Many people get excited about the “sales” like Black Friday and other sales during the holidays. You can buy many things at a discount. But why do they call it Black Friday? When does it make sense to take advantage of those deals? Learn more in this week’s blog.
When you are on your Debt Relief Journey, it is important to know when to spend money and when not to spend money. After all, your goal is to become debt free by following your budget and paying off the debt that you have. So when do you take advantage of a Black Friday sale?
These 5 tips will help you stay on track when tempted by a “SALE”.
1. Have a mission or buying purpose when you go shopping
Make sure that you have a purpose when you go shopping. Make it your mission to get what you need and get out of the store. The more time you spend in a store, the more things that you will find to buy that are not on your list or in your budget.
This is especially true during the holiday season when retailers are having their “Black Friday” sales and other holiday sales. The purpose of these sales is to increase retailers profits. Even the term “Black Friday” comes from the retailer becoming profitable for the year, something that is referred to as “being in the black” in accounting circles.
The best way to avoid the temptation of over-purchasing is to NOT put yourself in a position where you have to RESIST the urge to buy. So stick to your mission and just get what you need. Shop only the aisles you need to walk down. Ignore all other aisles.
2. A sale is not a reason to buy something
The retailer’s purpose for having a sale is to sell you something. Not everything in the store is on sale at the same time. They are counting on you coming in for the sale and purchasing additional items at regular price. By using the “sale” to get you in the store, retailers increase the likelihood of you spending money with them on other non-sale items!
But a “sale” is not a reason for you to purchase something. You want to buy things when you are ready, not just because it is on sale. Don’t let the pressure of the sale force you into buying when you are not ready.
The store will have more sales in the future. In fact, sales happen all the time.
Remember: Newer versions of these products are manufactured daily.
When you are ready to make your purchase, definitely look for sales so that you get the best price. But even a great price is not a great reason to buy when you are not ready to make the purchase. It is likely that you will need to borrow money to get that deal and doing this just gets you deeper in debt, not out. Caution: placing a purchase on a credit card at checkout is the same as “borrowing” if you don’t pay that credit card in full on the next payment date.
3. Research large items before you purchase them
Do your research before you buy something. You may decide that last year’s model has all the features that you need. Be aware of which model is on sale. If you are a smart shopper, you can get a discount on last year’s model and still get all the features that you need.
Retailers will often put slow moving items on sale to get rid of them. People are not buying that product for some reason. It could be that they can get the same product with better quality for the same price or less at another store or with a different brand. But if you don’t do your research, you won’t know that.
4. Buy when you have the money, not the first time it goes on sale
Even when something you need is on sale, don’t go into debt to buy it. That is a bad habit to get into and it will not help you get and stay out of debt. There is always a solution. Don’t use debt as the easy way out. Debt creates more problems than it solves
5. Consider older models when making needed purchases
When you buy products that are released by model, don’t forget to consider the prior year’s model. You will likely get a better price and the features may well meet your needs. While it may be fun to be able to say you have the latest and “greatest” model, it will also cost you more.
The sooner you eliminate your current debt, the sooner you will be able to buy the latest model without having to sacrifice and extending your debt. Even when you are debt free, remember to ask yourself if the extra you pay for the latest features are worth what you have to pay for them. Why pay for something you probably won’t even use when you could use that money for something that you really want?
YOU are responsible for your actions. Just because a store is having a sale, does not mean that you have to purchase from them or that it will never be available again. Get yourself out of debt so you can complete your Debt Relief Journey.
Take control of your purchases by buying when you have the money and the price is right for you! Don’t be moved to buy just because something is on sale!
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God Bless your week!