As a smart investor, should I spend on Black Friday or Cyber Monday sales.

Good Morning?

How are you doing?

This season is the most wonderful time of the year for those who have been planning to get certain items for a cheaper price during sales. Generally, almost everything goes on sale during Black Friday or Cyber Monday. As an investor working towards financial freedom, you must know how to prepare yourself accordingly for the sales and take advantage of the best price so as to avoid buying things you do not need. Buying things on sale is not an inherently bad idea, especially when the economy is tight. However, doing so unnecessarily can cause financial strain—the very thing people are trying to avoid by buying sales items.

The sales season is that time of the year when you will get several emails from every retailer you’ve ever done business with and such emails are likely to contain some good discounts on their items. But for smart shoppers like you, it can pay to be a little discerning. Even though everything will be on sale, not everything is good for you.

What are Black Friday sales?

Black Friday is a colloquial term for the Friday after Thanksgiving in the United States. It traditionally marks the start of the Christmas shopping season in the United States, and a lot of countries including Nigeria have joined the Black Friday sales.?

What are Cyber Monday sales?

Cyber Monday is a marketing term for e-commerce transactions on the Monday after Thanksgiving in the United States. It was created by retailers to encourage people to shop online.?

In this article, we will share tips for shopping during Black Friday or Cyber Monday sales.?

Have a budget

Budgeting is important with or without sales. Your finances could be at risk if you fail to have a budget for yourself and your family when shopping. During the sales season, prices of items are usually cheaper than ordinary days and the price might motivate you to even buy more than what you intended if you don’t set a budget for yourself.

After setting a budget, list the items you want to buy in order of preference. Let the most important ones come first in case your budget will be insufficient to cover everything you would like to buy.

Don’t buy what you don’t need

A lot of people are tempted to buy the things they don’t need just because the goods are cheap during this season. Therefore, it is very important to have a shopping list before D-Day. Stick to your shopping list and avoid impulsive purchases.

That’s the surest way to stay on budget, and prevent overspending for Christmas and the new year. Don’t forget there are other responsibilities to meet before the end of the year.

Avoid shopping in a hurry?

Take your time to check out different offerings and discounts available for the items you would like to buy during sales. We all know that shopping can be tiring, but that doesn’t mean you should do it in a hurry. You’ll be less likely to make smart decisions, and you might end up buying things you don’t need.

Avoid Impulsive purchases

Impulse purchases are rarely a good decision. Never buy an item just because you see it on sale. Instead, be mindful of your budget and check prices to be sure you're getting a real bargain before you buy. Also ask yourself whether you really need the item or you simply want it. Thinking about the previous items you purchased on impulse that have remained unused and are taking more storage space might deter you from impulse buying.

Don’t buy seasonal items

Seasonal items refers to products that sell at higher volume during certain times of the year. Demand for these products fluctuates due to weather, events or holidays. For example, the Christmas season usually includes a lot of lights, decorations, prepared foods, dinner wears, Christmas pyjamas and others. There are however some items that are best bought later in the year aside the sales season. Such items could be seasonal foods like yam, rice, beans, etc.?

Don’t buy fitness equipment during sales

If you are looking to get in shape with fitness equipment such as a home treadmill, wait until everyone else joins the bandwagon. Discounts on fitness equipment may not be as much during this season. A lot of people are going to forget all their “fitfam” routines just to enjoy the Christmas season. Those who have lost certain kilogrammes will gain more during this season. However, by January, everyone has fitness on their mind. That’s when you’ll see a ton of deals or discounts on equipment and fitness wears.

Buy high ticket electronics

If you’ve been planning to upgrade your TVs and laptops or buy new gadgets, the sales season is a time to buy these kinds of items. Most of them offer good discounts that you may never find during the normal season.

In conclusion, if you’ve been desiring to join the MoneyAfrica community, the opportunity is here for you to do so.

Get our annual subscription and learn more about how you can invest safely and build a solid portfolio. Our Black Friday sales starts from Friday, November 25, 2022 to Saturday, December 3, 2022. There’s a discount on all our packages.

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