It’s fair to say we all love a bargain. With the rise of Black Friday, Boxing Day sales and January sales, it’s easy to be tempted into splurging. This year, American shoppers spent a record $5 billion in 24 hours on Black Friday. While there are some great deals to be had during sales, a lot of us get sucked into buying items we don’t need in the heat of the moment, putting a strain on our finances. Here are some top tips that will help you avoid over-spending during retail sales.
Set a Budget
One of the most important things to do is set a budget before you start sales shopping. There may be a few deals you want to take advantage of, such as purchasing some reduced-price Christmas presents or bargain white goods because yours are on the brink. Buying things you need is fine, but make sure you set a realistic budget to stop you over-spending.
It can be tempting to push it and go for an item that is too expensive because it is such a big bargain. But try to avoid getting sucked in by the temptation of attractive price slashes and stick to a budget. This could help to stop you struggling with your finances later down the line.
Buy What you Need, Not What you Want
Know what you are going to buy beforehand. Again, if you know you need a new vacuum because yours is broken and you want to take advantage of the sales period, then go for it. But don’t splurge on items you don’t need just because they are on sale. It can be tempting when sales shopping to grab loads of bargain buys because “they might come in handy” but try to avoid this mindset. Stick to buying items you need, not what you want.
Plan your Purchases
If there are some big ticket items you are looking to get your hands on, plan how you are going to afford them in advance. Try to avoid putting large amounts of money onto credit cards, loans or slipping into your overdraft as it may lead to you being unable to pay for your normal outgoings.
By planning sales purchases in advance, you can separate the money you need to pay for all your regular expenses from the additional cash you’ll use for the sales item. This will stop you dipping into the money you need for your normal expenses, subsequently avoiding strain on your bank account.
Avoid Browsing Online
Another way to stop getting sucked into frivolous spending is to avoid browsing online. Endlessly scrolling is dangerous, as it often leads to impulse purchases that weren’t wanted in the first place and end up unused and unloved. If you are likely to get sucked in, unsubscribe from your favourite stores marketing emails. By stopping alerts popping up on your phone, you are less likely to splurge unnecessarily.
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