Black Friday Shopping Tips from Buying Excellence

shopping_cartWe’re all likely to make more purchases than usual in the coming days and weeks. So it’s a great season for Buying Excellence, and you might want a few reminders with you as you hit the stores.

 

First and most importantly,

A great price on the wrong buy is a bad deal.

If it’s not something you really want or will use, the price is always too high. This is why it’s essential to…

Know Thy Benefit.

This is the great commandment of buying. Every purchase should serve you and your goals. There’s no “great deal” in the abstract because

Benefit is Personal.

No one else can tell you what the “best value” is. Value starts with your benefit, which is subjective. When the tag says “80% off” our instincts prompt us to act, but we need to

Reject Price Anchors.

The MSRP, last year’s cost, and how much your neighbor paid have no relevance on what the purchase is worth to you. You can assess worth when you master your benefit, and when you also

Know your Options.

We have more choices than we think, including the option to not buy at all. A cool review of choices will defeat urgency at the store or bargaining table, which is a good thing because

Urgency rarely leads to good decisions.

That’s not to say there aren’t some good opportunities to buy, if you know what you’re doing. My personal advice for holiday discount shopping is the same as my advice for gambling in Las Vegas: See it as a sport in itself, set a firm budget ahead of time, and go easy on the alcohol.

Or, you might join my brother-in-law David who observes “Buy nothing day” on the Friday after Thanksgiving. He just hangs out at home and counts his blessings – imagine that.

Have a wonderful Thanksgiving!

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