59: Your Money Coach's Guide to Black Friday and Holiday Spending
Nov 23, 2023
Carolyn
Are you ready to conquer the holiday season without busting your budget, and start the new year right? I'm Carolyn, your Money Coach, and I'll guide you through navigating the tricky waters of Black Friday shopping. This episode is packed with practical advice on how to prepare for the onslaught of discounts and sales during the holiday season. We discuss how to create a shopping list to keep you on track, and avoid common pitfalls such as 'buy now, pay later' schemes and online scams.
As we shift our focus to the future and 2024, we explore how you can achieve financial freedom, which is a top priority for many of our listeners. I'll share my insights on creating a budget, and how to avoid the common overspending associated with the festive season. Plus, we have a special course that promises to help you get rid of debt and achieve financial freedom. So let's start the journey towards homeownership together, and remember, small steps can lead to great strides in your financial wellness.
Are you ready to conquer the holiday season without busting your budget, and start the new year right? I'm Carolyn, your Money Coach, and I'll guide you through navigating the tricky waters of Black Friday shopping. This episode is packed with practical advice on how to prepare for the onslaught of discounts and sales during the holiday season. We discuss how to create a shopping list to keep you on track, and avoid common pitfalls such as 'buy now, pay later' schemes and online scams.
As we shift our focus to the future and 2024, we explore how you can achieve financial freedom, which is a top priority for many of our listeners. I'll share my insights on creating a budget, and how to avoid the common overspending associated with the festive season. Plus, we have a special course that promises to help you get rid of debt and achieve financial freedom. So let's start the journey towards homeownership together, and remember, small steps can lead to great strides in your financial wellness.
Hello everyone, my name is Carolyn. Welcome to the Saving for your First Home podcast. I am the CEO of the Financial Moment. We offer money coaching for those who are ready and willing to make financial changes in their lives. For the most of us, there comes a point in time where we think to ourselves it would be really nice to own property, but it sometimes can feel like a pipe dream and not very easily obtainable. So I created this podcast to give you all the information and tools you need to take the steps forward toward home ownership. Take it from me my husband and I started our lives together, working part-time jobs with a young child. Fast forward, through many hiccups and failures, we stepped our feet into our very first home. For us it was a pile of dirt, but eventually our family home was built on that dirt. Now we are in the midst of growing our investment property portfolio. I created the savings for your first home podcast to give you easy, actionable tools for you to do the same. If you have that same gut feeling that I did and want to create a life for yourself and your growing family, but don't know where to start, you are in the right place. Let's do this. Welcome back everyone.
Speaker 1:
I'm Carolyn, your Money Coat, so this episode, when it releases, is going to be on the American Thanksgiving Day. So to all my American listeners, I'm wishing you a very happy Thanksgiving. I hope the time is spent filled with lots of food, family, friends and fun. Us Canadians have had our fill of turkey last month, so we wish you guys all the best. And, of course, as an avid shopper myself, we all know what comes after Thanksgiving, and that is Black Friday weekend into Cyber Monday, and typically this is the biggest sale of the year. I think it's trumped up Boxing Day now as being the biggest discounts and sales online and in person. So, as your Money Coach, it would be remiss of me not to go over some key shopping tips, things that you need to look out for and ways you can protect your budget.
Speaker 1:
But before I get into all of that, I want to remind you that today is the last day to gain access to my digital course that is going to launch in 2024. Now, specifically, this course is going to be all about how you can pay off your debt. So I know from experience that, starting this weekend leading up to January 1st is kind of a time where we overspend and we get ourselves a little bit deeper into debt than we want to. So I want to make sure that you're ready for 2024 and you are enrolled and get access to all the things that I have to offer. That is going to walk you through exactly how to get rid of that debt.
Speaker 1:
2024 has to be your year, and so why not start it on the right foot by getting rid of all those cobwebs in the past and moving forward on a fresh start? So today is the last day to obtain VIP access, and what you get with VIP is the Q&A sessions that we will run through week by week as the course releases, and you'll get lifetime access to the course. So if ever you need a refresher, it's always there for you, and the best part is that every bonus that I add to this offer as we head into the launch in the new year, you will have access to that as well. So you never know what that can be. So you want to make sure that you sign up before the end of the day, and for those that are listening to this episode after November 23rd, don't worry, I got you. Black Friday is going to have a special deal as well. So head to at the financial moment on Instagram to get all those details. And I promise three things that, once you've completed this course, you are going to have all the hacks that you need to create a tailored debt elimination plan just for you. You're also going to understand how to create a realistic custom budget that's going to prevent you from ending up in the same place. And then, finally, we are going to build back your confidence in your ability to manage your money. So if you've been to one of my webinars or you've been listening to this podcast or you've been an IG follower, you understand how passionate I am about this. I want all of you to live your best life, to have a financial future that is free from stress, anxiety and debt. So make this $98 purchased your best one for this weekend and together we can change your financial future. Okay, so now let's head into some of the Black Friday tips that I have for you.
Speaker 1:
So the first thing that I like to do when I am planning for the holidays or gift-giving season is write a list. Now, I'm not just talking about a list for the people that you're going to buy gifts for, I am talking about the big list. So what are all the parties that I'm going to my hosting Christmas? What are all the events? So we start there with the events and then we get into what it is that I need to bring to these events. Do I need to bring a gift? Do I need to make something? What is my contribution?
