November 26, 2019
Financially Speaking
I know some people whose favorite holiday is this week. No, not Thanksgiving, but Black Friday.
Personally, I’m a Thanksgiving fan. I like to fill my stomach and not shrink my wallet. But, if you are one of those go-getters that love the thrill of standing in lines to get the latest deal, go for it! Just be careful, financially speaking, so you don’t become financially stressed.
Stick to your spending plan!
• A spending plan accounts for your monthly expenses and income so you can spend your money the way you want to spend it. A spending plan should have an allotted amount that you can spend on gifts, clothing, electronics, or whatever it is that you will be buying on Black Friday. Stick to that allotted amount!
• If you don’t have a spending plan, now is the perfect time to start. Check out the Essential Living Skills: Money Management to get started. https://www.bookstore.ksre.ksu.edu/pubs/S134G.pdf.
Check your list twice!
• Have you ever accidentally purchased two gifts for one person or realized you didn’t purchase enough? I’m guessing I’m not the only one! Know who you are buying for or what you are wanting to buy.
• Also, know your budget for each person as they may warrant different amounts. My daycare providers may get more this year than my kids as they have had to deal with said kids.
Use cash!
• Once it is gone, it is gone! Sometimes, we become zombies (or mombies for those with children like me) and swipe a card without realizing the increasing amount. If you do use a credit card, keep receipts so you can reconcile. Also, pay off the amount as quickly as possible.
Shop around!
• Yes, I know that sounds crazy with the craziness that is already Black Friday but check deals and compare against other shops or even Cyber Monday! Maybe not as bad as a jellyfish sting, but it does sting when you purchase a great deal and then find it cheaper elsewhere!
So, if you’ll be stuffing your cart this Black Friday, just make sure that you are being aware of your spending and not letting that tryptophan make you so sleepy that you make bad financial decisions. And if you still blame the poor, delicious turkey, make sure to check out Karen Blakeslee’s post here: http://enewsletters.k-state.edu/youaskedit/2019/11/12/its-not-the-turkey/.
For more tips on Holiday Spending, check out Utah State’s blog, Utah Money Moms, at https://www.utahmoneymoms.com/home/10-tips-for-intentional-holiday-spending.