DebtSafe Blog

Black November ‘Specials’: Don’t Accumulate More Debt

The 2020 year has been misleading, and it feels as if the calendar has skipped a few months. November is on your doorstep – the month where you and other consumers can choose to go bonkers during Black Friday or not. And, what’s more – this shopping phenomenon is not a one-day event anymore. No, it has turned into an extended MONTH of ‘specials’ and various buying-opportunities, or so you may think. The widely known shopping bonanza is not merely a three- or five-day event as creditors ensure ‘Corona-virus’ precautions are in place. But, in all honesty, is this the main reason? You and other consumers have to be careful and should not get lured into thinking that this is the motive for a lengthy sales period referred to as Black November. To accumulate more debt while carefully wearing your mask and applying social distancing during more than just-a-few-trolley-trips can, unfortunately, only worsen your financial problems.

In 2019, many retailers showed disappointing sales during the festive season due to Black Friday and Cyber Monday being a huge success beforehand. And, this year would not be any different. Even if you had a raw 2020 deal because of the unexpected COVID-19 pandemic period and the implemented national lockdown regulations.

You have to take caution when you decide to take part in these extended shopping hypes as your financial situation can deteriorate and cause a debt-filled future hysteria. Debt can negatively affect or impact your household, loved ones, and lifestyle.

DebtSafe shares a few tips to keep in mind this coming November, should you consider to partake in these famous shopping shenanigans referred to as Black Friday, Cyber Monday, or the latest so-called term – Black November:

  1. Do your research well and make sure that what you want to buy is a real special, that your budget will allow it AND that the item is not what you want but truly what you need. Don’t be naive and fall for the marketing gimmicks out there.
  2. Since you will do your research beforehand, there is no need to visit various stores, such as malls or outlets, to trick you into buying more than what you can afford. Those once-in-a-lifetime deals, such as tech gadgets or bakery goods at the entrance of the shop are not a coincidence. Retailers are smart; thus, you have to outsmart them to stick to your budget, and by keeping your debt under control. Buy only what you need, get out, and stay out of the shops.
  3. Don’t be conformed to debt-filled consumer culture. DebtSafe’s 2020 research shows that almost 75% of consumers indicated that the Corona pandemic and lockdown period caused severe harm to their financial situations already. If you can also identify and have had the same experience as these individuals’ financial reality, why would you want to partake in extended shopping events near the end of this horrific year just to add more debt to your pile?
  4. If you have no strategy in place (or budget) to take part in this bonanza, why do it to yourself (and your pocket)? The best advice would be – rather stay away. A minimalistic lifestyle is far better than a cluttered, full-of-stuff one. And, the best gift you can give to others (perhaps for Christmas) is time, NOT an expensive, you-can’t-really-afford-it present.
  5. If you are in way too much debt already, why not FIX it in a sustainable manner while you can? No amount of shopping trips or therapy can make your situation any better. Remember: regulated professionals, like Debt Counsellors, for example, are a phone call or e-mail away from a newly improved financial lifestyle.

November is here in all its glory. You, therefore, have to be alert to avoid getting misled into making more debt. This year was financially hard enough as it is, so don’t take part in shopping sprees and month-long ‘specials’. But, keep your finances and financial situation real by not spending what you can’t afford, instead.