Holy turkey! Black Friday is exactly five days away. With all the big sales going on, it’s easily a favorite “holiday” for all the shopaholics out there. Unfortunately, Black Friday can wreak havoc on your finances. In 2012, consumers spent a whopping $59.1 billion on Black Friday, creating a financial nightmare for many because of foolish overspending.
To help you make wiser decisions this year, we’ve teamed up with Steve Siebold, author of the book How Rich People Think. Below, Siebold shares with us his 10 tips to help consumers not break the bank this year:
1. When it comes to money on Black Friday, put your emotions on the shelf and let reason be your guide.
2. Don’t fall for marketing campaigns that make you feel as if you’re getting a great deal when you’re really not (i.e. buy it today – pay for it tomorrow)
3. Allocate a certain amount of money for each person you plan on buying gifts for and don’t overspend by even a dollar.
4. Don’t even think of using a credit card unless you are 100% sure you can comfortably pay it off at the end of the month.
5. Don’t get caught up in the moment. If your shopping cart is overflowing, step back, regroup and make sure you can really afford everything you plan to purchase.
6. Remember that kids learn by example. Even parents who have failed to reach their financial dreams can still teach their kids important lessons about money during the holiday season.
7. There’s no shame in telling people that this year will be a lean holiday season when it comes to exchanging gifts.
8. Just like you would diet or exercise with a workout buddy to hold you accountable, shop with a friend or shopping buddy to help keep you spending below your means.
9. There are good deals to be had on Black Friday, but be mentally tough to know when enough is enough.
10. Ultimately, ask yourself if you would rather have the short-term satisfaction of expensive material possessions, or the long-term results of financial freedom and abundance.
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How do you stay in control financially on Black Friday? Share your tips in the comments below!