Holiday spending is expected to top $1 trillion this year. Here are 5 strategies to help you spend smartly and keep your budget off the naughty list

In fact, Black Friday, the brick and mortar older sibling of the digital-first Cyber Monday, is no longer a singular event but, rather, a month-long, in-store and online sales bonanza, with deals starting early and culminating on Thanksgiving weekend.

And despite the lagging economy, rising unemployment and a stagnant job market, the National Retail Federation’s annual holiday forecast predicts that retail sales in the two months leading to Christmas will jump between 3.7% and 4.2% over last year, to a tune of around $1.02 trillion (1).

Retailers, however, don’t rack up a trillion dollars in sales from customers shopping wisely and with constraint. In fact, a survey by credit-building company Self Financial, Inc. showed that, in recent years, 42% of shoppers “regretted their Black Friday purchases” (2).

That’s because Black Friday discounts don’t matter if they still put a North Pole-sized hole in your bank account. To avoid that nightmare before Christmas, check out the following simple tips for strategizing your list and your budget. After all, gift-giving is always more fun when you aren’t seething with regret as your loved ones unwrap their presents.

1. Make a list, a budget and a promise to stick to both

There’s a reason Santa makes a list and checks it twice. After all, you never hear about the North Pole running a deficit. If Santa can accurately budget gifts for all the world’s children, you can do the same for your own loved ones.

Most experts will tell you that a Black Friday budget is key to reigning in your spending while ensuring you aren’t tempted by discounts on things you don’t actually need. That means making a list, complete with how much you’re willing to spend on each item, and then sticking to it.

Need extra incentive? Aim to come in under budget with the promise of spending the difference you saved on a little treat for yourself for a job well done.

2. Get off the grid

This one’s a little controversial, as many people swear by social media for updates on Black Friday and/or Cyber Monday sales. And, in fact, some experts will tell you specifically to utilize social media to search them out.

However, if you’re actively trying to stick to a list and a budget, social media is one of the slipperiest slopes because it promotes deals on things that you don’t really need but may find difficult to pass up. Global data provider Barchart goes a step further and suggests not only staying off social media while shopping, but also “unsubscribing to retail email newsletters” as a means of “disconnecting from all the sales and marketing noise” (3).

If you have to check in on accounts from specific retailers regarding items on your list, do it fast and get out. Remember, keep distractions (especially costly ones) to a minimum.

3. Do your research

With a list, budget and willpower in hand, it’s time to research the best deal.

There are, of course, many strategies for this. Some of the most helpful include price tracking sites, apps or browser extensions like CamelCamelCamel or Honey, which keep tabs on prices for items on your list from different retailers to alert you to where you can get them cheapest. To that end, BlackFriday.com collects sales ads and flyers from numerous retailers across the country to help you sort the best deals.

Still, however you decide to go about your research, Consumer Reports (CR) says that many stores “have holiday refund and return policies that include partial refunds for items that go on sale for less later in the season” (4). So if you purchase something now and then find it discounted at the same store closer to Christmas, CR adds that many stores will refund you the difference.

4. Loyalty programs are your friend

CR also notes that store loyalty programs are a great way to help you avoid busting your budget because they “often grant members early access to coupons, sale, and promotions, then let them earn rewards for what they buy.” Just be careful not to use loyalty discounts as an excuse to go overboard on items you don’t need. Remember, your list is your guide. Stick to it.

5. Black Friday and Cyber Monday aren’t the only days to save

While Black Friday and Cyber Monday deals get all the press, there are actually two other major shopping days ahead of the holidays.

First, the day after Black Friday is known as Small Business Saturday (SBS): a day when local shops across the country offer holiday sales in an effort to boost support for small businesses and get in on the crazy spending action. The U.S. Small Businesses Administration says that there’s nothing “small” about SBS, however, noting that, since its inception in 2010, “the total reported U.S. spending at small businesses during the annual Small Business Saturday is an estimated $223 billion” (5).