Phoenix financial expert divulges strategy for Black Friday shopping

Posted: Updated:
(Source: 3TV/CBS 5) (Source: 3TV/CBS 5)
(Source: 3TV/CBS 5) (Source: 3TV/CBS 5)

After seeing all of the Black Friday ads this week, it is hard to not get caught up in the shiny object syndrome, as some financial experts call it. So how can you control those impulses and not overspend this year?

"The reality is, people are going to buy something for the holidays, so why not do it smart, make sure you're getting the most expensive deals at a deep discount," said Deacon Hayes, author of "You Can Retire Early."

Hayes said now is not the time to stock up on just everything you want.

[SLIDESHOW: Your guide to Black Friday deals, links, and store hours]

"It's the time to get serious and focus on the things you really do need, so making a list and sticking to that list is what you need," Hayes said.

And don't waste your time. Do your research.

"You definitely want to do some recon ahead of time, so go to the store and buddy up to an employee and say, 'Where are the TV's going to be stocked?'" Hayes said.

[RELATED: Black Friday 2017: When will the stores open?]

But before you scarf down your pumpkin pie and head out the door, Hayes said keep in mind what you're giving up by shopping on Thanksgiving evening or Black Friday.

"There is definitely an opportunity cost," Hayes said. "You have to wait in line, you have to eat turkey early, but the reality is you can save a few hundred bucks on one item just by going out on Black Friday."

Hayes said he's a big fan of paying cash. His advice? Go out with an envelope so you can't overspend. 

"Making sure you get the best deals so you don't go into debt and use cash and don't have that holiday hangover that a lot of people face when they put it on a card and have to pay it off in January," Hayes said.

Click/tap here to download the free azfamily mobile app.

Copyright 2017 KPHO/KTVK (KPHO Broadcasting Corporation). All rights reserved.

Lindsey ReiserLindsey Reiser is a Scottsdale native and an award-winning multimedia journalist.

Click to learn more about Lindsey

Lindsey Reiser

Lindsey returned to the Valley in 2010 after covering border and immigration issues in El Paso, TX. While in El Paso she investigated public corruption, uncovered poor business practices, and routinely reported on the violence across the border.

Lindsey feels honored to have several awards under her belt, including a Society of Professional Journalists Mark of Excellence Award, Hearst Journalist Award, and several National Broadcast Education Association Awards.

Lindsey is a graduate of the Walter Cronkite School of Journalism and Mass Communication at Arizona State University, and she currently serves as a mentor to journalism students. She studied for a semester in Alicante, Spain and also earned a degree in Spanish at ASU.

She is proud to serve as a member of United Blood Services’ Community Leadership Council, a volunteer advisory board for the UBS of Arizona.

Hide bio