How to Keep Your Cool (and Your Savings) on Black Friday

Black Friday shopping is powered by intense FOMOOD (Fear of Missing Out on Deals). The pressure of having to amass dozens of holiday gifts coupled with the frantic message that you'll never see these deals again often sends shoppers into a tizzy of overspending, eventually culminating in personal debt.

To avoid the deep despair that can haunt your bank account long after Thanksgiving weekend, heed the following tips shared with us by Ash Exantus, financial empowerment coach at BankMobile. The biggest takeaway? Keep your head in the game and don't get swept away by emotions (especially FOMOOD).

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Be honest: how much can you afford to spend on Black Friday?
Flickr user Rusty Clark

Be honest: how much can you afford to spend on Black Friday?

Try to answer this question rationally and honestly. Do you live paycheck to paycheck, or have you saved up a little bundle that you can use on Black Friday deals? As Ash suggests, "Make sure that if you are going shopping on Black Friday, you're not behind on any bills and you are not using your credit cards to finance your splurging."

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Think like Santa Claus and make a dang list.
StockSnap | Cathryn Lavery

Think like Santa Claus and make a dang list.

It's all about planning ahead. If you go into the insanity of Black Friday shopping without a plan to keep you tethered to reality, you'll get swept up in the excitement of seemingly attractive deals and overspend, resulting in a buyer's remorse that could ruin the whole holiday season. So make that list — and stick to it.

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Figure out a hard budget.
StockSnap | Luis Llerena

Figure out a hard budget.

It's easy to go into Black Friday believing you'll be cool and rational and definitely won't spend too much. You're too smart for that, right? Really, the most clever thing you can do is sit down ahead of time and figure out a hard budget — an amount that you're sure you can spend — and write it down so you won't forget. Without any limits set ahead of time, you can quickly go broke without even realizing it.

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Only use cash — and leave all credit and debit cards at home.
StockSnap | Vitaly Taranov

Only use cash — and leave all credit and debit cards at home.

This one's tough, but you'll be glad for it in the end. Once you've figured out your budget, take out that amount in cash so you'll have solid, visual evidence of exactly how much you have left to spend.

This trick won't work if you also bring along credit and debit cards, however, because the temptation to use them will become overwhelming. As Ash points out, "Despite your preparation, there will be many tempting deals that may cause you to go temporarily insane and with access to money at your fingertips, that can be a dangerous blow to your finances. Keeping your cards at home removes the ability to fold to temptations."

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Don't be overcome by emotions.
StockSnap | Pedro Lastra

Don't be overcome by emotions.

There's a dizzying, frenetic energy to Black Friday, what with all the "once a year" deals demanding that you buy now or forever hold your peace. Combined with the sentimentality of the holidays, when you may be feeling more generous than usual, it becomes a perfect storm of excitement, obligation, and anxiety causing you to spend beyond your means.

Don't forget that retailers are actually playing upon these emotions in order to get your business. "In fact, the reason why Black Friday is called Black Friday is because this is the day consumers (you) help retailers (them) get in the 'black,' which in accountant terms means profitable," Ash says. "See, they aren't even hiding the fact that they are using you for their gain. And the reason they don't have to hide it is because they get you to buy by appealing to your emotions." Toughen up and don't be lured into spending money you don't have.