22/11/2019

Black Friday: don’t go into the red

22/11/2019

Black Friday: don’t go into the red

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Black Friday is one of the biggest days in the shopping calendar – right behind the boxing day sales.

For a lot of people, Black Friday seems like a great way to get some Christmas shopping done whilst saving you a whole bunch of money. However, for a lot of people, it puts them under financial pressure and can end up leaving them in a lot of financial distress.

As such we’ve created this guide to shine a light on some of the best ways to avoid blowing your budget this Black Friday.

Plan to perfection

We all know that companies plan for Black Friday months in advance, so you should do the same. In the lead up to the big day, a lot of deals are released early or ‘leaked’ in advance, making it easy to plan what you want to buy.

The earlier you begin planning, the earlier you can begin saving. Putting money aside specifically for Black Friday means you’ll have a set spending budget, which in turn means you won’t have to dip into your regular one.

If you create a list of items that you need or want, this can also help you avoid making splurge purchases or buying items for the sake of a sale. You can then look for the best deals on the items in your list to maximise your savings.

Limit yourself

This point is actually very much related to the one above. A lot of people find it easy to just put purchases on their credit card because the deal is too good to miss out on, which then leaves them to foot the bill later

But by setting yourself a limit on your Black Friday spending, you can avoid any potential big bills at Christmas time. If possible, we advise not using credit on Black Friday – but if you do use it, the limit you set will help.

Budgeting

Here at Carrington Dean, we will always advise creating a budget for your money. It’s one of the best ways to know where your money goes and helps to curb your spending.

By knowing your money, you become more aware of your spending habits. In fact, budgeting regularly may actually help to lessen the temptation to spend on Black Friday altogether.

If you don’t want to use savings for Black Friday, then it’s important to factor it into your budget to avoid spending money that’s needed for other things. It also will help you to know your limits and avoid overspending.

Smart thinking

The main thing to remember when it comes to your Black Friday shopping is to use your brain. When you see something that looks like a great bargain, ask yourself if you need it.

Then ask yourself if you were planning on getting the item or not. If you answer yes to both of these questions, then you’re good to go and save some of your well-earned cash.

However, if the answer is no, then take a step back, take a breath and move on. If you give in to this then you could end up spending money you don’t have, which will ultimately put you in financial distress afterwards.

Now, that doesn’t mean you aren’t allowed to treat yourself. But if you’re already dealing with money worries, Black Friday will likely only cause you further stress, and that’s something you don’t need.

At the end of the day…

Black Friday isn’t all it’s made out to be, and sometimes a deal that looks great on paper turns out to be nothing. As such, we want to leave you with this advice: think before you spend, and work to avoid spending what you don’t have.

Do your research, follow the steps above, and you’ll go into Black Friday with a clear, focused mind, ready to make some savings.

If you’re stressed about your finances, contact us today on 0808 2085 195. As Scotland’s debt specialists, we can offer free and confidential advice to help you work through your debts and find a solution that works for you.

You could write off up to 75% of unsecured debt with our debt assistant.

Check if you Qualify

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