Black Friday: 6 essential tips on smarter spending

Black Friday happens every year and with it, the madness. Yet, is it really worth spending so much money in one day? The answer is… yes, probably—but it also depends on how you do it.

Next Friday—November 29, 2019—"Black Friday" kicks-off, a tradition inherited from the United States and one that has gained more and more momentum in Europe. But of course, the fact that it’s also celebrated here doesn’t mean that we also have to go crazy. After all, with so many annual events that encourage mass spending and consumption like Christmas, Cyber Monday, Valentine's Day and Singles Day, it’s important that we remember to part with our hard-earned cash wisely.

If you already know what you're going to buy this Black Friday, or maybe you're still just window-shopping, the following tips and trips will guide you through the day.

It may seem silly but if you choose to pay with your card, you can keep track of what you spend—after all, when you pay with cash, it's easier to forget your purchases. If you have an N26 account, you will receive a push notification after each transaction. You can even tag your expenses with the hashtag #BlackFriday so you have them all grouped together.

And by the afternoon, when you’ve opened your app to see you’ve already spend over your budget, maybe it’s time to give your card a break.

Maybe you’ve already set your sights on something special. If that’s the case, the best thing to do is take a look at the prices a few days before Black Friday. Compare what your item costs on different websites and once the day arrives, decide if it's really worth buying. Why is this important? Well, sometimes stores try to convince us that they have lowered their prices when in fact, the difference with the original price may not be so attractive. During Black Friday, deals usually come with a 30% discount or lower—don't settle for less.

Set a spending cap for purchases this Black Friday. Choose the amount—whether it be €50, €100 or €500—and try not to stray away from it. If you have an N26 bank account, you can create a Spaces sub-account and set aside the desired amount. Then give it a name, drag your Black Friday money across and drop it in your space—it’s as simple as that. Now, you know that whatever happens, that money is saved for you and that special purpose.

When it comes to spending those funds, simply click on the payment in your transaction list and then on “Pay from space.” Easy!

If you already have your eye on several things, we recommend that you write them down somewhere. Paper and pen, a note on your mobile—whatever suits you best. It’s important to write things down so that when the day comes, you won’t miss out on what you want and you can keep track of what you buy.

Top tip: if you’re doing your Black Friday shopping from your sofa, or online while you’re out and about, copy and paste the links of the items you want to buy into your phone so that you’re quick to get to them on November 29.

Okay, so you’ve made a list, but are you absolutely certain you want to buy those things? Don’t worry—if you do this a few days in advance, there’s still time to mull your potential purchases over. Give yourself a couple of days to think about your items, sleep on it and check it again. Are you still as excited about then? Is there one thing that that's no longer essential? More often than not, a little perspective can help you make a rational decision.

Finally, the day has come and you’re ready to flash your card! We know that you’re probably really excited to get spending but remember—don't get carried away with the first thing you see. The same item may be sold on different websites, and this is why it’s important to compare prices as much as you can before hitting the purchase button.

This will only take a few extra minutes, and it can save you a lot of money. After all, just imagine how frustrated you might be if you buy the first thing you see, and then your friend tells you that she or he has bought it for much less? You don't want to be that person, do you?

Now that you’ve done your homework, you can start putting these tips into practice before the big day arrives. After November 29, reach out to us our Twitter @N26 about what you’ve bought, and tell us if you have any other essential Black Friday tricks that we’ve missed. We'll write it all down, and make sure that next year’s list is even bolder and better.

Good luck finding the best bargains!