Black Friday, the most anticipated shopping day of the year, is almost upon us. Once again, we’re staring wide-eyed at Add to Cart with our fingers poised. At this time of year, there is no shortage of opportunities to land a lot on all the things you can dream of buying. But how good are the deals, and do you need to snap up all that’s on offer?
Whether you’re buying for your family, yourself, or your business, you want to make sure that you’re making smart spending decisions more than ever before in these uncertain times. That’s exactly what this article is about.
In a few steps, you’ll learn how to make smart choices to avoid buyer’s remorse and feel confident that you’ve made a thoughtful investment that is truly worth having.
Prepare to Purchase Purpose
We all love to make a deal (we’re actually wired this way). Getting a lower price than we’ve been willing to pay or a significant deal less than the usual price just feels good. That logic even extends to when you buy something that you don’t really need—the perceived value of landing the deal. Apparently, any deal can be infinitely pleasing until the buyers remorse it. That’s exactly what we want to avoid here.
Black Friday’s marketing tactics are so bold and exciting. They make appealing products that might otherwise not have had the same influence. Our favorite retailers market these deals as a one-time or limited offering, heightening the fear of missing out and the thrill of buying.
Let’s face it the FOMO factor is strong in all of us and drives us to buy things that we don’t usually want, just because there’s a time limit that drives us to do that rather than gambling on finding a better offer elsewhere.
It takes some consideration to work out whether a purchase is actually of good value, so let’s get to it.
Make your budget and stick to it.
Create a shopping list and a budget before looking at the onslaught of deals. This way, you have a point of reference to help you make purchase decisions that can help avoid overspending on impulse purchases.
As the old saying goes, the failure to prepare is preparing to fail. Don’t go full steam on Black Friday, blindly buying items without a shopping list. Without a considered list, you are likely to make an ill-considered decision to purchase items that you don’t need—but creating a list of things that you need to update will help you stay focused in the face of tempting but frivolous purchases.
You know, figure out how much you have to spend. Fire up Excel, add everyone you want to receive a gift for a spreadsheet, and assign a dollar amount to each lucky recipient.
Cash on credit
As with the rest of the year, buying a discount comes with the same pitfalls when you spend money you don’t take care of the pitfalls of spending money you don’t have on things you don’t have, especially things you don’t need.
There are many instances where buying on credit makes sense—purchasing a new car, a house, or household needs, such as white goods. Don’t use credit for anything else. What’s more, in the long run—unless you’ve landed a zero-interest payment plan—purchasing credit will end up more expensive than paying cash, potentially negating the benefits of buying at a discount.
Buy bulk for year-round savings
This tip is as true for business as it is for personal shoppers. Please note your daily expenses throughout the year in particular items that you frequently purchase. Now is the time to buy them in bulk to make savings all year round. One smart shopping strategy is to skip buying things that you don’t need just because the price is right. Buy the essentials instead of that.