Black Friday

It is that time of year again, when American Thanksgiving has led us into Black Friday and Cyber Monday shopping and sales. Dave and Reb talk about “planning what you spend and spending what you plan” on this week’s podcast.

“It is really important to make a list and stick with it, especially on a day when marketing for all kinds of goods is so bold and enticing,” Dave says.

It is also important to remember that although you may think you are the one searching and hunting for good deals, the retail industry is designed to hunt you and get you to spend money you weren’t planning to spend.

Every year, the National Retail Federation in the United States, collects the statistics on the sales and outcomes of this big shopping weekend. Every year since 2002, the amount of money spent per shopper has increased. The only year there was a 4.6 percent decrease was the year of the 2008 recession. Last year, the NRF calculated an average spending amount of $935 per shopper. So this spending season, is no small matter. In Canada, Black Friday spending started to gain momentum in 2009. Today this Black Friday weekend is simply a part of Canada’s greater Christmas season spending.

In terms of shopping and spending, Dave also says that asking forgiveness after an unplanned purchase, instead of talking about it beforehand, is not a good idea.

“You know that saying, ‘just ask forgiveness after, instead of permission beforehand’? In terms of finances and this spending season, that is definitely not a good idea,” Dave says. “Talk about your plan, decide what is important and stick to it. It will save you stress later.”

Although sticking to a plan is not always easy, it is an important part of living a debt-free lifestyle. To hear the conversation, tune-in.