Happy December! The holidays are in full swing and it just so happens that I was watching a little news this morning when I saw an important statistic. Black Friday was two days ago and the numbers have already been posted. This year, Americans spent a record $7.4 billion in online purchases. That’s the second largest online shopping day ever. And, we still have Cyber Monday to get through.
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Now, what does this massive number say to me? First, that millions of us are waiting for Black Friday sales to start our holiday shopping. Second, retailers everywhere are working to maximize their holiday numbers by running sales and specials designed to entice you to shop til you drop. Am I entirely against waiting until Black Friday to start your holiday shopping? No. Shocking, right? Let me tell you why.
The reason I have traditionally been against things like Black Friday and Cyber Monday is how they result in bulk spending on a single day. I’m against this for a few reasons. First, unless you have a plan that you stick to, it’s easy to get caught up and overspend. Second, I’m a firm believer in spreading out expenses over time. In my opinion, it’s always a better course of action to spread out expenses over time, even if you have to pay full price.
“Didn’t you just say that you weren’t against bulk spending on Black Friday or Cyber Monday?” Why yes. Yes, I did. You know why? Because you can still spread the expense out over time AND do all your shopping on a single day. That, my friends, is a double win. The way you get that double win is by making a plan for your holiday spending/gift giving and then saving up for it. See how that works? You’re still spending a bulk amount of money at one time BUT, it’s money that you have saved up over time, not your December rent or mortgage payment (or, money you don’t have). Therefore, what you are doing IS spreading the expense out over time when you save up for something.
There is a catch to this type of strategy, you have to have self-discipline. You need it to save up for a big expense and you also need it to make a spending plan and stick to it. Like I said in my book Money Basics, failing to learn self-control is the most expensive thing you’ll ever do in your life. This is a perfect example of that quote. If you don’t have the self-discipline to actually save up for a big expense or to make a spending plan and stick to it, you’ll wind up spending too much and breaking the bank.
There are so many resources out there to help you save money, during the holidays and year round. The truth is, if you have self-discipline, you can manage to save money, build wealth and still live a full, happy life 365 days a year!
Happy Holidays!
P.S. Make sure you check out my online courses, books and resources, too! Investing in your money management education is an investment in yourself. That’s the best investment you’ll ever make, I guarantee it!. Don’t forget my weekly Facebook live videos on Facebook.com/newcashview, Instagram @joyalfordbrand and on my YouTube channel NCVTV. You can catch me twice, on Mondays between 3:00 p.m. and 4:00 p.m. for my Monday Money Management Minute and Thursday evenings between 7:00 and 9:00 (Eastern Standard time), for my weekly NCVTV episode. They are packed full of useful and entertaining money management information! If you’ve missed any NCVTV episodes, you can see the latest on newcashview.com or you can check out my YouTube channel and get caught up! You can get there by clicking here. Remember, like and share the NCVTV videos on Facebook and all your social media platforms, so others can benefit from them, too!
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