We are a day away from the supposed biggest sales of the year, and with a fresh new months salary deposited in our accounts' this weekend it may be difficult to avoid temptation when it feels like you are getting the deal of the century!
I already feel like the Black Friday emails have taken over my November inbox with sales running from as early as the first of this month, but as I am sure you know, this weekend is about to get even bigger!!
Here to help us navigate the spending that tends to happen when we can't resist a discount is my friend Jen Lott. Her budget-conscious mindset is here to inspire us to choose how best we can we spend our money wisely this festive season.
All my love,
NAVIGATING BLACK FRIDAY (AND GENERAL FESTIVE SPENDING) WITH A BUDGET-CONSCIOUS MINDSET
by Jennifer Lott
As South Africans, we are relatively “new” to the spending extravaganza that is Black Friday. These pre-festive season sales have fast become a time when we are bombarded with ads, emails, messages and general spending frenzy! Navigating the sales and planning ahead are fundamental in making the Black Friday deals work for you.
Each of us will have our own budget and spending appetite as we head into the start of the festive (spending) season and it is so important that we stick to our plan.
But what if you don’t yet have a plan?!
Here are our top tips for navigating Black Friday and general festive spending this year:
1. MAKE A SHOPPING LIST
Create a shopping list. Prioritize items you genuinely need or have been planning to buy for a while and look out for the deals on any of these items first. Stick to this list to avoid impulse purchases.
2. BE PRICE SAVVY
Research and compare prices beforehand to ensure you're actually getting a deal. Brands that you know and trust would hopefully have honest deals and discounts, but don’t get caught up in buying items just because they seem like a good deal at the time. Sometimes what may be marketed as a large once off discount is in fact no different from the brand offerings throughout the year!
3. USE THE DEALS FOR YOUR CHRISTMAS SHOPPING
Write your festive gifting lists ahead of time so that you can stay focused and only take advantage of discounts on items you are wanting to buy this season regardless of any Black Friday Sale.
4. SET AN OVERALL SPENDING BUDGET AND STICK TO IT
The intensity of how you manage this will depend on your own situation and propensity to spend. If you struggle with holding back, then make sure that your savings are all in another bank account. Only leave in your transactional account / credit card account what you are willing to spend on Black Friday "bargains" and festive season shopping, that way when your budget is reached there is no temptation to spend any more.
Black Friday can be an exciting opportunity to get some really great deals, but it shouldn't come at the expense of your financial well-being. With some thoughtful planning and a firm budget in place, you can enjoy the thrill of the sales without regretting your spending choices later.
I recommend, supporting your local brands (those running deals, and those who choose not to!) and make sure you know the true value of what you are purchasing. It is also important to note that some local brands may not have as much margin to give away in deals. Instead of seeing this as a negative, know that you are really getting great value every time you support their business as they aren't over inflating their prices. Each business has its own pricing strategy and some may genuinely not have much margin left to give away in the crazy Black Friday sales.
Yours in simplifying finance,