Skip to main content

What You Gain By Skipping Black Friday

By U.S. News & World Report

Thanksgiving is a time when families and friends gather around the dining room table to give thanks and share a hearty meal. It’s a holiday meant to celebrate what we have and to show our gratitude for the people in our lives, as well as the material items we possess. But in recent years we’ve seen Black Friday, the annual bonanza where shoppers eagerly trample one another for the best price on a Keurig, encroach into Thanksgiving territory. Thanksgiving, it would seem, is becoming a holiday during which families spend more time camping outside of department stores than waiting for the turkey to cook.

[See: 12 Ways to Be a More Mindful Spender.]

That’s why it’s surprising to hear of some retailers, such as REI and the Mall of America, announce that they will be closing their doors on the year’s biggest day for shopping. It turns out that starting the shopping holiday on Thanksgiving negatively impacted sales on Black Friday and resulted in low morale among retail workers. If stores are rethinking the importance of Black Friday, perhaps it’s time for shoppers to rethink the annual shopping craze known for its crazy lines and hoards of aggressive customers.

Skipping Black Friday may offer health, mental and emotional benefits. Not only do you get to avoid crowds of people who will push and shove their way to the items of their choice, you get to kick back and relax at home. Sure, your family politics might be enough to drive you out of the house, but at least you won’t be fighting with thousands of people who will do whatever it takes to get the last small-sized sweater at Banana Republic. As a shopper, running through the aisles of a store on Black Friday might result in picking up extra things you have no need for. With adrenaline flowing through their veins, shoppers may be compelled to buy things just for the sake of getting a good deal, and the shopping holiday might not be saving them as much money as they think. Sitting out of Black Friday also gives you a chance to reclaim the holiday you’re supposed to be celebrating during this madness anyway: Thanksgiving.

Here is what you can do instead of shopping on Black Friday.

Donate to charities and reduce your tax burden. Donating to a charity costs money, yes, but you also have an opportunity to deduct those donations from your taxes. Certain donations to specific qualified organizations can actually help you ease your tax burden at the end of the year. There are rules to follow if you want to make your charitable donation count. You need to itemize your donations on your 1040 federal form and get a receipt for donations you make to qualified organizations. Charitable gifts to individuals and political figures don’t count, so choose your charities wisely. Plus, giving to charity is more fulfilling and less of a hassle than shopping on Black Friday. Do some good and save some cash at the same time.

[See: 7 Most-Missed Tax Deductions and Credits.]

Avoid traffic and shop in your pajamas. There’s always the question of how much shoppers are actually saving on Black Friday compared to Cyber Monday. When you shop in stores on Black Friday, how much time do you have to compare prices before buying an actual item? On the other hand, Cyber Monday provides a much easier method of shopping and generally more retailer-wide discounts than Black Friday. Cyber Monday is much faster, offers comparative price shopping and some serious steals if certain products aren’t selling out as fast as a retailer expected. It all depends on what you’re searching for. Black Friday typically offers deals on electronics and home goods, while Cyber Monday offers deals on clothing and computers. And if you don’t find what you want on sale during Black Friday, there is a chance that the same item will show up on Cyber Monday.

An actual Thanksgiving. If you choose to not participate in Black Friday, you have a chance of actually celebrating Thanksgiving and enjoying the holiday. Incredible, right? But in all seriousness, that’s what Thanksgiving should be about in the first place: spending time with your loved ones and giving thanks for the things you have. By opting out of Black Friday, you regain the actual holiday you’re supposed to be celebrating and avoid the headache that comes with fighting elbow-to-elbow with other shoppers flooding the malls. Sitting out of Black Friday gives shoppers an opportunity to capitalize on the holiday shopping that is bound to come right after November while reclaiming the actual Thanksgiving celebrations.

[See: 7 Ways to Avoid Financial Stress Over the Holidays.]

Material goods are just that: material. You don’t really need that home theater system on sale for 40 percent off or five of the same sweaters that were a part of a buy four get one free deal. Consider tapping out of Black Friday and take some time to really sit down with your family and enjoy the holidays. And if you really can’t avoid shopping for deals, don’t worry. That’s what Cyber Monday is for.

More from U.S. News

10 Frugal Ways to Save This Fall

10 Ways to Save on Your Wardrobe

10 Tasty Tips for a Frugal Thanksgiving

What You Gain By Skipping Black Friday originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
Read Next Story

Related News

Frustration grows in Venezuela as earthquake death toll reaches 1,430

Israel and Lebanon sign framework agreement with US in ‘first step’ toward peace, Rubio says

Trump-endorsed populist poised to become Colombia’s next president as rival challenges vote