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Don’t overspend on Black Friday ‘specials’

No one has more insider knowledge about Black Friday than the sales associates working that day.

To unearth lesser-known facts about this phenomena and help consumers become Black Friday savvy, Business Insider surveyed more than 40 Black Friday workers.

Here are some conclusions drawn from the survey:

Black Friday sales are usually on older models and are often the same deal as last year

Most of the bigger deals are actually outdated products. Of course there will be new tablets and phones, but those will be very limited in both how many there are and how much you can save. Most of the biggest and most tempting savings come from products that are at least a year old or more and they have to clear out the inventory in the warehouses.

According to a study from NerdWallet, 93% of stores offered customers at least one product for the exact same price in 2014 as in their 2013 Black Friday ad.

These products would probably have gone on sale anyway

New product lines usually come out soon after Black Friday, so those older items that are on sale on Black Friday would go on sale anyway.

You rarely ever need to be there when the store opens

Most sales and stock last all day. You don’t need to be there when the door opens, unless you are specifically interested in those door buster items.

Many sales begin before Black Friday

Some stores start their sales early and there is no big difference in price on Black Friday itself. Obviously it all depends on the store but if you have a store you like, check ahead of time and maybe you can get those deals early, maybe even before your size is gone in the Black Friday frenzy.

They’ll even sometimes increase the “normal” price of an item before Black Friday to make the discount seem bigger

Items are marked up from the original cost and then marked down to make people think they are getting a deal.

Some items are made specifically for Black Friday and are lower quality

A Forbes report stated that major retailers in the US will often sell special electronics that are manufactured by big-name brands, just for Black Friday and are of lower quality.

When associates say they’re out of something, they usually mean it

Don’t harass employees about out of stock items or to “let you in” on some “special” deal you think they are hiding. They don’t have the authority, nor the magical savings wand to grant you that already half-off coffee maker even cheaper.

A few tips to avoid overspending:

– Do your research before Black Friday. Explore the sales taking place at a variety of stores to ensure you are getting the best deals.

– If you are planning to buy a few worthwhile special-offer Black Friday items, you may be tempted to impulse spend when you see more items on sale. To ensure that you don’t overspend, make a list beforehand of what you plan to buy and stick to it.

– You may be tempted to stop and eat out after long hours of shopping. To avoid spending more money on food, take a small snack with you to sustain you.

– Use only one credit card. This will make easy to keep track of your spending.

Source: Business Insider and Experian.

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