Don’t let Black Friday leave you feeling blue

If you walk into most retail stores right now, at every turn you're bombarded with reminders that Black Friday and Christmas are coming up. This year, retailers have ditched the traditional four-day Black Friday special deals and have deals that last the whole month. So how do you differentiate between your needs and your wants this Black Friday season? Well, the easiest way to discover what to buy and what not to buy is to differentiate between your needs and your wants. But this is easier said than done. When we like something, we very well know how to trick our mind into thinking that we actually need it, when in reality we don't need it at all. And later on, when we don't find it useful, we have nothing to do except live with our post-purchase regret.

According to the National Debt Advisors, many individuals and households this year have had to turn to using their credit cards in order to manage their day-to-day living expenses and deal with unexpected financial burdens. If you couple this reality with the pressure of having to make big financial purchases for the upcoming festive season, many of us might find ourselves in a bit of a pickle.

Shopping for Black Friday

Whether you’re an early camper, last minute shopper or rookie who spotted a deal they just couldn’t pass up, your finances will be affected. We thought it would be interesting to look at how the average South African household navigates the upcoming Black Friday rush and share their bargain-hunting money saving tips.

Linda is a 36-year-old mother of two and she says that before she makes a purchase she always asks herself three questions: “Do I really need it? Is the deal a good way to get value for less? Do I have the money for it now?"

We are all vulnerable to making impulse purchases, both large and small, but asking herself these questions whenever she wants to make an impulsive buy, helps her maintain and stick to her budget.

If you are planning on participating in this year's Black Friday deals, ask yourself these questions before going making that purchase:

1.How long will I benefit from this purchase?

Ask yourself whether what you want to buy will provide long-term enjoyment, or if it's simply a distraction until the next shiny object catches your eye.

2. What do I gain by buying this?

If you are looking for status or approval from others then you're going about this purchase the wrong way. Ask yourself if you want it because someone you know has it. Or is it something that will genuinely improve your quality of life? 

3. Is there something else that can bring me joy?

Many times, buying something is a default response to stress, anger or boredom. Think about how many times you’ve walked into a store with the intention of getting one item and ended up leaving with five things all because the other four items were on sale. Try to find other things that give you the same satisfied, joyful feeling as making a purchase. You’ll probably feel even better if you have a long talk with a friend, or curl up with a cup of tea and a good book.

Remember that we will always fall victim to sales and Black Friday deals, but the trick is to equip yourself with tools to make sure that you don't land yourself in debt. Plan ahead and stick to your budget, so you can enjoy the festive season without the financial stress!

For more information and resources you can do our Values & Money course which examines your current attitudes, behaviour and values around each of our money values: honesty in earning, responsibility in spending, self-control in saving, wisdom in borrowing and generosity in giving.