You should beware Black Friday
The world’s biggest shopping day is here, attracting millions of us to buy. Janine Robertson explains how to control the hype.
The world’s biggest shopping day is here, attracting millions of us to buy. Janine Robertson explains how to control the hype.
All of us, at least once, have experienced that sinking feeling after a purchase – from an item not living up to its marketing hype, realising we spent too much, or simply not using what we bought
I have no doubt that Black Friday is the peak time of year for shoppers’ remorse. In fact, comparison site Finder found it’s a bigger shopping day that Boxing Day making it a sizeable part of Australians’ $7.5 billion end-of-year sales season spend.
It can be a good day for deals but a bad day for impulse purchasing. Thoughtfully navigating the hype, emotional pull and marketing strategies of Black Friday isn’t easy. But your financial wellbeing is yours to take care of, and here’s how you can do it.
1. Pause before spending
This year, when you are doing your shopping, especially for larger ticket items – step back, go and have a coffee and think it through. When we are about to purchase something we get a hit of feel-good chemicals such as dopamine. Having a coffee (or water, tea, juice) can be a circuit breaker for your brain. So take that time to pause, it could save you money and regret.
2. Seek deals, don’t let them seek you
Marketers are excellent at making us feel like we need something. Black Friday advertising, to get us to click that ‘buy now’ button, is already preparing us. And many ads are coming to us through subscriptions, apps and social media. This is putting offers in front of us that could distract from our important financial goals (see below).
Log off any shopping apps that entice you regularly, remove saved credit card details from your device, unfollow social media accounts that are not helping you to stay on track. And avoid those packages arriving on your doorstep that you might regret.
3. Focus on the big picture
It’s easier to make rational spending decisions when you have a clear goal in mind. So, no matter what your primary goal is (a holiday, a new car or paying down debt), be sure the Black Friday deals (indeed, the whole December shopping period), won’t get in your way.
When we are focused on the bigger picture and keep it front of mind, we are better able to stay on track.
One trick may help with this: put an image on your fridge, on your phone or on your computer, of what you are working towards. Having this reason for controlling your spending in front of you gives you a better chance of achieving your goal (by saying no to financial distractions).
No matter your situation, as we celebrate the end of 2023, remember there are two foundations of your financial wellbeing – awareness and intention. Build awareness of your financial situation and where you want to be. Be intentional with your spending.
Janine Robertson is co-author of Spenditude: A life-changing attitude to money, and a manager at smartMonday