3 Reasons You Should Skip Black Friday Shopping
Black Friday tends to bring in more shoppers than any other day of the year; the seemingly endless holiday deals mark the beginning of the holiday shopping season.
But is it really worth it? Just because you want to shop doesn’t mean you necessarily should, and here are 3 reasons why:
The Deals May Not Be as Good as They Get
Many Black Friday deals come with a fine print; they only apply to certain items or in most cases are doorbusters, meaning they are only valid during designated times. More often than not, the same deals are also repeated throughout the season or in some cases the price drop may be even deeper. Black Friday shopping may not necessarily be the best way to save the most money this holiday season. While Black Friday offers many deals, it is not necessarily the best day to save so keep this in mind when considering Black Friday shopping.
You Most Likely Will Overspend
When it comes to the holidays, especially Black Friday, many Americans blindly spend and before they know it, they’ve gone way over budget and gotten themselves into tremendous holiday debt. It can sometimes be hard to resist the temptation of purchasing items which you did not budget for due to a good deal, but it is really important you do so to avoid financial turmoil. If you do plan on partaking in Black Friday shopping, it’s best to save your receipts. Sometimes items may drop in price the next day, a few days later, so you can ask for a price adjustment. Other stores may have the item you purchased at a better price. This will help you get the most out of your holiday budget.
It is Not a Part of Your Budget
Most Americans cannot afford to drop $300 or more in a single shopping trip which is what happens to most on Black Friday. When it comes to Black Friday shopping, many shoppers don’t even think of alternatives for payment such as layaway programs or paying in cash to avoid going over budget. Even though the prices are knocked down, it doesn’t mean they have become affordable to you. These Black Friday deals are meant to entice shoppers into spending money they may not necessarily have. If it forces you to put more on your credit card than you can pay off or causes you to dip into your savings, then you cannot truly afford your purchase.
Don’t put a damper on your holiday season with tremendous holiday debt. Skipping Black Friday may make you feel like a Grinch but it will help you avoid taking on new debt. If you need help creating your budget, or determining if you can afford Black Friday, Tayne Law Group is here to help! We recommend reading Leslie Tayne’s book, Life & Debt, or giving us a call to see how we can help advise you.