After Thanksgiving meals come Black Friday deals. It’s tradition for American shoppers. But do you know the true story behind Black Friday? And more important, how can it save you money?
There are many great ways to save money on Black Friday. Some involve doing something to maximize your savings. Others involve not doing something, which is easier than taking action.
Today, we’ll look at the history and origins of Black Friday. We’ll also look at some “do’s” and “don’ts” to help you save money on Christmas gifts. Sound good? Let’s dive in.
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What and When Is Black Friday?
Black Friday is a term used for two unrelated events. The first use refers to the Gold Panic of 1869. The second, more popular, one is the day after Thanksgiving.
Gold Panic of 1869
Black Friday was first used for September 24, 1869. A day of financial panic for Americans, sparked by gold speculators. The scandal took place during the presidency of Ulysses S. Grant.
The country went through great upheaval during the Civil War and was not yet restored. Grant sold U.S. Treasury gold to pay off the national debt, stabilize the dollar, and boost the economy.
Speculators, using Grant’s brother-in-law, tried to manipulate the gold market. The scandal undermined the credibility of both the presidency and the national economy. An investigation exonerated Grant of any illicit involvement in the conspiracy.
Christmas Shopping Season
Today, Black Friday is a colloquial term for the Friday after Thanksgiving. The traditional start of the Christmas shopping season. Stores offer highly-promoted sales at discounted prices. Many open early, some at midnight and on Thanksgiving Day.
Almost 70 percent of holiday shoppers will shop Black Friday sales. This, according to the National Retail Federation. The sales often continue through Cyber Monday. In some cases, the once single day of sales has expanded into a month full of deals.
November 25 is Black Friday this year, and November 28 is Cyber Monday.
Why Is It Called Black Friday?
Many people think the term Black Friday has roots in store profits and losses – “in the black” and “in the red.” In a technical manner, that’s true. But the real origins of the term are darker.
Black is often linked to times of economic stress as opposed to commercial success. The first Black Friday occurred with the Gold Panic of 1869. In 1929, the stock market crash ushered in the Great Depression – after a Black Thursday and a Black Tuesday.
In the 1950s, factory workers called in sick on the day after Thanksgiving – to extend the holiday weekend. As a result, managers called the day Black Friday.
In the 1960s, Philadelphia traffic cops also used the term for the day after Thanksgiving. They had to work long shifts in terrible traffic, when shoppers flocked to the city. The day coincided with the annual Army-Navy football game, as well.
Black Friday caught on with the Christmas shoppers and merchants in Philadelphia. From there, it took off nationwide.
How Can Black Friday Save You Money?
Black Friday can mean significant savings for your family. It’s the one day you can find the best deals on almost any product. Electronics, tools, clothing, toys, kitchen appliances, and more drop to their lowest prices. Here are some tips to maximize your savings:
- Review Black Friday advertisements and compare prices.
- Sign up for store email newsletters and mobile notifications.
- Check the price-matching policy for each store you shop at.
- Use promo codes, coupon codes, and old-school paper coupons.
- Use cash-back mobile apps and internet browser extensions.
- Pay with a cash-back or rewards credit card, or use a gift card.
Gift cards are hot with shoppers this year. Prepaid Visa cards, restaurant cards, and gas cards help recipients fight inflation. Many people use gift cards to pay for their holiday purchases. By giving gift cards at Christmas, you can help others save money this year.
More Ways to Save Money
Practicing a few “don’ts” can help you save money, too. First, don’t try and fight for that Black Friday deal. Instead, start your shopping earlier this year. Many sales last all week or throughout November.
Second, don’t buy what you don’t need. Deals are great when you’re shopping for your family and friends. But it’s way too easy to pick up something for yourself. So brainstorm Christmas gifts at home, make a shopping list, and stick to it.
Third, don’t go overboard on gifts because of a deal. When you’re shopping for others, it’s tempting to add “one more thing.” But extra gifts can add up fast. Set a limit on the amount you will spend, and stick with your budget.
Finally, don’t waste your time waiting in long lines for a doorbuster deal. Value your time more than the deal. Go shopping later in the day, when sales are on but lines are shorter. Or shop online from home – at your own pace and time. Happy shopping! ◻️
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- Cyber Monday: What Is It, and How Can It Help You Save Money?
- Giving Tuesday: What Is It, and How Can It Help You Help Others?
Now It’s Your Turn
Thank you for reading my post. Now it’s YOUR turn to chime in. When do you start your holiday shopping? What Black Friday deals will you jump on this year?
Let’s fill the comments with friendly conversation. Scroll down to leave a reply, ask a question, or say just hello. And if you liked this post, please give it a share.
Blessings, Annette
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