The average American will spend $708 on pre-holiday shopping this year, such as on Black Friday and Cyber Monday. Holiday shopping can put serious stress on your wallet, but it’s hard to say that spending money on gifts for your family, friends, and children isn’t worth it. How do you balance not going overboard this holiday season and giving meaningful gifts to everyone on your list?

1. Gifts don’t need to be expensive.

It sounds cliché, but gifts don’t need to be expensive to make someone happy. My favorite gifts that I’ve given – and received – have not been the most expensive gifts. Personally, I don’t ever ask my loved ones what they want. If you know someone well enough, you can get them an amazing gift without ever asking what they want. And in my experience, it will be that much more special if you didn’t have to ask.

While that may work well for adults, with kids you probably do need to ask them exactly what they want or have them make a list. I’m still scarred from the Christmas I received four copies of the game “Connect 4” (Santa, my grandparents, and my aunt didn’t do a great job coordinating that year). Kids tend to care more about the actual gift rather than the thought behind it.

They may not be ready to completely grasp the concept, but this is great time to introduce the concept that being generous is rewarding. Over time they will come to learn that it is better to give than to receive. Jumping back into the reality versus the ideal of gift-giving for your kids, it is important to remember that you do not  need to break the bank. Set expectations with your kids so they know what is reasonable to ask for and what is not reasonable to ask for.

2. Black Friday may not be the best time of year to shop.

Shopping for Christmas gifts year-round can help you save money and make holiday shopping less stressful. Check out this month-by-month guide of what items are better to buy at certain times of the year. If you do the majority of your holiday shopping within the span of a month, or even a week, set aside a small amount of money every single month instead of trying to come up with the full amount all at once. A zero-based budgeting software such as YNAB can help you fund annual spending goals like holiday shopping.

3. Gifts come in many different shapes and sizes.

Holiday gifts don’t have to be physical objects wrapped in shiny paper. If you are a young couple, your gift to each other could be saving more money for a house, or traveling home to see each other’s families might be your gift to them. When you are younger and have less money to spend on others during the holidays, giving your time may be a better option. I can almost guarantee that your parents and grandparents would rather spend more time over the holidays with you than get a physical gift. Memories last much longer than any traditional gifts.

4. Don’t give what they don’t need.

If you have the means to do so, it can be tempting to buy loved ones really nice, expensive gifts. However, make sure it’s something they actually want before you spend all that money! My grandmother has no interest in the latest technological advancements, yet almost every year she receives a new gadget that will most likely never come out of the packaging and go straight to her “present closet.” She has a stack of about five different tablets that she will never use (and will probably receive another one this year).

Unfortunately, many Americans get stressed about money around the holidays. 35% end up taking on debt to pay for holiday gifts. By focusing on what really matters – spending time with your family and choosing meaningful gifts over more expensive alternatives – you can make this season a little less stressful and may even end the year with a little extra jingle in your pocket.

Everyone’s favorite shopping holiday, Black Friday, is almost here. This week, millions of Americans will log on to Amazon, or stand in line at Walmart, to jump-start the holiday shopping season. Billions of dollars will be spent, but not every deal is worth taking advantage of. Here’s how to make sure you stay sharp in your post-turkey stupor and tackle the biggest shopping weekend of the year like a shopping ninja.

How much will Americans spend?

Thanksgiving is a day for indulgence, in food and spending time with friends and family. The weekend after has become an indulgence in shopping, with 174 million Americans participating in Black Friday and Cyber Monday shopping. People aren’t afraid to spend money either, with the average shopper dropping $335. The splits between shopping online and actually going to a physical store are surprisingly even. 51 million Americans report only shopping in stores, 58 million only shop online, and the remaining 65 million shop both online and in stores.

This year, Thanksgiving falls on the latest possible date it can (November 28th, for those of you without a calendar), so retailers have the shortest possible amount of time between Thanksgiving and Christmas. Expect the shopping season to ramp up quickly; stores have a long way to go, but a short time to get there.

Not all deals are deals

When you browse through the Black Friday and Cyber Monday ads it seems like everything is on sale. Deals can be deceiving though, and you might not be getting the steal you think you are. Here are several things to look out for when shopping this weekend.

Compare prices

If you are planning to purchase a big-ticket item this weekend, you need to not only know what the price is going to be on Black Friday, but the complete price history of the item. $500 for a big TV might seem like a steal, but what does the TV normally sell for? There are tools available online that track the price history for just about anything you can think of. Doing research online before making a big purchasing decision will tell you how good of a deal something actually is. That $500 TV might not seem like such a deal after you learn it normally sells for $510.

