We mark the dates for Black Friday and Cyber Monday as the most important ones in our shopping calendar, without fail every year. Most of us purchase the big-ticket items while other shops for Christmas. These two shopping days are quite popular because of the heavy discounts offered by retailers. All those advertisements on the internet, the billboards, and the catchy and luring commercials may land you up in a store looking for things you do not even need in the first place. And, we have to admit the fact that we get gaga over these sales. So, what can you possibly do to avoid overspending this Black Friday? Being blinded by the advertising may often lead you to a financially weaker spot, and that has a major impact on the New Year as well. Here are 5 simple tips that will help you to spend wisely without going over the budget.
Create a Special Budget for Black Friday
“Plan ahead”. You must have heard this a lot whenever you’re planning to make some serious purchases. Well, planning ahead always gives you a bracket to think, analyse and prepare. Make a budget especially for Black Friday shopping according to your monthly income, needs and essentials. This will help you to know how much money you can spend on making the purchases. Once you’re done with the shopping, build an emergency fund so that you can use the money from that particular pot for such occasional events.
Use Credit Cards
If you do not have enough amount of spare money to use it for Black Friday deals, you can always use your credit card to make the payments. But be sure to spend an amount that you can easily repay to your credit card company. Or else, you may end up paying more than you have actually spent. You can use 0% interest credit cards. These cards levy no interest charge up to a certain period. If you pay back the amount before that period, you do not have to pay the interest. Post that period, the interest charge is levied by the companies.
Do Some Research
Before you rush to the store, turn on your laptop to do some research on the deals. Doing a comparison is always an efficient way to avoid spending money on bad deals. If you do not have the proper comparison details of the deals, you may miss out on some amazing deals that might help you to save some money. If you really want to avoid overspending this sale season – then you must compare the deals in advance.
Be a Smart Shopper
Make a list of the things that you “need” and assign numbers to them on the list basis on the priority. It makes it easier for you to decide which things are your top priority and will help you allocate a set amount of money for it. Do not be tempted by the heavy discount prices and start picking whatever you see on your way while finding items that you actually need. Be a smart shopper and do not waste your money on things that you may not need after a few months, or worse, days.
Remember the Consequence
Individuals who are impulse shoppers may find it extremely challenging to avoid overspending. If you are one of them, then understand the consequences. With the gung-ho of Christmas fading away, New Year may cause a financial strain if you decide to overspend during these sales. You need to be on your financial track, and for that, you have to manage your money spending skills and temptations.
Alternatives to Credit Card
Using a credit card to buy big-ticket items for those who do not have a 0% interest credit card is not feasible enough. You can look for Loans with no Guarantor from lenders who give instant decision and doesn’t charge any upfront fees. Do your research before borrowing and ensure that the lender is Financial Conduct Authority authorised or else it maybe a potential scam. Compare these loans on a loan comparison website to find the best offer. Majority of the lenders prefer to transfer the funds to your bank account if approved. You can use the money and repay it in fixed monthly instalments. As these are short-term loans, lenders generally do not ask you to present a guarantor. However, the lending criteria varies from lender to lender.
It is important that you are aware of the marketing gimmicks and tactics used by the retailers to boost their revenue. Do not purchase anything that drags to you regret your decision. And maintain your cool while planning for shopping. Plan and act according to your plan. Make a shopping list on your smartphone or if you have jotted down everything on a piece of paper, do not forget to carry that with yourself. Always remember that you are liable to pay the money that you spend. Financial independence is an important factor that shapes the future of your life.