Black friday is finally here, and people are letting the money fly out of their wallets. Along with the money they do have in their wallets , Americans are letting the money fly out that they really don’t have as a means to grab quick deals. The deals may often be game systems sold at crazy mark downs or a leather jacket sold at a top retailer for 80% off. With the frenzy happening at the many shopping malls around the country it is very easy to deep into the debt trap as you participate in the BIGGEST shopping day of the year. Today we will share 3 ideas that will help you avoid the debt trap next time around.
1.Write out a budget and stick to it
It is pretty easy to overspend on the biggest shopping day of the year so the best thing is to budget the amount of money you want to spend ahead of time. This works out as while you may not be able to grab all the deals you want, you will definately be able to deal with the lack of headache that will come next month when you look back at your bank balances and credit card statements.
2. Save in advance
It is pretty easy to prepare in advance for Black Friday by saving in advance for it. The average American is paid on a bi-weekly basis which would equate to at least 22 pay checks before Black Friday. if you simply set aside $50 from each of your paychecks to a savings account that is to only be touched on Black Friday and the holiday season you would have at least $1100 to spend. This is an $1100 that you would not have to borrow from risky credit cards or holiday loans,nor would you have to worry about busting you family’s budget to fit in Black Friday. Never forget Prior Preparation Presents Predictable Results
3. Just don’t go out on Black Friday
Yes I said it, Don’t go out on Black Friday. Why go out and deal with the thousands of people that stand in lines overnight to catch a deal. You would be much better served working, to earn some extra money to pay down debt or invest, or relaxing from your normal schedule than dealing with the stress that comes along with Black Friday.
What are your thoughts on Black Friday?
