With the holidays around the corner, everyone is thinking about their upcoming Black Friday spending. While we might feel compelled to find the perfect gift for everyone, many people spend more than they initially intended.
Here are some ways to keep your finances in check this holiday season.
What To Watch Out For During Black Friday Spending
Holidays are the biggest and busiest shopping season of the year…
THIS YEAR, AMERICANS WILL SPEND BETWEEN $979.5 BILLION AND $989 BILLION DURING THE HOLIDAYS.
Big chain retailers, like Walmart, and small businesses spend months preparing for this season. While shoppers might be motivated to buy perfect gifts for everyone, including themselves…
Oftentimes, consumers will neglect their own finances this season, with many people going into more debt because of it.
The holidays are undoubtedly the easiest time of the year to spend money. Ads, discounts, and promotions are everywhere you look.
Retailers try to find new ways to maximize profit during Black Friday spending…
AND SOME OF THEIR DEALS WILL ACTUALLY COST YOU MORE MONEY IN THE LONG RUN.
Many businesses will offer larger discounts on your purchase if you apply for their retail credit card…
But during Black Friday spending, many people don’t recognize that this is a bad move.
Retail credit cards usually have an interest rate way above the national average. The average interest rate on these cards is 30.45%.
So while you think you’re getting a big discount, your savings are offset by the amount of interest you’ll have to pay over time.
Spending is heavily encouraged during Black Friday, but it shouldn’t pull consumers deeper into the credit card trap.
Ads flood our screens every holiday season, but don’t let this derail your financial goals.
Remember, there’s no such thing as free money.
Keeping An Eye On Your Finances
If you’re facing difficulty managing your spending for Black Friday, it’s time to make some changes…
Either in your budget or in your gift list.
Ask yourself who you really want to shop for. If your budget is feeling tight, find out if there are some people whose gifts you can skip this year.
Too many people get caught up in finding the perfect gift but at the end of the day…
A GOOD GIFT IS NOT ABOUT HOW MUCH MONEY YOU SPEND, IT REALLY IS THE THOUGHT THAT COUNTS.
We might feel compelled to keep spending on Black Friday thanks to a landscape of new deals…
But ultimately, you never save when you spend…
Be Great,
GCTV Staff
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