Black Friday: Top Tips for taking control of your spend
We understand the excitement and allure of Black Friday. The deals, the discounts, and the thrill of getting the best bargains can be enticing. However, it’s easy to get carried away and if you don’t manage your spending carefully 2024 could see you start the year in debt. In a recent pulse poll on LinkedIn we also saw most people use credit to buy their Christmas presents.
Remember, the choices you make during events like Black Friday can have a lasting impact on your financial future. By integrating smart spending habits you’re not just saving money — you’re investing in a more secure tomorrow.
Here’s some top tips for controlling your Black Friday spend and long-term money management.
Your financial goals
Before diving into the Black Friday frenzy, take a moment to reflect on your long-term financial goals. Whether it’s saving for a home, funding your children’s education, or planning for retirement, understanding your objectives will help you make informed spending decisions.
Set a budget balancing Wants and Needs
While Black Friday presents fantastic opportunities to save, it’s crucial to approach it with a realistic budget. Identify the items you genuinely need and allocate a specific budget for each one. This will prevent impulse purchases and ensure that your spending aligns with your financial goals.
Be careful of buy now pay later
Klarna and other types of buy now pay later offers are great for bagging a bargain when you don’t quite have the funds. However, it’s easy to get carried away and think it’s next month’s problem, but if you continue to do this, you’ll end up in a vicious cycle of never being able to pay it off. Think carefully about whether you can actually afford it next month. If you’re late paying your credit score can be affected leading to failed mortgage applications for example.
Apps for smart shopping
In the digital age, technology can be a valuable ally in your quest for smart spending. Explore budgeting apps that help you compare prices, track deals, and manage your budget effectively. Using these tools not only maximise your savings during but also contribute to your long-term money management strategy.
Beyond Black Friday – assessing the impact
After the shopping rush subsides, it’s time for a post-Black Friday financial checkup. Review your expenditures, compare them against your budget, and assess the impact on your overall financial plan. This step is crucial for making any necessary adjustments and ensuring that your long-term goals remain on track.
Building a strong financial future
At Langricks Accountants we can help you with your financial wellness. Beyond accounting we also offer Wealth Management knowledge and tools needed for long-term money management. If you have questions about budgeting, financial planning, or any other aspect of your finances, email us and a member of the team will be more than happy to help.