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Shop smart on Black Friday
According to social psychologist and professor at Kansas State University, Laura Brannon, while consumers are savvy enough to see through common marketing ploys, many still can’t stand the thought of missing out on a good deal
TODAY (Friday), billions of shoppers around the world are going bonkers for Black Friday.
And while it’s an opportune time to get your Christmas shopping done, it’s also a gateway to overspending before the festive season even begins.
According to social psychologist and professor at Kansas State University, Laura Brannon, while
consumers are savvy enough to see through common marketing ploys, many still can’t stand the thought of missing out on a good deal.
Budget beforehand
Setting a budget will help you to guide and limit your spending.
If you’re planning to buy gifts, budget per person so that you know exactly what you can afford to spend on each of them.
Compare prices, pronto
During the year’s biggest promotional event, you may assume you’re getting the
best prices, but this isn’t always the case.
To avoid getting duped, do your research before making your purchase.
Shop online, not in store
According to the International Council of Shopping Centres, 90% of holiday shoppers plan to spend in store – a dangerous strategy for anyone on a budget. It’s also easier to avoid overspending online because you can jump from site to site instead of running from store to store to compare prices.
In addition, you avoid frenzied shoppers and pumping holiday music, which can be a hidden spending trigger.
Curb you credit card enthusiasm
So you’ve spent your allotted Black Friday budget and then you see that certain something you can’t live without.
Before you reach for your credit card, think about how you want to start the New Year with a clean financial slate or looking at debt management and debt consolidation options?
Give those wish lists a reality check
Manage your kids’ expectations when it comes to their wish lists.
Opt for a gift card
If you’re not sure what someone wants, give them a gift card rather than something like clothes and shoes. A survey done by shopping site Splender, showed that these were the items most likely to be returned.
Secret Santa can be super
Many families have made this a tradition as it can drastically reduce your gifting budget.
By each choosing one member of the family to buy for and agreeing to spend the same amount of money, you can put more thought and effort into your gift, which of course is in the real spirit of giving.
An expensive month is around the corner
Keep in mind that the month when many of us have the least to spare also happens to be a very expensive one, especially for parents who need to pay for school uniforms and school fees.
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