Black Friday money-saving moves to make now

There are other ways to drum up Black Friday savings — and they don’t involve waking up at the crack of dawn or buying discounted items from big-box stores.

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Black Friday is a popular shopping day for bargain hunters. In fact, the National Retail Federation projects that a whopping 115 million people will shop on Black Friday 2022, with another 64 million shopping the following Monday. 

If fighting with those kinds of crowds isn’t your cup of tea, there are other ways to drum up Black Friday savings — and they don’t involve waking up at the crack of dawn or buying discounted items from big-box stores.

Black Friday money-saving moves to make now

Want to create some extra cash flow without braving the Black Friday storm? Here are five money-saving strategies that can help.

  1. Consolidate debt
  2. Review your insurance coverage
  3. Improve your credit score
  4. Refinance your mortgage
  5. Refinance your student loans

1. Consolidate debt 

If you have several debts to your name — like a credit card, car loan or personal loan, for example — then you might consider combining them using a debt consolidation loan.

With a debt consolidation loan, you essentially roll all your debts into a single loan balance. You apply for the loan and, once approved, use those funds to pay off your other debts and credit cards. In the end, you’re left with just one loan and one monthly payment.

Often, debt consolidation loans come with lower interest rates than credit cards and other types of products. If this is the case with yours, you could also enjoy smaller monthly payments and fewer long-term interest costs, too.

You can start saving money with a debt consolidation loan now by answering a few simple questions online. 

2. Review your insurance coverage 

If it’s been a while since you switched insurance companies, it’s probably time to do a little comparison shopping. This goes for car insurance, life insurance, pet insurance and any other type of insurance policy you might hold.

To start, review your existing policies to make sure the coverage you have is still adequate. Then, get quotes from a few other insurance providers, making sure to set the same coverages, deductibles and other details (so you can compare apples to apples). 

Finally, check what discounts each insurer offers. Sometimes, you can reduce your premium quite a bit by having multiple policies with an insurer, setting your bills on autopay or just working in a certain field or industry. Once you have all these details in place, you can compare quotes and choose the most affordable coverage.

You can get a new life insurance quote online right now. Or use the table below to shop providers to find your best deal.

3. Improve your credit score 

When you have a high credit score, lenders are more likely to loan you money — and do so at an affordable interest rate. So, if you’re planning on taking out any new accounts or debt in the near term, try increasing your credit score first. The higher your credit score, the lower your interest rate and the more you can save. 

You can get a free credit report now by clicking here.

Start paying down debts where possible. You should also dispute any errors you find on your credit report, as this can help increase your score, too. Generally speaking, the best interest rates go to borrowers with scores in the mid-to-high-700s and above.

4. Refinance your mortgage 

If you’re a homeowner, a mortgage refinance could help you in three ways. First, if you’re currently paying for Private Mortgage Insurance (PMI), refinancing could help you get rid of it. This would lower your monthly payment and increase cash flow.

Additionally, if your current interest rate is higher than the current rates are, you might be able to lower your interest rate (plus your monthly payment, too).

Lastly, you could also opt for a cash-out refinance, which lets you turn a portion of your home equity into your cash. Essentially you replace your mortgage loan with a larger one, and get the difference back as a cash payment. You can use those funds for repairing your house, buying Christmas presents or anything else you might need. 

You can start the mortgage refinance process online today by answering a few simple questions.

5. Refinance your student loans 

Student loan refinances are similar. By refinancing your private student loans, you may be able to secure a lower interest rate than you’re currently paying (especially if you have a higher credit score than when you applied). This would reduce your monthly payment and interest costs over the loan haul.

Keep in mind that you can also consolidate student loans. This might be smart if you have several student loans, all with high interest rates. Consolidating would make payments easier and could even lower overall costs.

And remember: any potential student loan forgiveness will only be applicable for federal student loans. If you have private student loans you won’t qualify

So consider refinancing now and start saving money!

One more tip

Using reward-earning credit cards may help you save money around the holidays too. These cards often help you rack up points based on where and how much you spend. You can then use those points toward gifts or even convert them into cash to pay off your card’s balance.

If you choose to use this strategy, make sure to shop around for your card. Credit card perks vary widely, and some may also come with fees. 

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