#BlackFriday has become quite a huge event in South Africa recently. It’s only the past few years that it’s grown to such an extent that people are going a little crazy in anticipation for it. It’s a little strange though as we don’t even celebrate Thanksgiving here so it’s really just a huge marketing ploy to get us to spend money we weren’t planning to!
So how can you avoid spending money this Black Friday when you’re bombarded with amazing specials and huge discounts on almost anything you can imagine!
5 tips to avoid Black Friday spending
Let’s be honest, we all like a special and it’s hard to resist a sign that offers 70% discount on something, even if we don’t need it. So these 5 tips may sound obvious and possibly even silly but read them anyway and keep them in mind this #BlackFriday!
If you weren’t planning to buy it, don’t buy it
This is the most obvious one of them all but if you weren’t planning on buying an item (a vacuum cleaner for example) then don’t buy it now just because you’re suddenly feeling that you need it. Impulse spending is never a great idea so don’t be tempted now.
If however there are some items that you’ve been saving for then it may be a good idea to try find them at a good price, if you can deal with the slow websites and ridiculous crowds.
If you’re buying it only because it’s on special, don’t buy it
Sounds similar to the first tip but don’t buy items only because they’re on special. If that’s your only motivation for wanting it then it’s a clear sign that you don’t need it. You might feel that you’re saving money (in fact you really are saving money compared to its usual price) but if you are only buying it to realise the saving then you’re not saving are you? You’re spending money for a “nice feeling”.
If you don’t actually have the money, don’t buy it
Here’s a big one, if you don’t actually have the money, don’t buy it! If you need to use your credit card and don’t have the means to pay for the item now then you really shouldn’t be going to debt just because of some sale. One thing to consider is that your credit card debt is charged at around 24% interest so by the time you’ve paid it off you may have not actually saved anything in the end.
Credit card debt is a terrible noose around ones neck. If you’re struggling with it then have a look at how you can start to unwind the debt cycle.
If you don’t know where you’re going to put it, don’t buy it
How much stuff do you have stored in your garage, in the top shelves of the cupboards, under the bed and possibly even in storage units? And what do you do with all that stuff?
Humans are a little like squirrels in that we like to collect stuff. We don’t bury in the ground like squirrels though but we do just store it and never look at it again!
Think about how much money you’ve wasted over the years accumulating a bunch of junk that you never look at.
If you’re buying it because you think it might one day be useful, don’t buy it
We love keeping things that might be useful one day. But really, if you don’t need it now rather don’t spend the money. If one day you happen to need the special hand-tool or funny kitchen gadget then either buy it when you need it or borrow one.
So what should you do this Black Friday
You could think about any items that you do need around the house and have been thinking about getting. Looking at your current budget and savings see what you can realistically afford and then see if you can get any good deals. You may really get a great deal but it’s only a great deal if it’s an item you need and that you have the money to buy it.
Alternatively you could decide to completely ignore Black Friday altogether and just take a little money and invest it as a little gift to your future self.