One of the greatest mistake you make can make shopping on Black Friday is to overspend and start the New Year in debt.
You must not fall for this trap that snares most adult Americans during the holiday season.
You should shop like a person with a millionaire mind, saving tons of money you can sock away for saving towards your retirement and build wealth
One of the secrets of individuals with millionaire mind is that they never pay full cost for any item.
In fact a millionaire shops for discount when buying items in store daily. In order words millionaires look for deals that will save them money all the time
As you start your shopping for the holiday season be careful not to get carried away by the hype that the retailers want to make you believe.
You may not be getting the best deals as may be led to think.
I thought I should also let you in on one big secret of Black Friday: It is the greatest wealth transfer of the year.
Why? Because black Friday is the day that most retailers are expected to make up for the losses (red in accounting means losses) and make a decent profit (black means in profit)
Now if the retailers’ balance sheet is going to turn black, guess whose balance sheet turns red? You. The retailers get out of debt you get into debt
Here are 7 shopping tips millionaires use to avoid overspending and getting into debt on Black Friday and the holiday season-that you too can use to enjoy your holiday season
Make a list and stick to it: before you start shopping make sure you have a list of the items you want to buy. This will help you avoid making impulsive spending on the items you don’t need. By sticking to your list you’ll save tons of money .
A millionaire is frugal in his spending he only buys what he can afford. you too should do the same
Assess a deal before you buy: Most retailers will like to get rid of items that have attracted poor sales on black Friday.
The way they do so is to bundle an item that you will want to buy with an item of lesser value.
Don’t fall for this trap. Make sure you check the terms and condition on the sticker before buying
Shop from home. Most of the items that will be on sale at the store you will find online. Shop online pay for them and collect them in a nearby store
Get more discounts with gift cards. Macy’s, Bloomingdale and many other retail stores offer discounts for those that purchase items using their gift cards. You can save more when you combine these discounts
Avoid using your credit card unless you plan to pay back the balance at the end of the month. I know this advice will not go down well but it’s important you know.
Because if you don’t pay off all the credit card balance at the end of the month you’ll end up paying more for an item you’ll probably discard in a few months.
Paying 3-4 times the cost of an item that does not increase your net worth doesn’t make financial sense
Don’t fall for the trap of spending on extended warranties for big-ticket items. Many sales agents will want to pressure you into buying extended warranties that are not useful.
The truth is that these warranties only increase the cost of your purchase.
For example if you bought a Mac laptop you could end up paying $499 for a 3 year extended warranty which is almost 50% of its cost
Most of the gadgets and items you purchase have been tested thoroughly and can last many years with needing repairs. You don’t need those extended warranties
Make sure you check return policies. Most retailers are making refunds difficult. Make sure what you buy is exchangeable and refundable.
Some retailers charge restocking fees so watch out that what you buy does not have these conditions attached
The bottom line for shopping on black Friday and during the holiday season is to enjoy your holidays without overstretching you finances.
Do all you can to save money and build wealth like a millionaire instead of getting poorer
