Last updated on Oct 28th, 2020 at 12:14 pm
Black Friday and Cyber Monday are a few calendar days away from the Christmas season
It’s really important, therefore, to be extra cautious if you are considering taking part in this well-known shopping phenomenon. Be careful not to overextend the final bit of budget you have left for 2020.
We all tend to spend a bit extra during the holiday season – whether we are on leave or not. There are more social events to attend, a possible holiday with family, festive foods in the shops, and for those who celebrate Christmas, the purchasing of gifts.
Black Friday & Cyber Monday
Perhaps it would be better to rethink your decision and NOT spend your hard-earned money on these days at all. Why? Because many people end up spending unnecessarily on these days, and putting the expense on their credit card. This sets them on a path towards debt.
Do you really NEED the item or are you just buying it because it’s ‘cheap’?
Carla Oberholzer (debt adviser at DebtSafe) emphasises that you and other consumers should be aware of the marketing gimmicks retailers use during splurging events. “Stand firm and don’t feel guilty to say ‘NO’ or ‘NOT now’,” says Oberholzer.
Here are some of Carla’s reasons why Black Friday and Cyber Monday spending may NOT, in fact, be a good idea:
- Note that a SALE does NOT necessarily mean an item is on discount. Check the prices of items you may be interested in for a few months BEFORE the sale, and compare Black Friday prices on the day. The discount may not really be very big.
- Originality is key. Consumers tend to display a ‘pack mentality’ and do what they see others do. Stick to your budget, and do NOT go into the shops you do NOT need to visit. Stay true to yourself and to what you can afford.
- Try a bit of money psychology and think about the implications of spending money you do NOT have. Don’t become part of the South African ‘mindless card swiping’ statistics. Be cautious and consider more frugal or home-made options when it comes to Christmas gifts, foods and decorations, for example.
If you are already in an over-indebted situation and you are aware that you cannot continue with any more or excessive spending this season, give yourself the gift of HELP to fix your debt. Your DEBT does NOT have to be a burden. Don’t go it alone. Help is available!
Take a look at DebtSafe’s latest ‘debt reality’ video:
What we as South Africans searched for in the last 10 years…