I live in Britain and we don’t have a specified Thanksgiving Day (everyday i am alive calls for thanksgiving anyway), thus we don’t have any ‘Black Friday’. However in the last five years, Black Friday sales seem to have gripped us here just as it does the Americans every year – and the retailers love it because consumer are buying things they don’t need without much thought.
Did you know that nearly 25% of people who bought Black Friday stuff last year felt pressured to spend money and many of them ended up regretting it? The same survey, by Gumtree, estimated that up to £855million was ‘wasted’ last year on purchases people either do not use or do not even remember making. The main items on the buyers’ remorse list are clothes, coffee machines and gadgets. You don’t want to spend another year regretting the mistakes of one day of senseless shopping, do you?
1. Making a list still applies here.
If you do your Black Friday shopping without a list, you will be hurting your family’s finances. Only buy things that you were going to buy anyway.
2. Don’t be tricked into paying full price for add-ons.
After buying the big stuff, a common mistake when shopping for electronics is paying full price for the small stuff – add-ons. They include batteries, cables, and chargers — stuff that will get the big item working. Search for those on the sales section or buy them elsewhere!
3. Say ‘No’ to store credit cards.
It is always tempting when the cashier asks if you want to open a store credit card for an additional 10 to 20% off your purchase. Resist the temptation. Just say ‘No!’. Signing up for store cards can leave you with a credit hangover that will last well into next year – if not beyond.
4. Use price-comparison websites or apps
Do your Black Friday shopping like any other big-item shopping. Use price comparison websites like PriceSpy, Pricerunner, PriceChecker, Idealo and apps for store locations, price comparisons, and coupons.
5. Remember that the world doesn’t end with Black Friday
If you don’t get what are looking for now, don’t just buy anything so you won’t go back home empty-handed. Take the money back home. The belief that sales are short-lived or that items are in limited supply is not necessarily true. Hey, If Black Friday doesn’t favour you, there’s always Cyber Monday anyway. Just remember that the same rules still applies.
I would love to hear of your Black Friday experiences. Why don’t you leave a comment below.
To your success,Niyi Adeoshun
Money Management Coach
Author of "The Price of Financial Freedom"
(3 Essential Steps for Breaking the Cycle of Debt)