Black Or Red Friday?

Black Friday

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Can Black Friday 2020 push you into the Red?

Black Friday has always been about grabbing deals that you simply can’t miss. Who doesn’t love paying less for more?

All that has taken a backseat owing to the Covid-19 catastrophe and people have become more hesitant while spending on things that they feel aren’t really needed no matter how cheap they are.

Selective shopping is the new trend and it’s okay if you genuinely want or need the things on offer and is affordable. Definitely, this year it is fine not to be swept away by ‘fear of missing out’ as the buying behavior has been highly unpredictable and uncertain.

Here are few ways to watch your expenses this Black Friday 2020:

Be Reserved

Keep your excitement under control because if you get sucked in the marketing gimmicks then the debts will only pile up. There has been a drastic shift in lifestyles during the pandemic. Don’t get fooled by the tricks during Black Friday. Think a thousand times before even thinking of shopping.

Using Common Sense Over Emotions

People’s thoughts are influenced by their emotions and that’s what helps in marketing as they lure you with offers that are too fancy to let go. For many, personal spending can be very difficult to control yet it shows up when we buy things. The emotions can hijack our common sense but why does that even happen in the first place? Maybe due to the following reasons:

  • For status
  • To boost self-esteem
  • To be part of the pack
  • To feel good
  • As a token of love
  • Out of boredom
  • As a reward
  • As a form of control

Avoid emotions taking over your mind to go on a buying spree and stop regretting when the buzz is over.

Resist Your Spending

Resisting your spending refers to abstain spending based on beliefs that Black Friday is all about blowing out money and overfilling the carts or trolleys. Nope, that is so untrue it actually means buying things that are essential and cost more on normal days.

How do you do that? Well, try following the below methods:

  • No gadgets/electronics, please.
  • Set a price tag for shopping that is within your affordable limit.
  • Doing meaningful things on that day can divert your attention from buying more things.
  • Fix your intentions and not addictions.
  • Never forget to have an emergency fund that is readily available.

Comparing Prices

Comparing product prices of groceries or essentials can help you in buying stuff at the lowest and best price. Never break your head in locking the prices because it’s all about discounts that are highlighted and the chances are too less that you are overpaying as sellers are keen to clear the stocks.

Keep Tracking Early-Bird Shopper Discounts

Investing time in deciding which stores are offering the best deals is a masterstroke. Check the list of stores and keep it ready for the holiday hours so that you can make the most of your budget without much fuzz and confusion. So, be the first to know when the stores are running their biggest sales and come up with a strategy to be the first to shop as well

Be Informed On Store Policies

A store’s policy on returns is a great indicator that determines where you can buy. Many retailers are including shorter and restocking fees return deadlines. These days most major retail chains have stopped asking for receipts for exchanges and returns, and many maintain a database of customers who tend to abuse return policies. Be prepared to be turned down just in case you figure in the “abuse” list.

Repeat Your Strategies

It is that time of the year when every citizen of the country is pampered with holiday advertising, both online and locally. So, keep these strategies in your mind and maximize your gains by repeating them and never be left out. Remember, the more you ignore the deals the chances are higher for you to keep away from debts and add on your savings.

By Karthick V.

This page is purely informational. Line does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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