5 Tips to Stay in the Black on Black Friday (and throughout the holidays)

shoppingBlack Friday, Cyber Monday and holiday shopping are around the corner. Now is the time to get a game plan on how to avoid going into debt during the holidays. Savings expert and New York Times bestselling author Pamela Yellen provides insight on how to prepare for holiday gift giving without going into debt.

“It seems to happen every year that no matter what we budget, many of us get caught up in the holiday spirit and end up spending more money than we can really afford to,” explains Pamela.

“Find it difficult to stick to a budget? Give gift cards and make something personal to go with them. Or give experiences instead of ‘stuff’ — a shared hike or a special home-cooked meal. Or volunteer together at a soup kitchen, homeless shelter, or nursing home if your gift recipient doesn’t want more material items.”

Tips to stay out of debt while capturing the holiday spirit:

  1. Pay for Gifts with Cash: People paying with cash spend 20 percent less without feeling deprived, according to research by the National Foundation for Credit Counseling.
  2. Ask Yourself Why: Ask yourself why you want to buy something – whether it’s for yourself or as a gift. You may realize that you’re being manipulated into it by advertisements.
  3. The Gifts People Remember the Longest are Often Free: Think about what you might give that is free or low cost that would bring as much or more long-term pleasure.
  4. Remind Yourself of Your Goals: This helps you realize that every time you don’t spend money, you’re closer to reaching your goals.
  5. Use the 10/10/10 Savings Formula: Using the time-tested 10/10/10 Savings Formula year round puts you in control of your money and finances.

Did You Know? The average holiday shopper spent $423 the weekend after Thanksgiving last year, with total holiday spending topping $59.1 billion, according to the National Retail Federation.


About Pamela Yellen: As a consultant to financial advisors, Pamela Yellen investigated more than 450 savings and retirement planning strategies seeking an alternative to the risk and volatility of stocks and other investments. Her research led her to a time-tested, predictable method of growing and protecting savings now used by more than 500,000 Americans. Pamela’s book, Bank On Yourself: The Life-Changing Secret to Protecting Your Financial Future, is a New York Times Bestseller. She has been featured on ABC, NBC, CBS, CNN, FOX, NPR and in The Huffington Post, Fortune Small Business and hundreds of other publications. Learn more at www.BankOnYourself.com.