Stick to the budget: Financial experts weigh in on Black Friday - KCTV5 News

Stick to the budget: Financial experts weigh in on Black Friday shopping

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While most people come looking for a specific item, they tend to leave with more than that. (CBS) While most people come looking for a specific item, they tend to leave with more than that. (CBS)
FAIRWAY, KS (KCTV) -

After spending Thursday eating enough turkey for themselves and others, many people will enter full-fledged shopping mode.

Many have a strategy for their Black Friday shopping but one question almost always remains, how can shoppers get the best bang for their buck.

Black Friday shoppers generally have their eye on a big-ticket item, like the televisions at Walmart that are dropping by as much as $300, before they hit the stores but financial experts say, "Beware."

While most people come looking for a specific item, they tend to leave with more than that.

Experts say this is due to a large number of deals. They want shoppers to remember that if it’s not needed, don’t get it.

Ameriprise Financial Advisor Kevin Taylor says he often sees people go into debt during these busy shopping days.

“The most important thing people have to remember is not how much they’re going to save but how much they’re going to spend,” Taylor said. “It turns out, 58-percent of people don’t even stick to their holiday budget.”

Taylor says shoppers should make a list, prioritizing what they truly want or need, set a maximum budget of what can be spent and to remember that the budget needs to include the extras that go along with big-ticket items.

“It’s those accessories that many times retailers have a higher profit margin on and while you’re at the store they’re hoping and enticing you to make sure you get those,” Taylor warned.

Stores like Walmart have a layaway option where items can be set aside and paid off slowly.

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