Washington ranks No. 4 for smart spending, but Black Friday temptations remain

Black Friday is notorious for luring shoppers into stores with deals that seem too good to be true. For some consumers, it’s an opportunity to buy long-awaited necessities at a discount. But the temptation to overspend is always there, and our research found that many Black Friday shoppers succumb to it.

According to our recent survey, a large percentage of Black Friday shoppers experience regret (39 percent), stress (51 percent), and serious financial consequences (41 percent) from overspending.

This shouldn’t come as a surprise. Black Friday deals aren’t giveaways. They encourage consumers to spend when they otherwise might not, and credit cards allow shoppers to make purchases outside their budget.

In fact, 44 percent of respondents in our survey had used a credit card to make Black Friday purchases they couldn’t afford. Sixty-three percent said that using a credit card encourages them to spend more than they should.

Luckily, Washington residents do a pretty good job of keeping their spending in check. We analyzed credit card data collected by the Federal Reserve Bank of New York and found that some states are entering the holiday shopping season with better spending habits than others.

Washington came in number four for smart shopping, ranking just behind the nation’s leader, Wisconsin, as well as Nebraska and North Dakota. Coming in last was Nevada, followed by Arizona, Florida, New Mexico and Arkansas.

So, how can consumers take advantage of Black Friday deals without going into the red? For our research report we partnered with personal-finance expert Pamela Rodriguez, who offered five tips to help shoppers bargain hunt while staying on budget.

1) Screenshot pictures of the exact items you plan to buy.

This is great advice. Stores run tons of deals on Black Friday, and if shoppers stick to them, they can save quite a bit. Where people get into trouble is when they plan to buy one thing and end up buying five. Taking screenshots of the items you plan to purchase — and buying nothing else — will cut down on impulse purchases.

2) Commit to your shopping budget in a #blackfridaychallenge video.

What’s a #blackfridaychallenge video? It’s simple: you pull out your phone and state, out loud, the maximum amount you’re going to spend on Black Friday.

If you’re feeling brave, post it to social media or YouTube, or just send it to a friend. By doing this, you have a record of your commitment, and you’re more likely to stick to it.

3) Set your phone background to the goal you’re saving for.

Is there something in particular that you’re saving up for? Take a picture of it and set it as the background on your phone. You’ll be reminded of it while you’re shopping, which will help you say no to spending money you’d rather put toward savings.

4) Have a family member or friend on speed dial.

This person will be responsible for holding you accountable as you shop. Call or text with updates during the day — or if you need someone to talk you out of an impulse buy.

5) Make plans for a “haul” meet-up with your accountability partner.

Cutting down on spending shouldn’t be all pain. Make it fun by meeting up with your accountability partner after you’re done shopping. You can show off your purchases and maybe even brag a little about the deals you got.