Tips for Surviving Black Friday!

In this edition of Wellbeing with Leila we talk about Black Friday!

Black Friday’s no longer just a day and some retailers have already started to pump out deals, with more expected to come in the weeks leading up to the day itself (24 November), with many lasting until Cyber Monday (27 November).

Whilst Black Friday can be a great way to snap up some bargains for Christmas, it doesn’t come without the risk of overspending.

Black Friday and Cyber Monday can be addictive. Before spending, ask yourself, do I need it? Can I afford it? If the answer is no to any of those, DON’T buy it.

Remember, it’s not a saving if you weren’t going to buy it anyway.

According to the Money and Mental Health Policy Institute (chaired by Martin Lewis), seasonal sales, particularly those with time limits, can make impulse purchasing and panic buying even worse.

It can also exacerbate anxiety, worrying that they won’t get that deal ever again, and that they’ll end up punishing themselves for missing it later.

Late marketing emails can take advantage of people who are awake at night, when they have less impulse control.

And for those in financial difficulty, buying nice things can be a crutch on which to feel better. But for many, we end up spending beyond our means, on unnecessary things.

Here’s some tips to help you survive Black Friday…

Make a list of the things you need

Instead of being drawn in the countless marketing campaigns luring you into spending, make a list of the things you need to get for Christmas then do your research and check prices now.

You can then use FREE tools such as Google Shopping, PriceSpy and PriceRunner, and the Amazon price-tracking tool, CamelCamelCamel to find the best deals available across Black Friday. If an item is not on your list, then ether don’t buy it or accept that you have to pay full price for it.

Budget

Set yourself and overall budget to spend on Black Friday deals or place a limit on your credit card so that you don’t inadvertently overspend and make a note of every transaction you make.

Some banking apps have easy tools to set spending limits – usually per transaction.

Use Secure Payment Methods

When making purchases, opt for secure payment methods such as credit cards or mobile payment apps.

These methods offer additional layers of protection, making it easier to dispute fraudulent charges if necessary.

Final Tip

If in the process of shopping for Black Friday deals, you’ve subscribed to a bunch of online retailers, take some time post Black Friday to unsubscribe. This prevents the inevitable influx of post-Christmas sales spam, drawing you back into further spending.

If you want to get started on your research for the best deals, check out the MSE Deal Predictor.

Worried about debt?

A good place to start is the MSE Debt Help guide.

But there is also personal, 1:1 support available. The main free, not-for-profit debt charities are there to listen and help.

Citizens Advice – Find your nearest Citizens Advice centre or chat online with an adviser. Alternatively call its Debt Helpline on 0800 240 4420.

StepChange Debt Charity – A full debt help service is available across the UK. You call call it on 0800 138 1111.

Online support is also available via its debt advice tool where you can create a budget and get a personal action plan with practical next steps.

National Debtline – National Debtline provides free advice and resources to help people deal with their debts. Advice is available over the phone at 0808 808 4000, online and via webchat.

Mind – the mental health charity, also has a confidential email and helpline and resources to help with spending.