Here we are. Its Black Friday Eve. For the past two weeks I have been inundated with Black Friday sale advertisements. In some stores you can save up to 60%, yes that is a good deal, BUT, it is only a good deal if it is money that you were planning and budgeted to spend.
Black Friday can be a nightmare for your savings plan and debt repayment if you are spending money you don’t have. Statistics for 2017 said that 79% of Black Friday spending was done with credit cards. It is fair to say that some people are paying these purchases off but my guess is that a lot of them are not.
Please stop and think before you go Black Friday shopping if you are spending money that you have. Please ensure you will not be going into debt shopping a big sale. Such an oxymoron isn’t it?! Society today has pressured us to shop, shop and more shopping. Buy this, buy that, you NEED this, you NEED that. I assure you that you probably don’t need half the stuff you want to buy Black Friday shopping. My rule always is “need vs want”, do I want this or do I need it? If you do want something and you have the money for it and you have budgeted it and you’re not going into debt and it’s a well thought out plan, go for it.
I am not one to tell you not to buy stuff. I am one to tell you not to buy things that are not within your budget and you are going into debt. Bottom line.
A statistic here in Canada says that every average Canadian has 23,081.00 in debt. This is over and above mortgage debt. This is per person! This is a high statistic! I strongly believe that people are mostly living beyond their means which is resulting in personal debt. I believe occasions like Black Friday lead to some of this household debt.
I have been writing this while my daughter is watching tv, I have written for 20 minutes and I have listened to 9 Black Friday commercials. Enough said.
My advice to you this weekend is think before you buy, is it worth it?