Black Friday is finally here! But before you start filling out your shopping carts, there are some tips you must remember to so you can enjoy the great deals without the risk of debt.
Great Deals Abound
For several decades, Black Friday has been the biggest event for retailers in the United States. This popular shopping extravaganza happens once a year on the Friday following Thanksgiving. It signals the beginning of the Christmas shopping season as businesses offer some of the best prices for many of their big-ticket products.
Over the years, this phenomenon has spilled over to the online world with the rise of Cyber Monday—another big sale event offered by internet retailers.
Although Black Friday is a primarily American tradition, many Australian retailers have started embracing it. And so they should. This event offers one of the best ways for business to capitalize on the pre-Christmas shopping period.
Statistics show that U.S. shoppers spent approximately 67.6 billion dollars during Black Friday. The thought of also encouraging this kind of expenditure among shoppers in the country is definitely attractive to Australian companies.
The Risk of Debt
For many shoppers, it’s almost impossible to resist the product discounts and great bargains. But with so much unchecked spending also comes the risk of accumulating a lot of debt.
The slashed prices lure even the most financially distressed of consumers, which then leads to a shopping spree that almost—if not completely—empties their bank accounts and maxes out their credit cards. In these cases, Black Friday quickly turns into “Debt Friday”.
Advice from Debt Experts
Fortunately, there are many things you can do to still enjoy all the discounts without burying yourself in debt. Here are some great tips from debt collection experts:
- Prioritise other billsBefore you head out to the shops, make sure you pay all of your other important bills first. This way, you can comfortably buy all the things you want without having to worry about your unpaid rent or utility bills.This strategy also applies to businesses as much as to individual shoppers. Business owners might be tempted to take advantage of the discounts that some suppliers on Black Friday.Before you splurge, make sure you’ve settled all your corporate invoices first. It would also be helpful to collect on your unpaid invoices as soon as possible. This way, you can get paid before your clients spend their money on retail therapy.
- Set a budgetCreate a list of the things you want to buy and set a realistic budget for each item. Make sure you stick to this list when you’re out shopping. This way, you can stop yourself from overspending.
- Leave your credit cards at homeIt’s easier to spend money when you’re using credit cards. There’s just something about swiping these plastics that make the shopping experience more satisfying. But this is also what can leave you in debt. Avoid this issue by leaving your credit cards at home and using only cash to shop on Black Friday.
For more tips on how to effectively manage debt, get in touch with us here at Slater Byrne Recoveries.
Liam White joined the Slater Byrne Recoveries team in early 2013. He has worked across the credit & dispute resolution industry for a number of years. He is currently working in a Marketing/Head of Sales capacity at Slater Byrne Recoveries.