For smaller items, price doesn’t matter as much; just use common sense. If you see National Lampoon’s: Christmas Vacation for $5 on Amazon, there’s no need to thoroughly research the price history before making your decision to purchase.

Beware of Black Friday-specific items

Some deals may seem too good to be true, and that’s because they are. Retailers know that consumers demand rock-bottom prices the weekend after Thanksgiving. To meet demand, they manufacture special products just for Black Friday through Cyber Monday. These are called derivative models, and although they are special they aren’t better. They are manufactured with cheaper components, and might come with less features than the standard models (for example, less HDMI ports on a TV).

To make sure you don’t end up with an inferior product, you need to check the model numbers very carefully. Black Friday-specific models will often have small differences in the model numbers. Double check the features to make sure they’re comparable to similar models and aren’t missing anything critical.

The deepest discounts aren’t necessarily the best deals

Stores will often draw you in with “shock and awe” sale prices, but the deepest discounts may not always be the best deals. Often, the products that get discounted the most are the ones nobody wants. The rule of supply and demand tells us that if retailers could sell it for a higher price, they would.

On the other hand, products with only slight or modest discounts might actually be the best deals. If the store isn’t cutting the price steeply, that usually means they don’t have much trouble selling the item normally. The weekend after Thanksgiving can be a great time to find deals on things that don’t usually ever go on sale. Certain Apple products, gift cards, premium electronics, and other name-brand products don’t usually see discounts, but they may get modest discounts on Black Friday that are worth taking advantage of.

What really matters

It can be too easy to get distracted by all the deals on Black Friday and ignore what really matters. Thanksgiving is a time for giving thanks and focusing on what we have, and not what we want. Make sure those important to you know how much you care for them.

Black Friday is seen by many as a display of greed, but it can just as easily be viewed as a display of giving and generosity. Americans standing in line at Walmart or waiting for the latest deals to drop on Amazon usually aren’t there for themselves, but for someone else. Most after-Thanksgiving shopping is done to make someone else’s holiday season a little bit brighter.

Black Friday is practically here and you’re eager to get out there and take advantage of some major deals. Before you head out on the busiest shopping day of the year, here are a few very important Black Friday blunders you’ll want to make sure you avoid!

1.  Falling for (the wrong) Door Busters

Door buster sales aren’t always what they seem. Be sure to read the fine print in the ads. Many times, retailers advertise, “While Supplies Last;” “Brands and Availability May Vary;” “Limited to 5 per Store.” Door busters are a way for retailers to get you in the store, because they know once you’re in the store it’s very likely that you will buy something even if the door buster item sells out or isn’t what you thought. Don’t be fooled and lured by misleading promises. Instead, zero in on the stores that carry the item you want at the best possible price and build your game plan around acquiring what you really want, door buster or not.

2.  Getting Swept Up in “Everything Must Go” Deals

When stores offer such outrageous sales like 50%, 60% or even 70% off, it’s very rare that you are actually saving that much on your purchase. Instead, the original listed price is often inflated to a price that no one would ever pay and that they would never sell at that amount. When a discount seems too good to be true, it probably is. Therefore, try to avoid getting swept up in really good marketing messaging and be diligent in scouting the best deals for the items you seek to purchase on Black Friday.

3.  Settling for Brand Bait and Switches

This is more common than you might think. A store may advertise a quality 60 inch television at an irresistible price, but when you get to the store, they don’t have the brand in the flyer. Instead, they are selling you a lesser brand for the advertised price. This is what is known as “brand bait and switch.” Retailers lure you in with a promise, only to offer you something else once they have your attention. Remember that price isn’t everything. Don’t compromise on the quality of your purchase, especially for the more expensive items like electronics. These tend to be the most common brand bait and switch situations.

4.  Not Recognizing Price Steering 

E-commerce sites can be sneaky and unfair. Price-steering is when certain e-commerce sites charge some customers more for the same item. According to a study by computer scientists at Northeastern University, many major e-commerce sites personalize prices per customer, depending on what software they use or their browser history. To avoid paying too much for an item, you can compare the online price to the in store price, as well as search for items online using different web browsers.

5.  Not Clearing Your Browsing Cookies

Targeted pricing is similar to price steering in that it tends to be an online shopping phenomenon. Targeted pricing is influenced by geographical location and your past purchasing history. The data collected from your online shopping history allows retailers to price items based on how much they think you would be willing to pay for it. The best way to not suffer from this sort of price discrimination on Black Friday (or any other day) is to clear your browsing cookies and history on a regular basis, or at least before you start your online Black Friday or Cyber Monday shopping.

