Blew Most of Your Holiday Gift Budget on Black Friday? 4 Moves To Get Back on Track
Written by
Vance Cariaga
Edited by
Rebekah Evans
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Americans kicked off the official 2024 holiday shopping season in grand style, spending a record $10.8 billion in online purchases on Black Friday, according to data from Adobe Analytics. That total was surpassed a few days later on Cyber Monday when they spent $13.3 billion — another record.
In some cases, shoppers drained nearly all of their holiday budget on Black Friday alone. This is especially true of younger Americans. A report from EduBirdie found that 53% of Gen Zers spend more than half their monthly income on Black Friday.
If you blew most of your holiday budget on Black Friday but still need to buy a few more gifts before the New Year rings in, here are some moves you can make to get back on track this holiday season.
Set a Spending Limit
This is something you should have done before the holiday shopping season began. But if you didn’t and are running short on funds, now is the time to start.
“Don’t let festive cheer lure you into financial traps,” Jamie Wall, personal finance strategist at Gamblizard, told GOBankingRates. “Hidden costs like shipping, gift wrapping and last-minute splurges can quickly add up. Set clear limits for everyone on your list, track your spending and use cash or prepaid cards to keep it tangible.”
Narrow Your Focus
When you have a limited holiday shopping budget left, it’s time to focus only on must-haves — which means buying only for the people on your list and not making a sudden decision to expand it. You can avoid impulse purchases by narrowing your list down to items people really need or specifically asked for (if you have the budget left).
Stick To a Schedule
The best time to shop for holiday items is when you have a clear idea of what you want and where to find it. The worst times are late at night or during moments of boredom, Wall said. “Impulsive spending can strike hardest” at these times, he said.
Wall recommended waiting at least 24 hours before making a purchase. This will help you avoid falling for special offers that could break your budget.
Consider Financing and Payment Options
If you are really down to your last few dollars but still need to buy gifts for important loved ones, consider payment plans or interest-free financing offered by retailers.
This should be a last resort, however — and one that involves only money you can afford to pay back. You don’t want to create financial problems later by amassing debt you can’t easily manage.
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