.

Here's how it works:

• To begin, determine your monthly income.
• Break that number into three categories: Necessary, fixed expenses (50%), variable expenses (30%), and savings and discretionary income (20%.)
• Take stock of what money is left over. Your Black Friday shopping will come from your savings and discretionary income.
• Use Pool to stay on track (more on that soon.)

You may have also already started saving specifically for Black Friday purchases, so take any funds you've accumulated into consideration, too. Once you have a number in mind, you can avoid spending money you don't have on holiday expenses. You may want to create a dedicated fund with money that's specifically meant for Black Friday purchases.

This brings us to the best way to set aside money for Black Friday—Pool.

How to set aside Black Friday funds with Pool

Imagine one dedicated place for all of your Black Friday money. Whether you're saving up for your favorite skincare brand's annual sale or the electric guitar of your dreams, there's a solution for you. Don't open a new bank account this Black Friday for the upcoming shopping season—just use Pool.

Pool is where you can collect and manage money for everything you need to make your Black Friday shopping goals happen. Create Pools for Christmas gifts for your loved ones, that flatscreen TV you've been eyeing, new furniture and homeware, and more.

You can also pay for your Black Friday purchases directly from the Pool. Let's find out how.

Pay for holiday purchases with the Pool debit card

Once you save up for your Black Friday budget in your Pools, you can also spend with Pool. Every pool has a free digital Pool debit card to use. You can also request a physical card to pay for in-person purchases—perfect for store and mall visits.

And don't fret about staying within your Black Friday budget—set spending limits on your card to stay within your means. Real-time notifications also instantly display your card activity, and you can view all your transactions in your Pool account. Who knows, you may have some money left over for next year!

If you ever need to lock your card, you can easily do so in your account. And since the Pool card doesn't include transaction or overdraft fees, you get to spend all of what you collect for the best Black Friday ever.

How to save and spend on Black Friday with friends and family

Want to go in on some big-ticket Black Friday purchases with friends and family? It's totally possible with Pool. As pool admin, you can assign admin roles to anyone you want so they can share Pools with you. Admins can view transactions, monitor Pool activity, invite members, and manage permissions. Members with spending permissions can spend with the Pool debit card.

For example, let's say you and your partner want to save up for a new sofa this Black Friday. Create a Pool called "Black Friday Sofa Fund" and contribute toward the purchase together. When it's time to buy, an approved member can use the Pool debit card to make the purchase directly from the Pool.

You can also give your partner spending permission so they can buy that sofa while you take care of picking out those shiny new stainless steel pots and pans for a deep discount. However, if you divvy up the Black Friday tasks, you can invite anyone to view these various activities in the Pools you create. Your Black Friday budget is sorted with Pool.

More reasons Pool is ideal for Black Friday shopping

You've already seen how to incorporate Pool into your Black Friday budget management. Here are some more reasons to use Pool for your Black Friday shopping excursions:

1. Pool is seamless to use

Set up your free Pool and invite other contributors to join in mere minutes. Let's say you're the only person in your family willing to weather the Black Friday crowds this year, and you've been assigned as the official "shopper" for the family.

If you're coordinating purchases with family or friends, everyone can contribute toward shared expenses in the Pool. Just invite them to your Pool and once they sign up, they can easily contribute, spend, or help you manage funds.

Buying that new laptop for your brother and the Dyson Airwrap for your sister? Consider it done. And because you don't have to move money in and out of different accounts, you can easily track transactions and stay within Black Friday budgets.

2. Each Pool you set up is free

Set up your Pool and use it for as long as you need without coughing up hard-earned cash for service and maintenance fees. Pool is free to use. Friends, family members, and other contributors can pay into the Pool with their linked bank accounts.

That goes for contributions toward PS5s, electronic drum kits, 4k monitors, smart thermostats, designer purses, and more. There are also no balance limits, so you can add as much or as little money as you want to your Black Friday budget.

3. Create as many Pools as you need

You may decide to create multiple Pools for different Black Friday purchases. For example, you may gradually save money for a new standing desk for your home office and contribute money to that dedicated Pool. You may create another pool for all the Christmas gifts you need to buy on sale this year. And you may even dedicate one pool to Black Friday purchases related to your dog!

With Pool, the world is your oyster. You can decide what works best for you to shop successfully. However you decide to organize it, your shopping-related money comes into your Pool and stays there until you spend it with the Pool debit card.

3 more best practices for Black Friday shopping

Let's close out this post with a bang with these smart Black Friday shopping tips:

1. Don't get distracted by unnecessary items

While it's nice to treat yourself while you're out doing your holiday shopping, don't get tempted by items that aren't in your budget. Stick to the plan!

Avoid going into stores or browsing shops online that fall outside of your pre-set budget. Instead, write out a list of your must-have items, then see if there's room for impulse buys along the way.

2. Do prior research and compare prices

Figure out how to get the best price for your must-have items before you start shopping. Since many stores and chains stock the same things, research to see who offers the deepest discount.

Let's say you're planning on buying a sauna for your backyard this year. Start by researching multiple brands before deciding on the best product. Then, see what kind of discounts are being offered on your chosen sauna—if it isn't a deal, you may need to go back to the drawing board.

3. Make sure that you can return items

Lastly, ensure that you (or the person you're shopping for) can return whatever you buy this Black Friday. If you change your mind or find a better price for the item, you'll want to have the option to return it. Be aware of each store's return policies and keep any receipts that you receive.

Consider these best practices to help you avoid spending too much money on Black Friday purchases this holiday season. And remember to create your best budget with Pool!