6.  Failing to Price Compare

If you’re not comparing pricing for your wish list items, you’re doing yourself a huge disservice. PriceGrabber.com, CNet.com, FatWallet.com, and DealCatcher.com are just a few sites you can use to compare pricing across all retailers for a single item. It makes it very easy and efficient to find which store is offering the best deal for the items you plan to purchase.

7.  Not Using Online Shopping Portals

And let’s not forget the extra savings you can enjoy just by using certain shopping portals! Ebates.com is an example of a shopping portal that offers you additional savings and cashback just for shopping through their portal. You are still able to use coupons and take advantage of the same deals, but you get a little extra than other shoppers who purchase through retailer websites.  Credit card companies also offer similar shopping portals and may offer you additional rewards for using them, too. For extra savings, these shopping portals are worth looking into to increase your purchasing power.

8.  Forgetting Coupon Codes

This may seem obvious, but it is always a good reminder to search for additional coupons online before making your purchase. While you’re standing in long lines this Black Friday, why not hop online and see if you can find an additional coupon for the store you’re making your purchase in? It will keep you occupied and you may even walk away with more savings!

9.  Not Leveraging Your Credit Card Cashback Rewards Program

At The Money Guy Show, we treat credit cards like cash. Use it, but only if you can pay it off when your statement comes in. So with that being said, use it and take advantage of your credit card cashback rewards program. If you can earn an additional 1% to 5% for using your card for purchases, that helps your hard earned money go further and extends your Black Friday savings towards future purchases.

10.  Buying What You Don’t Want or Need

Lastly, one of the biggest Black Friday blunders is buying what you don’t want or need. It can be easy to get caught up in the shopping frenzy, but it’s OK to walk away from a purchase. The best way to avoid buying items you don’t really want is to plan your Black Friday shopping ahead of time. Make your list and then head out to get those items. If you see something you like that you want to splurge on, there’s nothing wrong with that, but keep your spending under control so you can really benefit from saving on the items you really want this season.

Black Friday is coming and we want to prepare our listeners to be judicious spenders and maximize your hard earned dollars this holiday shopping season. In this episode of The Money Guy Show, we walk you through how to avoid the Black Friday gimmicks and get the greatest bang for your buck. Hold on tight, because we cover a lot of ground in this fun segment of our podcast. 

Being a ‘Retail Rambo’ on Black Friday means that you’re zeroed in on the right deals and incentives to save an extra 3% to 20% more than other shoppers out there. It also means that you won’t be lured or fooled by the illusion of big savings that don’t really exist. If you’re a fan of The Money Guy Show, chances are a saver first and spender second. Well, just like we encourage forced scarcity and moderation when it comes to consumption, we carry these same principles with us on Black Friday. We want to make sure your money is stretched as far as it possibly can to get the greatest value for the items on your holiday wish list this year.

Ready to save big this holiday season? Here’s what we cover in today’s packed episode:

• How to spot a Black Friday scam and avoid it
• Understand retail tricks and determine which ones are worth your time
• What needs to be in your shopping ‘tool belt’ this shopping season to save big
• What “Off Brand Clowns” are and why you should be wary
• Door Busters: Good deals or just bait?
• How to know how much you’re actually saving (despite what the shiny sticker says)
• Price steering and price targeting: What you need to watch out for
• Must-have research tools to help you compare product prices across multiple retailers
• The 3-step online shopping strategy that offers you a triple plan of attack on the best deals
• In-store savings strategies that work to save you even more money
• How to most efficiently spend your money this holiday
• Ways to effectively leverage credit this season for more savings

Resources We Mention in this Episode:

• pricegrabber.com
• cnet.com
• fatwallet.com
• dealcatcher.com
• ebates.com
• consumerreports.org
• tgiblackfriday.com

Tune In and Go Beyond Common Sense with the Money Guys

This show would not be what it is today without the support of our wonderful listeners. We strive to continue making the show better and your feedback is an important part of that process.

If you have any questions/suggestions/comments/concerns (or just want to say hi!), feel free to reach out to us: brian@moneyguy.com and bo@moneyguy.com. You can also join the conversation on Facebook or connect on Twitter @MoneyGuyPodcast.

If you enjoyed this episode, be sure to join our community! You’ll get immediate access to 15 of our most recent shows, plus you’ll get future podcasts delivered straight to your inbox so you can get in on the action right away.

Tired of how early the holiday shopping season starts? This year, make a statement: vote with your dollar and put your money to better use than joining the shopping frenzy on Black Friday.

You’ll avoid the crowds (and the consumer culture!), have more time to spend with your loved ones, and build a better financial situation all at once. If you’re not sure what to do with your money instead, let us get you started with these suggestions for putting your dollars in a few other places.

