Black Friday is just around the corner and even though it won’t draw massive crowds in store this year, there will still be plenty of online deals and specials that could result in you breaking the bank from home.
Where does the term “Black Friday” come from? It was originally coined by retailers to refer to the one day in the year when their books go ‘into the black’ or make a profit. However, while retailers make a profit, consumers spend unnecessarily and way outside of their means.
Cyber Finance has put together a few essential tips to help you stay in the green this Black Friday so that you can reap all the financial benefits of the sales, without ending the year with crippling debt.
Planning ahead before any major shopping spree is always a good idea. Making a list of all the essential items you need will stop you from impulse buying and subsequent buyer’s remorse. Saving specifically for Black Friday deals is also a good idea. Putting some money away will stop you from diving into your monthly budget and cash flow, or even worse, buying items on credit. Unplanned debt is the most difficult to pay off.
Black Friday is designed to make you want to buy, buy, buy! Try to avoid getting caught up in a debt trap — make a list, plan a budget and stick to it.
Cash is King on Black Friday. Try to avoid purchasing on credit wherever you can to minimize any long-term debt commitments. Accumulating credit card debt is an easy way for your debt to start spiralling out of control and that is no way to start the new year! The whole point of Black Friday, from the consumers perspective, is to save on luxury items. If you’re buying these items with money you don’t have, you aren’t saving! You’re accumulating mountains of debt that will sit with you long after the novelty of your new purchase fades away.
The trick to winning on Black Friday is to buy items you were already planning on purchasing. However, people get caught up in the frenzy of sales and end up buying things they don’t need and haven’t planned for, therefore end up spending way more money than they ever would have over the festive season! This is why planning is so important. Ask yourself the question “Was I planning on buying this item before Black Friday?” If the answer is yes, then you’ve won by saving a significant amount on an item you need or have already saved up some money for. The moment you start buying items you don’t need, just because they are on special, is when the retailers win. Don’t fall prey to their tricks! Reap the benefits of buying essentials on special by keeping your wits about you and only buying what you need.
Black Friday is a great opportunity to save money during the festive season. However, it can very quickly become a debt trap that inhibits your financial growth into the new year. Cyber Finance is all about smart purchasing to remain debt-free.
Follow these tips and make the most of this year’s Black Friday Deals to enjoy a relaxing festive season, with zero debt!
Want to better manage your money but don’t know where to start? Speak to one of our financial specialists who will be happy to assist
All you need to do is fill out the form on your right and you’ll receive an obligation-free debt assessment. Alternatively, you can contact us through our contact us page and book an appointment with one of our financial experts.