4 Black Friday Traps to Avoid at All Costs

Many people are gearing up for Black Friday. For you, that might mean compiling a list of the items you want. Or, it might mean spending some time researching deals ahead of time.

You might enjoy your fair share of savings during Black Friday shopping. But here are some big pitfalls you'll also want to avoid.

1. Buying items for the sake of getting a deal

Our brains are wired to get excited over the idea of snagging a discount. So when you see an item that normally retails for $60 available for 50% off, you might think, "Wow, that's $30 in savings. I'd better pounce."

That strategy really only works, though, if the item in question was one you were already planning to buy. So one thing you don't want to do on Black Friday is purchase items for the sake of getting a deal. In this example, your brain might trick you into thinking you're saving $30. But actually, all you're really doing is spending $30 extra.

2. Not checking the store's return policy

Some stores have an extended return policy for holiday purchases. Target, for example, will let you return most electronics and entertainment purchases made between Oct. 1 and Dec. 24 through Jan. 24.

But one thing you don't want to do is assume you'll have plenty of time to bring your Black Friday purchases back. It may be that you're limited to a 30-day window from the time of your actual purchase. But that could put you in a bit of a pickle if you end up needing to return a Christmas gift for your child, since Black Friday falls on Nov. 24 this year and Christmas is more than 30 days later.

3. Shopping in stores when the same deals are available online

Shopping in person on Black Friday can be a stressful endeavor. Stores tend to be packed with people, and it can be difficult to make a sound decision when you can't move or hear yourself think.

Before you hit the stores on Black Friday, see if your favorite retailers are offering the same deals online. You may find that it's much easier and less stressful to make those purchases from the comfort of your couch.

4. Using a "buy now, pay later" plan to make purchases you can't afford outright

"Buy now, pay later" plans, or BNPL plans, allow you to pay off your purchases in installments over a short period of time. Some people like them better than credit cards because if you make your payments on schedule, you won't be charged interest. On the other hand, any time you don't pay a credit card balance in full, interest begins to accrue immediately (the exception being a 0% interest rate credit card).

Morning Consult reports that 35% of consumers are considering using a BNPL plan for holiday purchases this year. But if you're going this route on Black Friday, only do it if you're already sitting on the money you need to pay for your purchases and you're simply opting to spread your payments out.

If you fall behind on BNPL payments, you risk a host of negative consequences, from interest charges to fees to credit score damage. So if there's a Black Friday deal you come across and you know you can't afford it on the spot, don't use a BNPL agreement as your back-up plan. Instead, walk away.

You may have high hopes for Black Friday this year. Steer clear of these traps to make the most of the day.