4 Tips for Saving Big on Black Friday

If you can't wait for Black Friday to arrive, you're no doubt in good company. During that big event, you might save money on a host of purchases, from toys to electronics to apparel. But if you really want to carve out the most savings that day, make these key moves.

1. Create a plan

You'll often hear that it's a good idea to make a Black Friday shopping list before the big event so you're able to stay grounded and focus on the things you really want to buy. But that's not enough. You should also make a shopping plan ahead of time.

Compile a list of the different stores you want to go to that day, and then figure out an efficient route based on location. You may want to start with the stores offering deals on high-priority items on your list in case they sell out relatively early.

Also, do some research to see which stores are offering their Black Friday deals both in stores and online. Buying some items online that day could make your shopping more manageable, not to mention save you some money on gas.

2. Price check the items you want a week before

Many retailers artificially inflate the cost of their inventory on Black Friday to make it look like they're giving you a great deal. In other words, an item that normally sells for $40 might be marked up to $50 and then "slashed" to $30.

A good bet is to make a list of the items you want to buy on Black Friday and record their regular prices a week before the big event. That way, you'll have a better baseline for evaluating deals.

3. Avoid buying things for the sake of getting a discount

When Black Friday shopping, you're likely to come across numerous products that are marked down significantly -- and legitimately (meaning, you might truly see 70% off a given item's usual retail price). It can be tempting to scoop up items in that category because you're getting a low price. But you may not end up a winner financially.

Let's say you decide to buy a $100 air fryer because it's marked down to $40, and wow, that's a lot of savings. But if you never really wanted an air fryer and therefore don't use the one you buy, you're not benefiting financially. Quite the opposite -- you're spending money you didn't have to part with.

4. Use the right credit cards

The prices you see on Black Friday won't change whether you're paying by cash, debit, or credit card. But it pays to shop with a credit card that offers a nice amount of cash back on your purchases. That's money you can put back into your bank account to help offset the cost of your shopping list.

You may even, under the right circumstances, decide to open a store credit card on Black Friday. Often, these cards come with higher interest rates and offer limited buying power since they can only be used at issuing retailers. In fact, while U.S. News & World Report found that some store credit cards have a minimum APR as low as 13.99%, the average minimum APR for store cards is more than 7 percentage points higher.

As such, it's not great to load up on them. Nor is it a good idea to load up on any set of new credit cards in short order, from a credit score perspective.

But some store credit cards offer a substantial discount on your first purchase. So if you're spending $300 on Black Friday at a given retailer and opening a store card gives you 15% off that purchase, it may be worth it to save yourself $45 as long as you're absolutely confident you'll be able to pay off that balance in full by the time it comes due.

Black Friday could lead to a lot of savings. But incorporate these tips into your shopping day to really get the most benefit.