How to Have a "Better" Black Friday (Or Any Sale Day) Financially
How to Have a "Better" Black Friday (Or Any Sale Day) Financially
11.23.2023 - By: Anastasia Barbuzzi
I'm not traditionally a Black Friday shopper and try to avoid spending unnecessarily on any "special" sale day just because it's offering a steep discount on an item I have on my radar. Not to mention the fact that days like Black Friday and Cyber Monday are:
A) One of the most glaring examples of capitalist greed and exploitation of working and low-to-middle class (more on that in a sec) and
B) A gross display of the materialistic, wasteful, over-consuming society we live in.
OK, OK, I know that's deep, but allow me to explain.
Black Friday has a long history, and there are several theories about how it got its name. Still, one of them is that Black Friday symbolizes the moment when retailers, traditionally operating "in the red" (indicating losses), finally moved "in the black" (signifying profits) thanks to all of the sales happening after Thanksgiving.
That's just part of my problem with sale days like Black Friday. Major corporations (who historically underpay labourers, to begin with) apply drastic markdowns to regular-priced merchandise that shouldn't cost as much as it does in the first place (making it unaffordable for the average person) to create a sense of urgency so that their profits increase (you can factor social media and marketing into that, too) at a time of the year when many people are hurting the most financially. So, make of that what you will.
All that has been enough for me to avoid shopping on Black Friday many times. You will NEVER catch me at the mall on this day because the crowds and the crazed vibe— like it's the last sale people will ever see (RE: my previous point)— are genuinely anxiety-inducing. And you can only imagine the sh*t that shop workers have to deal with (who are most likely making minimum wage), along with all the other workers involved.
Hot tip! Before buying a reduced item, ask yourself: “Why the dramatic price slash? What is it actually worth?”
However, there are signs that Black Friday may be losing its grip, with more savvy shoppers likely to wait for steeper discounts available later in the season (or on Cyber Monday, which was created to encourage consumers to shop online— so double down on everything I just said).
41% of consumers emphasize the importance of overall value when choosing where to shop for holiday gifts. PwC predicts almost 40% of consumers will spend more on gifts, travel, and entertainment than last year— clear evidence that Gen Z is starting to value experience over material items.
Although Black Friday presents just as good an opportunity as any to shop for sweet discounts, here's where I'm going to be, quite honestly, hypocritical: especially since becoming a homeowner, it's a convenient time to score certain items (specifically big-ticket ones) for less than usual. This year, I plan to take advantage of such opportunities on the condition that there are things I actually need and want around the house.
On the other hand, just like you, I have bills to pay and am conscious of spending since I'm budgeting and saving towards some very specific, very big financial goals. There's a better way to do Black Friday for your finances, and it's not hard to achieve.
Interested? Read on for my tips on how to have a better Black Friday financially, or listen to them on $HMONEY Radio.
10 Ways to Have a Better Black Friday (Or Any Sale Day)
1. Set a budget - Straightforward, right? Whatever the number is, ensure it's within a comfortable range, set it, and forget about adjusting it. Write it down if you must, and keep it visible while shopping. Coming in under budget is a win— you don't want to go over this number.
2. Allocate funds to cover your purchase - Then pay off the total amount immediately if you're using a credit card. If you've budgeted correctly, this shouldn't be a problem. From a "girl math" perspective (if you're into that), having your purchases automatically paid off makes it seem like you haven't spent at all.
3. Take stock of rewards, points, or additional discounts before shopping - Add it all up! Plus, scan your emails for promos and sign up for an account for specific retailers (despite the annoying emails) to get intro offers that can shave dollars off your bill. You can always deactivate and unsubscribe later. 'Tis the season to redeem all the "free" money you've earned!
4. Outline what you want/need - Give this step some extra thought unless there are items that you desperately need (like a new coffee maker) or that are keeping you up at night. It's all about consuming consciously.
5. Stick to one category - Avoid overspending or buyer's regret by having a plan of attack set and ready. Choose one category to shop from, like fashion, beauty, or home. This Black Friday and Cyber Monday, I'm sticking to the home category, as you can see.
6. Schedule alerts for your desired items if possible - Have Google or whatever retailer you're shopping from notify you when an item goes on sale or drops further in price. Do the same post-Black Friday if you're waiting out for steeper discounts.
7. Stay off social - Influencers will be influencing extra, and brands will be marketing their faces off, so avoid scrolling through IG, TikTok, Pinterest, or any other platform you might be swayed by. However, keep an eye on emails or special offers from the brands/retailers your saved items are from, especially if you're a member, since you may be able to redeem extra off your purchase with a last-minute code. Otherwise, put your blinders on and stick to the plan.
8. Stay out of stores - If you want to avoid a potential anxiety- or impulse-purchase-triggering situation, stay off the crazy roads and out of the crowded parking lots and stores (where that sense of urgency can mount, thanks to others around you). *Note: I'm aware the convenience of online shopping can trigger impulse spending just the same, but this point addresses the pressures of shopping in person.
9. Don't shop with friends - Sounds fun, right? Unfortunately, further to my point above, peer pressure is real, and a girlfriend with different financial priorities than you might not fully understand the ramifications of telling you to "just do it." They might not consider your financial goals and stress, or maybe they don't know about them (and that's not their fault), but it's easy to get carried away when you're with your bestie. Go this round alone.
10. Remember: There will always be another sale. Sometimes, the best deal isn't the Black Friday one. If something doesn't fit into your budget or you can't afford to shop for specific items (or at all), hold out till a later date. It's all gravy, baby.
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