Look at Your Retirement Accounts

Take a look at your 401(k) plans, traditional or Roth IRAs — whatever retirement account you have, pull it up and check out the balance. Are you on track to maxing it out? Here’s a quick guide on contribution limits for 2015:

• You can contribute up to $18,000 to accounts including 401(k)s, 403(b)s, Thrift Savings Plans, and most 457 plans. If you’re over 50, you’re eligible for catch-up contributions and may put in up to $24,000.
• Traditional and Roth IRAs have a $5,500 contribution limit. If you’re 50 or older, you can contribute $6,500.

If you need to catch up, you have time! Make an extra contribution and build your wealth — and financial security. (On track with your retirement goals? Throw some extra money into your emergency fund instead!)

Give to Others in Need

While it’s fun to shop for gifts for your friends and family, they, like you, probably have most of what they truly need. This year, why not allocate some of your shopping budget to your favorite charity?

You can make a cash donation, or you can work with organizations like Heifer International. With Heifer, your money can go toward purchasing something tangible for communities in need — and you can do so in the name of a friend or family member for their holiday gift, too. For example, you can “give” something like goats or cows. Or you can fund a project, like digging a well.

When you purchase something from the gift catalog, you can do so in honor of someone else — and they’ll get a lovely holiday card sharing what they gave to a community who will put this gift to excellent use.

Invest in Yourself

It’s really hard to hit the mall and all your favorite stores while shopping for others during the holidays — and not bring home a little something for yourself. After all, Black Friday does feature some great deals for savvy shoppers.

But instead of funneling your money to material possessions, consider how you can invest in yourself instead. This is a separate conversation from the investments you can do with your retirement plans and brokerage accounts. You can also invest in your knowledge, skills, and happiness.

Is there a hobby you want to pick up? How about an ability you have that you want to further develop? Or is there a skill you want to learn but aren’t sure where to start?

It may cost money to get involved with these things, but it’s okay to put money in your budget to invest in bettering yourself as a person or adding to what you know and can do.

If you want to learn a new skill but can’t afford traditional higher education, search out courses on Skillshare or Udemy. And don’t forget about YouTube! There are a number of tutorials there, and these videos are completely free.

If you want to engage in a new hobby and need lessons or training, wrap that into your budget — or consider if you can barter with an instructor or trainer. Can you offer them help with their business in some way in exchange for lessons? (One of our team members, for example, writes articles for her gym’s newsletter in exchange for a spot in a group class.)

Know that it’s okay to spend that money on yourself in this way — and it’s much more productive than spending money on Black Friday shopping.

Think about your values and what’s important to you this year. For most of us, Black Friday craziness is not high on our personal values list (which, instead, probably includes things like Family, Community, Growth, Happiness, or Wisdom). So instead of joining the crowds, consider using your money in a better way.

How do you want to put your dollars to use this year?

If you enjoyed this post, you’ll love free access to more content from The Money Guys. Check out our free resources here!

The holidays are almost upon us. Regular Money-Guy listeners will know this is the time if year we love to mention the various ways we enjoy stretching our dollars and scoring deals ahead of the holiday shopping season.

If you want to learn how to take advantage of sales year-round — and not just during the holidays — then you’ll want to tune into this episode. We’re covering 3 simple but often overlooked ways you can make your money go 3 to 5% farther than the rest of your peers.

Before we jump in, we want to share how appreciative we are of all the emails and comments we receive from listeners. By day, we’re fee-only financial planners, and we always want to help our audience get ahead with their money. You can always reach out to brian [at] money-guy.com or bo [at] money-guy.com if you need us.

Ready for these 3 simple tricks we personally use to save more money?

In This Episode, You’ll Learn:

• How to cut your lifestyle back without feeling the burn
• Strategies we’ve used to shop around for insurance
• Whether or not it’s risky to insure your assets with one company
• The secrets of the triple threat online savings plan
• Three savings portals you can use online to get cash back when you shop
• What techniques to use in stores to save money
• How using a store card can give you a discount you won’t find anywhere else
• Why Brian always looks for a certain box at online check-outs
• How “when and where you do life” matters, especially if you have kids

Resources:

• Whitefence.com
• Ebates
• Upromise
• Ibotta
• Retailmenot.com
• Citi Double Cash
• Discover it Card
• Fidelity Investment Rewards American Express Card
• Moneylooms.com – Allen Foster’s blog

Tune In and Go Beyond Common Sense With the Money-Guys

Thank you for being a listener of The Money-Guy Show. Don’t forget, we’re expanding (big things are coming!), and we’d love to hear from you if you need a financial planner on your side. You can email brian [at] money-guy.com or bo [at] money-guy.com, or follow us on social media via Facebook or Twitter @MoneyGuyPodcast.

