Black Friday – Winter is coming, think before you buy!
Black Friday 2015 is set to be the biggest on record with shoppers expected to spend more than £1 billion over a 24 hour period, this equates to £16.00 for every person in the UK.
The theory is simple, 1 day in the year and bargains to be had for shoppers just 4 weeks before Christmas and on the date the majority of the country gets paid.
To paraphrase, Game of thrones though “Winter is Coming” and an impulse buy on 27th November can have an impact down the line. A number of scenarios need thinking about.
The first is – are you actually purchasing these bargains for you or as presents? If it’s a present how likely is it that you or the kids wait to use them until 25th December? (GAME sold a reported 3,600 discounted PS4 and Xbox Ones per hour on Black Friday 2014). Will there be another expense when more games are wanted for this console for Christmas?
Second – have you thought about you your budget for Christmas and factored in your Black Friday spend? Are you using store cards or credit cards and can you afford more than minimal payments to clear the card in a few months. And lastly are you paid again before Christmas and what is left for Christmas festivities and or presents closer to the time! Let’s not even mention January………………
Dylan adds “we all love a bargain but keeping the bigger picture in view is vital. According to the Centre for Retail Research the average household spend during Christmas 2014 was £775 of which 59.3% was spent on gifts – around £459. The total spend is forecast to increase this year to £868 according to research reported in the Daily Mail”
John Lewis sold a Nutribullet blender every 30 seconds on Black Friday 2014, whilst we admire peoples desires to eat healthy is this a purchase that will be utilised heavily in December?
December brings many expenses in the run up to and including Christmas and budget planning is key. After budgeting for essential costs including mortgage, rent, utilities and your reasonable household bills, don’t forget to factor in expenses such as travelling and nights out.
The Debt Advisor offer a budget calculator to help you work out your disposable income on our website at /our-services/debt-calculator-full/
There are a range of debt solutions available for individuals struggling with debt and the right type of solution depends on your circumstances. If you are struggling with debt issues please give our team a call on 0800 0851 825 or use our contact form. Our advisors can speak with you about all available debt solutions such as Debt Management, IVAs, Bankruptcy and Debt Consolidation.
All debt solutions need to be carefully considered. IVA’s are formal solutions and failure to keep to the terms can result in your IVA failing and you could end up bankrupt.
There is also free debt help and advice available through a variety of debt charities. For more information, we recommend you visit www.moneyadviceservice.org.uk.
About the Author:
Dylan Walsh is a seasoned digital marketer who has worked extensively with technology and digital media agencies including 2ergo PLC and Stonegate LLP to devise consumer interaction strategies for brands including Rightmove, Pizza Express, Three and Giff Gaff. He is currently Marketing and Business Development Manager at The Debt Advisor Limited.
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