This is the time of year where people go and get the best deals. I agree; Black Friday is that time of year where we want to shop until we drop. Before, I would be ok with this, but lately, there is more to it than that.
Not to burst your bubble, but this is the time I feel like we should be more intelligent about our spending habits. A little story, I was never that girl to spend money on Christmas gifts until I moved to the United States. Christmas for me was about family and spending time with each other with no expectations.
Moving here was a culture shock; I did get into the habit of wanting and buying gifts for others. This was soon the reality, but if I bought a gift for someone, I wanted to show my appreciation versus expectation.
I got so caught up that whatever little I had, I ended up spending it on gifts. This was a terrible mindset, to make other people happy while making yourself broke. Over time I realized that holiday shopping is just a ruse to empty your pockets. Not to say if you have been saving for something and you can get it on Black Friday, not to.
I am just saying be more financially responsible about your spending needs, do you need another tv? Or clothes? Or electronics? The answer is probably no, but we indulge because it’s something we are used to.
What should you do?
Let’s just say look at your bank account and what you want in the next year. What are your goals? And where do you see yourself? For some people, it’s paying off their loans, buying a house, or starting a business.
That two thousand dollars you are planning to spend can be used on something else. Such as registering your business, paying for courses to advance your goal, investments, or just savings. I never understood how important it is to have financial goals until now, and part of that is encouraging others to have the same.
You can make a purchase but save for it, and one thing I always say is if you walk out of the store and can forget about it, then don’t buy it. Don’t be an impulsive shopper either, and plan for what you want.
What are the three ways to not overspend on Black Friday?
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Don’t shop for what you see but for what you need
The stores know how to entice shoppers by putting up the best products at the windows. This is how they get you to come into the stores and then sell you things you don’t need. Especially now, where everything is geared towards designers and everyone competing with others.
This leads to buying what you see versus what you need. I was one of those; I thought that not having an LV bag was the end of the world, let me tell you, it’s not. I am so annoyed that I saw everyone with an LV bag when I recently traveled, which showed me there was nothing special in having one. It’s good to spend money on yourself, as I bought the bag as a gift from graduating nursing school.
It wasn’t something I needed, and this is how we need to approach Black Friday. Think about what you need versus want.
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What is the worth in the next year?
Most people go shopping on Black Friday for electronics. These are just valuable items for that moment and next year would be worth less than what you bought them. One thing we think about when we buy things is how we will feel in that moment, after you open the package and use the item, what will happen?
Nothing, when you get that item and use it after a few months, it seems like nothing, and you are on to the next thing. So every year, money is spent on things that are disposable and worth nothing the following year.
What is the solution to that? The money that you will be spending instead invest in stocks or starting a company. A year from now, that money can be multiplied by 2 or 3, which carries more value than buying a TV.
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Create a better mindset
Approaching Black Friday and the holiday season, you must change your mindset about the holidays. Like I told you earlier, the holiday season is filled with gift-giving and shopping, which automatically come to mind.
You must change your mindset and attitude about the holidays, rather than thinking of all the sales and things you can buy. Think about your needs and what you want to happen in the next year, and this is gear how you spend money
These three tips are formulated to help you see the value of your money. Not to say don’t treat yourself but to say be smart about how you spend it—the aim is to create a long-term habit that will result in something better. Black Friday is just a day, and you don’t want to buy something that will have no value in a year.