- Black Friday sales provide huge discounts on items you want to buy.
- It’s important to enjoy the sales season and still be in control of your spending.
- This includes going into the shops with a clear plan and asking yourself whether you’ll still use what you buy in a year.
If you’re active on social media, you’re aware of the Black Friday sales.
Where previously you had to go to a shopping mall to see these sales, now they’re in your feed 24/7, thanks to social media and targeted advertising. These advertisers know what you want and will do everything to sell it to you. Online shopping also makes it easier to impulse shop or use Buy Now Pay Later (BNPL) services to buy something before you have the money to buy it..
It becomes more difficult to buy something you want when it’s in the sale.
It can feel like you’re saving money when you see the discount. The problem is when you buy something, you’re still spending money. So, during the Black Friday sales, when the discounts are bigger, you need to manage your spending to stay out of the red, or in other words, not go into debt.
Here’s 5 ways to stay out of the red during the Black Friday sales:
1. Expect 24 hours of pressure in your social media feed
During the sales season, you will face huge advertising pressure on social media. Marketers know that you’re more likely to buy things on sale and will pressure you to buy. Expect the pressure before it happens, and stay off social media if you’re feeling weak.
2. Set a limit for how much to spend
During sales season, it’s easy to get carried away and give in to your impulses before thinking about how much you’re spending. Make sure you set a limit for how much you’ll spend during a sales season like Black Friday. Once you reach this limit, you need to have the self-control to stop spending.
3. Ask yourself if you’ll use it in a year
When you look at a product advertisement, you’re buying a carefully scripted lifestyle pitch. The hope advertisers have is that you’ll want to escape your normal life by buying their product. Snap out of their control by asking yourself if you’ll use the product you’re buying a year from now. If the answer is no, step away from the shopping cart. This also saves you from having to return, give away or sell your second-hand purchases in the future.
4. Be respectful to all retail staff
Shopping during the Black Friday sales can be a stressful experience. Crowds of people are competing for discounted products. Make sure that you keep your cool in this environment and remain respectful of the retail staff working for the store, whether they assist you online or in a store.
5. Only go shopping when you have a clear goal
We often shop online or browse at the shops when we’re bored or have time to kill. However, shopping without a clear plan during the Black Friday sales is dangerous because you’re likely to impulse buy. If you want to shop online or in-store during the Black Friday sales season, go into those environments with a clear purpose, including a shopping list.
By being aware of your behaviour, it’s possible to stay out of the red during the Black Friday sales.
We want you to enjoy your money as you worked hard for it. So make sure you take time to plan how you want to approach the Black Friday sales so that you love what you buy rather than wake up with a financial hangover.