There’s no getting away from it. It’s Black Friday next week and that will be quickly followed up by Cyber Monday.
Our email inboxes are already filling up with offers. Most retail websites we visit are offering generous voucher codes.
We can’t browse social media, read a newspaper, watch TV, or listen to the radio without being offered even more discounts.
It’s easy to get caught up in the shopping frenzy of Black Friday and end up spending more than we should. But…you should avoid spending money that you don’t have.
Avoiding Christmas debt
We already know that this is going to be a Christmas like no other.
Many parts of the country are locked down from 6pm tonight for three weeks, heaping further pressure on people who have limited options of where they can buy their Christmas gifts.
Regardless of how you feel about Christmas, don’t let money and debt cause you stress.
Christmas debt can be really damaging…
- It adds stress in the back of your mind & stops you from enjoying time with your family.
- You start the new year on the wrong foot, New Year’s resolutions are trumped by Christmas debt.
- It cost you money. Buy now pay later, credit cards and store cards are expensive forms of borrowed debt.
To avoid developing Christmas debt, we recommend making a Christmas budget and sticking to it.
Don’t feel pressured to spend more than you can afford. You don’t want to start 2021 with Christmas debt hanging over your head.
We understand that with increased periods of isolation and upcoming Black Friday Deals, there will be a temptation to buy gifts for loved ones, many of whom we haven’t spent a lot of time with this year.
Black Friday debt guidance
In a typical year, to avoid developing Black Friday debt you may typically be advised to avoid social media. However, we understand that with increased isolation, this may be more difficult to achieve this year and contrary to existing advice around mental health and wellbeing. You can unfollow retail brands that you’re following on social media as a temporary measure.
We advise you to delete all Black Friday email promotions as soon as you receive them.
Try to avoid the types of website you know will offer you Black Friday deals.
Black Friday may not be all it’s cracked up to be. In 2017, a survey carried out by Which? found that 87% of the items tracked during Black Friday and Cyber Monday were the same price at other times of the year – sometimes cheaper.
The survey was carried out using data from 94 popular products. These products, which you’ll know if you’re a regular buyer, are some of the most discounted items put on sale during the Black Friday Week/Month duration.
It is also likely that some retailers take advantage of the craze to sell items at a price that won’t really save you much money at all.
This is important to remember when buying more expensive items, especially if it means eating into an overdraft or borrowing money from other sources to ‘grab a bargain’.
One other small piece of advice we can give you – If you see a deal that you think you must take advantage of – add it to your shopping basket, leave it there and come back to it later. If you still feel that you want the item, and you have the money to afford the item, then you’ll have a better understanding of whether it was just an impulse purchase.
However, most online retailers have what they call a shopping cart abandonment strategy. Essentially this means that they know 41% of shoppers will abandon an online shop and therefore will attempt to further entice the shopper by adding even more generous discounts!
Help with unaffordable debts
- Reduce monthly payments
- Become debt free after a fixed period
- Write off unaffordable unsecured debt with a Trust Deed
- Freeze interest and charges
- Reduce creditor contact
For life after debt, trust us.
May not be suitable for all. Can affect credit rating. Free advice also available from moneyadviceservice.org.uk.