Did you love the tips we had on saving money in this episode? Then you’ll want to join our community so you never miss an episode. You’ll receive the latest podcast episodes directly in your inbox!

A recent Wall Street Journal article reported that Black Friday will be creeping into Thanksgiving Thursday in 2011.  Apparently, many big store chains, including Target, Macy’s, Kohl’s, and Best Buy, are planning to open at midnight after Thanksgiving this year in hopes of getting a jump on the competition.

It seems that every year, retailers go to higher extremes to compete for shoppers’ cash.  All the while, most of us hate crawling out of bed at 4 a.m. (or now, midnight) to fight in line for the hottest new item.  The tips we cover in today’s show reveal how to handle the Black Friday deals without giving in to the mania.

The November 2011 edition of Money Adviser includes some great advice for surviving Black Friday:

• The deals won’t disappear:  While the weekend following Thanksgiving is considered prime shopping time, many of the deals continue throughout the holiday season.  Be careful, though.  Many retailers hike their prices up immediately after Christmas in anticipation of shoppers using gift cards.  If you receive a gift card as a present, you should wait until prices fall back to normal to use them.
• Is it worth breaking down the door?  The best door-buster items are typically limited.  If you decide to take your shot for the half-off computer, be prepared to wait in long lines and brace yourself for disappointment.
• Sniff out appealing specials in advance:  There are many websites you can use as a resource for Black Friday specials.  Fatwallet, Gottadeal, TheBlackFriday, Bizrate, and Nextag are all mentioned in the Consumer Reports article.  We also recommend RetailMeNot, Pricegrabber and the TGI Black Friday App.
• Sign up for e-mail alerts:  Many stores offer special sales and coupons if you sign up for their newsletters.  If you hate receiving loads of e-mail, though, use the apps and websites to directly search for your deals.
• Look for a price guarantee:  Some retailers offer a refund if you buy an item that goes on sale right after you purchase it.  In addition, many will offer a price match if you find an item for a lower price elsewhere.
• Check return policies:  Make sure you know the return policy, especially since many DVDs, video games, etc. can not be returned if the seal is broken.  Some retailers require that you have the receipt for returns, while others will only offer store credit.

A few other tips from the Money-Guys:

• Utilize UPromise to do your holiday shopping and save money for college at the same time.
• Pay with your rewards credit cards in order to get some money back.
• Check for warranty packages offered as an added bonus through your credit card.
• Before you go shopping, make a list and try to stick to it.

As you can see, it is possible to take advantage of holiday deals from the comfort of your own home.  We would love to hear any Black Friday shopping tips that you guys have.  Feel free to share them below or on our Facebook page!

With all of the doom and gloom in the financial markets right now, surely you are asking: why in the world would I be talking about spending money? Especially when shows over the past few weeks have been concerned with ways to save money! Even bad situations can have a good side.  In this economy it is the incredible deals that retailers are about to send our way.

There are some truly unbelievable deals coming available in the retail marketplace in a few weeks. Why? Because just like most everyone else, retailers are scared, and in light of them being so scared, they are willing to offer YOU, the consumer, incredible deals. This, coupled with the holiday season, has got me excited.

Personally, I get satisfaction from knowing that I have the uncanny ability to shop smarter than other consumers. In today’s show, I walk you through my process of really seeking out the best holiday deals. Also, if you can wait for Black Friday, the day after Thanksgiving, you will be rewarded with once in a lifetime purchase opportunities.

My Shopping Process – Finding and Tracking my Target:
First, I start out by making a list of things that I want/need: TV, vacuum cleaner, Christmas presents, toaster, etc. Next, I go to www.consumerreports.org. Here I’m able to determine which brand, size, and type of product is going to be perfect for me. Then I go to PriceGrabber.com. From this website I can search for any specific product and find the lowest price being offered from the universe of retailers who sell the product. Finally I will go to DealCatcher.com. Here I can find any promo codes or coupons that may be offered to lower the price of my desired good even more.

Black Friday Cheat Sheets:
Throughout the show I go into detail about some of the specific services these sites have to offer. I also note some really great websites you can use to find the best Black Friday deals: BlackFriday.info, bfads.net, blackfriday.gottadeal.com, and finally, my favorite, TGIBlackFriday.com.

Beware of the after Christmas Gotcha:
As a side note, I would like to dis-spell a common myth. Waiting until after Christmas to shop DOES NOT produce the best deals. The reason for this? Gift cards. As you listen to the show, you will understand exactly what mean.  I hope this week’s show really helps. Happy shopping!