Permanent linkYou may still be full from Thanksgiving, but it’s time to go
shopping! You’ve been good all year with your budget. You’ve saved receipts,
you’ve kept records that will help you come tax time, and you’ve even managed
to put some money away. So, here are some tips to not spend too much, or lose
your mind this Black Friday.
- Set a budget! This is probably the
best thing you can do for yourself, aside from sticking to the budget you set.
Know how much you have to spend before you look at what you need to get.
- Make sure you know where you’re
going to go to get the best deals. Browse the Internet, mailers, coupons, and
TV offers. You might want to also know the return and exchange polices and gift
card rules.
- Once you know where you’re going
and what you want—stick to that list! There’s going to be some great deals, so
it’s easy to leave the store with more than you went for. Stay focused, and
you’ll save yourself money and a headache in the long run. (But if you can’t
hold back, knowing those return policies comes in handy!)
- Keep all receipts in case you need
to exchange or return an item. If
the item has been purchased for a charitable organization such as, Toys for
Tots or a local “Angel Tree” you can claim a charitable contribution for the
cost of the item.
- If you are working with one of
your local charitable organizations to take underprivileged families shopping
or even doing the shopping for the organization, remember to keep track of the
miles you drive to do the shopping and drop off the items. You can deduct 14 cents per mile as a
charitable contribution.
- Giving to the local Salvation Army
or other organizations outside of your favorite store? Write a check so the donation is tax
deductible. Don’t forget to ask
the “bell-ringer” for a receipt.
Most organizations are glad to provide you with the receipt so your
donations are tax deductible.
Once you are done for the day, sit back and enjoy that
sandwich made with leftover turkey and your favorite libation. You earned it!