A Practical Guide to Surviving Black Friday #278

Mindful Shopping

Mindful shopping is crucial during Black Friday to avoid unnecessary purchases. Matt Altmix and Joel Larsgaard emphasize the importance of creating a list of desired items and understanding return policies to prevent impulse buys. They suggest using credit cards wisely for their perks, but only if you can pay the balance in full 1 2. Supporting local businesses is also highlighted as a meaningful way to shop during this period, even if it means not getting the lowest price 2.

It's not all about getting the lowest price. It's also about supporting local stores and small businesses as well.

--- Matt Altmix

These practices help maintain control over spending and contribute positively to the community.

   

Impulse Buys

Impulse buys during Black Friday can lead to financial strain and regret. Joel Larsgaard and Matt Altmix discuss the pitfalls of purchasing items on a whim, such as being stuck with non-returnable products or simply not returning items due to laziness 3. They highlight the sunk cost fallacy, where people keep unwanted items because they've already invested time and effort into acquiring them.

Sometimes people end up keeping stuff that not only is it not for somebody else, for a gift, but it's something for them. And even then, they don't really want it, but they're still hanging onto it.

--- Matt Altmix

Understanding these behaviors can help mitigate their impact and encourage more thoughtful spending decisions.