There’s only one Black Friday strategy you need to win, and collectors of frequent flyer miles are very familiar with this thinking already because there’s a trap we all have to be careful not to fall into. I wrote “This Game Is Not For You If…” about mistakes people make with mileage-earning credit cards.

  • If you don’t pay off your bill in full each month, don’t pay attention to credit card rewards pay attention to your interest rate (and getting the card paid off as quickly as you can)
  • And do not spend more money than you would otherwise spend because you’re using a credit card, or because you ‘need’ the spending to hit a bonus. On average people using credit cards do spend more than those using cash, though a number of factors influence that result.

The same thing is happening. You need to keep an eye on your expenses. Black Friday is the same as every other day. Did you think Black Friday was for you? The goal is to get you to spend more money by offering deals at a time when people are more interested in shopping.

Don't buy things simply because they are cheaper than their normal price. If you make a purchase you aren't saving money because you wouldn't have paid that price anyways. You wouldn't have paid that price if you'd already bought it.

You may already have things you want to buy. You should buy those on Black Friday.

  • Know what you want to buy those are the things to buy, not shiny things you see along the way.
  • Know what those things normally cost, so you can identify how deep a discount you’re getting. Don’t go through big effort for small discounts that you can get any time — more importantly if it’s a deal you can get later, why not wait? And that’s for reasons other than time value of money, you can always think more about whether you really need it. The worst time to buy something is when you feel pressure to do so. Always be willing to walk away when a car salesman tells you about the other buyers looking at the car you think you want.
  • Know how much you’re willing to spend. And know how that changes if what’s offered is slightly different than the ideal item you were considering.
    black friday shopping cart

Buy the things you would consider buying if they were offered for less than you would have to pay. It's all done.

We buy things because of excitement, or because there is a buzz around a good deal, or both. I don't want to buy things. They are considered by me. I might put them in my cart. I think about whether I really need it or not and then I take it away.

My first job paid $21,000 a year when I was in my twenties. I got raises of $23,000 in my first few months, then $24,500 and then $30,500 over the course of a year. I got my own apartment after making over $30,000 because it was a small unit sandwiched between two bowling alleys.

I wouldn't just buy stuff. I would consider instead of walking around. I did not buy as much as I would have bought. I don't need that much stuff, and I don't want it to pile up. Even though I have more money than I did back then, I still attempt to practice that.

There are so many good ideas that end up in closets or in the trash. We could resell them online.

Don't buy nice things or only buy what you need, I'm not saying that. I have never been a financial independence retire early guy because I like my job, and I still have a full time job. I am telling you to be disciplined and not to make impulse purchases.

The key to Black Friday sales is to buy what you need, not what you want.

Credit cards with minimum spending requirements can be used with American Express gift cards to fund your next vacation.

In general.

credit card wallet

If you don't spend more than you otherwise would and pay your bill in full on time each month you can use credit cards. Tools that free you if you don't meet either condition will be used irresponsibly.

In general.

I'm going to talk about the current status of 'Bluebird' and 'Vanilla Reloads' as a mileage-earning strategy and offer some tips for people that are already pursuing that strategy to do it even bigger.

In general.