4 Ways to Make the Most of Black Friday Without Breaking the Bank

Some people stash money in their savings account for Black Friday all year 'round so they have money to spend on what's commonly hailed as the biggest sales event of the year. Ideally, you went that route, too.

But whether you did or not, the reality is that Black Friday can be a very tempting day to shop. And so it's easy enough to land in a situation where you come home with more purchases than expected -- and a giant credit card bill to boot.

The last thing you want is to end up with debt as a result of Black Friday. So rather than let that happen, use these tips to make the most of the day without going overboard.

1. Research deals ahead of time

Comparison shopping ahead of Black Friday is one the best ways to avoid overspending. Make a list of the items you want to buy that day and then compare prices once they drop so you know which retailer to hit.

Keep in mind that a lot of stores offer Black Friday deals online, so you don't necessarily have to stress yourself to get to five different places to capitalize on the best deals. Also, many retailers leak Black Friday deals before the big event to drum up hype. It pays to check a few days ahead of time, so there's less work to do the day of.

2. Set a budget so you know what you can afford to spend

It can be tempting to buy almost everything in sight on Black Friday due to the deals at hand. But you really don't want to close out the day with a mountain of debt you have to carry into the new year.

A better bet? Set a spending budget for the day ahead of time. If you can't swing more than $400 without carrying a credit card balance forward, then $400 is your limit.

Also, sticking to that budget means not falling back on a "buy now, pay later" plan. Although these installment plans aren't the same thing as a credit card balance, when you sign up for one, you're taking on debt nonetheless. And there can be serious consequences to falling behind.

3. Focus on the things you need right away

Maybe you want to upgrade some electronics on Black Friday, but you really need a new vacuum cleaner because yours just bit the dust. It pays to scoop up a new vacuum while they're on sale. But if the other items on your list are sort of just general wants and not pressing needs, then it could pay to hold off on buying them. That way, you can space out your purchases and potentially steer clear of debt.

Also, holding off on certain items could mean snagging a better deal down the line. If you don't need a new TV right away, for example, then it could pay to wait until January or February, as that's when TVs tend to be most heavily discounted. And if you wait until then, you may come across extra money in the interim, such as cash gifts for the holidays from relatives or a year-end bonus from your employer that makes it easier to cover that expense.

4. Hang onto your receipts

Black Friday prices are often hailed as the lowest ones of the year. But that's not always true. The last thing you want is to pay, say, $199.99 for a tablet only to see its price marked down to $179.99 a few weeks after the big event.

The good news, though, is that many retailers are in the business of price matching during the holiday season. So it's important to keep your Black Friday receipts. That way, if you see an item you purchased marked down within 30 days, you can potentially go back to that retailer and get refunded the difference.

You don't want to go on a Black Friday spending spree and regret it later. Follow these tips to snag some great bargains without putting yourself in a bad financial situation.