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Black Friday: Fun, hype–or class warfare?

November 24, 2014 By Liz Weston

business girl with shopping bagsAmerican shoppers seem to fall into two groups: those who are planning their early-morning raids on major retailers (starting as early as Thanksgiving morning!) and those who sneer at people who head out into the cold in search of bargains.

I used to belong to the latter group, until a friend pointed out I was being a snob. Here’s how Los Angeles Times reporter Shan Li puts it in today’s article “Black Friday highlights the contrast between rich and poor.”

“Increasingly, the seasonal shopping surge has become a window into America’s class divide, in which high earners have benefited from a booming stock market and rising home prices as many others still grapple with stagnant incomes and lingering financial anxiety.

…

“You have people who really need a bargain — they will sit out for two days to get that deal because that may be the only big thing they can afford for the whole family,” said Britt Beemer, founder of America’s Research Group. “Luxury retailers don’t do very well on Black Friday because their customers are not going to fight the crowds.”

Li quotes a PricewaterhouseCoopers report that says the ranks of strapped shoppers who earn less than $50,000 a year are growing from 63 percent of American shoppers two years ago to 67 percent today.

There are alternatives to fighting the crowds, of course. Check out this interesting post at the Nonconsumer Advocate: “10 ways for a zero-dollar Christmas.” Online retailers are offering plenty of good deals as well. Then there’s the whole Shop Small thing, although you need an American Express credit or Bluebird prepaid card to get money back.

If you are planning to venture out in search of deals, consider a good price comparison app such as RedLaser or PriceGrabber on your smart phone, if you have one. They’re good tools to help you figure out which Black Friday bargains are the real deal. A site to track is DealNews, which not only alerts you to deals but which keeps track of previous low prices. If you can’t check prices on the go, at least hang on to your receipts so you can exchange anything for which you find a better buy.

Those of us who will be sitting snug at home shouldn’t feel too self-satisfied, particularly if–like me–you order a lot from a certain online retailer. Read this Motley Fool article about which retailer treats its employees worse: WalMart or Amazon.

Filed Under: Liz's Blog Tagged With: Amazon, American Express, Black Friday, incomes, shopping, WalMart

Tuesday’s need-to-know money news

July 1, 2014 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: Five mid-year tax moves you should make right now. Also in the news: Why you should consider signing up later for social security, getting a late start on retirement savings, and why you should open a savings account.

5 Smart Mid-Year Tax Moves for Right Now
Don’t wait until next year.

Why Workers Sign Up for Social Security at Age 62
Waiting could bring you more money.

5 keys to a successful late-start retirement plan
There’s still time to catch up.

5 Reasons to Start a Savings Account Today
The easiest way to start building wealth.

Here’s What You Should (and Shouldn’t) Buy in July
Hold off on that new TV.

Filed Under: Liz's Blog Tagged With: Retirement, savings accounts, shopping, Social Security, Taxes

Wednesday’s need-to-know money news

November 27, 2013 By Liz Weston

Today’s top story: Avoiding panic on Black Friday. Also in the news: Shopping strategies for Black Friday, how to earn the most credit card rewards during holiday shopping, and what to consider before applying for a medical credit card. Gift

How to Avoid Panic Buying on Black Friday
Keep Calm and Shop On.

How to Win Black Friday: Shopping Strategies
Getting your gameplan on.

5 Black Friday tricks to avoid
How not to fall for retail tricks.

Earn The Most Credit Card Rewards During Your Holiday Shopping 2013
Stocking up rewards as stuff the stockings.

What to Consider Before Applying for a Medical Credit Card
Pay close attention to interest rates and hidden fees.

Filed Under: Liz's Blog Tagged With: bargains, Black Friday, medical costs, medical credit card, shopping

Will you shop on Thanksgiving?

November 27, 2013 By Liz Weston

Mother and son outdoors at winterI once made a disparaging comment to a friend about people who rush the doors of their local retailers to snag Black Friday deals.

She told me I was being elitist. I had money to buy nice presents for my family. Many of those waiting in the cold, dark night for the Walmart doors to open didn’t, and Black Friday might be their only shot at getting something nice for their kids and spouses and parents.

She had a point. Maybe that characterization doesn’t apply to everybody caught up in the post-Thanksgiving frenzy, but it was true enough back then to make me shut my mouth about it.

Now they’re messing with Thanksgiving itself, which sucks for the employees forced to work and for the shoppers who are letting themselves be tricked into deals that usually aren’t. “The stuff on sale now will be even cheaper in a few weeks,” wrote New York Post columnist Nicole Gelinas who goes on to write:

There’s nothing wrong with marketing ploys. But there is something wrong with preying on people’s impulses to the extent that they are sacrificing time with their families for one day that shouldn’t be commercialized. Time is the real gift.

Because you know what’s next, right? After-Christmas sales…starting on Christmas morning.

Filed Under: Liz's Blog Tagged With: Black Friday, deals, shopping, Thanksgiving

Thursday’s need-to-know money news

November 21, 2013 By Liz Weston

Today’s top story: Preparing your home for the winter. Also in the news: Understanding the “kiddie tax”, why your chances of retiring early could be determined by your personality, and how to defeat the urge to binge shop.Education savings

Tips for Preparing Your Home for Winter
Don’t let your money go up in chimney smoke.

Understanding the ‘Kiddie Tax’
Those generous gifts could be generating taxable income.

Retiring Early May Come Down to Your “Financial Personality”
Are you a “protector” or a “pleaser”?

How to Defeat the Urge to Binge Shop
You might want to star by leaving your wallet at home.

Is Saving the Key to Happiness?
Money can’t buy you love, but saving it might just make you happy.

Filed Under: Liz's Blog Tagged With: kiddie tax, Retirement, saving, shopping, Taxes, winter

The problem with bargain hunting

November 6, 2013 By Liz Weston

KONICA MINOLTA DIGITAL CAMERADeal sites. Garage sales. Thrift stores. All can be a part of a frugal lifestyle. Or they can just be substitutes for a more expensive shopping habit. The question to ask: Are these thrifty alternatives really thrifty for you? Or are they just feeding that lust for acquisition that leads to too much stuff and too little money?

In a terrific article for LearnVest titled “How I maxed out my retirement savings while making $28,000 a year,” writer Leah Manderson puts her finger on the problem:

I tried a stint at being frugal; shopping the sales and searching out deals on food, entertainment and other activities. What I discovered was that a lot of deal-hunting activities are attempts at “keeping up with the Joneses on less,” and, not surprisingly, they made me feel like a lesser version of the Joneses.

That feeling did not make me want to save money for my future—it made me want to spend more money on “deals”!

Manderson found more peace, and more savings, by unsubscribing from deal sites and making do with what she had: “I let my hair grow out, I made new outfits with clothes already in my closet, I rearranged my home decor to change my surroundings, I reread old books that I loved, and I got comfortable with living on less.”

Most of us have more than enough. Recognizing that can help tame the beast within that insists we “need” the new shiny thing that just captured our attention.

Or you can just remember something my grandmother said while laughing at retailer signs that promised big savings. “You’re not saving,” she said. “You’re spending!”

Filed Under: Liz's Blog Tagged With: bargains, deal sites, frugality, garage sales, shopping, thrift shops, yard sales

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