Speaker 1:
A lot of the time, we're good at making lists for gifts and creating a budget against that, but we forget about all the events that lead up to the holidays, and so it's important to factor in that amount as well into your budget as you go and head into this holiday season. So, number one create a list of all the events that you're going to, what it is that you need to contribute, and put a number beside it. Next up is to create a list of people that you plan on producing a gift for Now. Be as realistic as possible with this. Don't forget the office party, your neighbor down the street. That's super helpful, because those gifts that are kind of one-offs they are the ones that tend to throw you off budget because you forget about them, and then you have to run to the store and grab something last minute, and then you end up spending more than you planned. So make sure that when you're creating your list, it is a robust one and it's all the people that you think you are going to spend money on this year.
Speaker 1:
Okay, tip number two do your research. Now for the month of November, the stores are kind of getting earlier and earlier when it comes to the sales. I think they have friends and family at the beginning of the month and then you start to see Black Friday sales come out long before Black Friday even begins. So if you understand what it is that you're going to purchase for each individual, then go out and do your research and see what the prices are for these items. For the most part, if you are seeing 40% or above discount off of the item, that is likely going to be the highest discount that you're going to see. Things change up on Cyber Monday. So if you see those big discounts hit, you really want to jump on that right away. And then tip number three is really to stay informed. Sign up for their emails, their text messages, because that is going to give you the first opportunity to buy the item that you want at the largest discount. I know we all don't want a bunch of spam in our inboxes. So maybe even sign up for a new Gmail account that is specifically for these retailers. This way you're not hunting through your own personal email trying to find the deal that you once saw a couple weeks ago.
Speaker 1:
Now, if you're an in-person shopper, then tip number four is going to be for you Head out early. Now, I know this means if you're an American, then you just ate your big Thanksgiving dinner and who wants to wake up early. But if you have a mission, then I suggest you get up as early as possible and hit the stores as soon as they open, because you want to kind of avoid the rush, you want to be able to make sure that that item that you want is still in stock and you're going to have the best chance of getting parking. Trust me, I know, okay.
Speaker 1:
So tip number five is to ensure that you are buying quality over quantity. I know a lot of people. If you go down to their basements, they've got a lot of stuff in boxes that they've just picked up because it was on sale and they have no purpose for it at the moment. But they figure. Hey, you know what I'm going to eventually need this, this and this Try and stay away from that. As much as things are discounted, because the stores are really trying to get rid of their inventory. You don't want to stock inventory in your home, so what you want to do is ensure that you're buying quality items and not just because they are on sale. So if there is particular retailer that you like shopping from on a regular basis, then now is the time to pick up some of those key quality items.
Speaker 1:
Now for the online shopper this is where you have an abundance of information. So use the websites, the apps, to do comparison. There are specific websites that will do the comparison for you. I think even Google has Google Shopping, and you can actually see and compare what the prices are for similar items. So let the internet work for you. Look around before you hit that purchase button.
Speaker 1:
And my next tip is really about loyalty programs. So a lot of the time during Black Friday, if you are part of a loyalty program, they're going to give you a special promotion or deal, something like Amazon Prime. You have access to their flash sales. So finally, if you have a list and you've put a budget against each individual, now you need to put a store associated with that individual as well, so that you sign up for their emails and newsletters and, like I said, they may have some additional bonuses or discounts off if you are receiving their email alerts. Okay, so you're now, you're ready, you're prepared to go shopping. This is what I want you to watch out for.
Speaker 1:
So, number one watch out for the buy now, pay later option. I actually did an episode, number 12, called buy now, pay later. Should we even consider it? So take a listen to that episode, if this is something that you're considering, because it tends to mean that you don't have the money right now to buy that purchase and I understand it's on sale, it's discounted but, number one, if you throw it on a credit card, you're just going to be charged interest for it. So that's why sometimes this buy now, pay later is appealing, because you know they're giving you X amount of time to pay without interest, but you're just setting yourself up because you haven't allocated that monthly amount into your budget at this point. So take a listen to that episode, because we go through all the pros and cons of that.
Speaker 1:
Now, the second thing to look out for is those fast deals, the things that are like a one day only or only for a certain time period of the day. Again, always refer back to your list. If the item actually was on your list let's say, for example, you're looking for a television and this is going to be the deal of the day then you're in luck, right, because you're going to get an extra discount off of that. But if you are not in the market to buy a television, then don't get tripped up with these discounts, right, because you don't really have the money to spend on that right now. So I know it's a good deal, but try and pass over those deals if they are not on your list.
Speaker 1:
The third thing that I want you to look out for are scams. Now, this can happen more so online than in person, because people have an easy way of duplicating websites that look and feel the same as what you're used to, but actually it's not. So be sure you're checking the URL of the website, maybe even pre-bookmark some of the sites that you know you're going to be purchasing from, to ensure that when you go to search for it, it's going to be the correct one, because if you're just googling the site, you may end up in something that looks and feels like the normal store, but it isn't, and so you don't want to be taken advantage of in that way. And then the final thing to watch out for is the store policies. If you are purchasing something and they say this is final sale, yes, you may get a great discount on it, but just think it through, because high value purchases you may want to ensure there is a return policy in place. So, now that you're safe, I want to show you some ways that you can really protect your budget going into the new year.
Speaker 1:
You know a lot of people feel really obligated at this time of year to give, and they can feel embarrassed if they are not able to give at a certain level, and so, therefore, they go into debt to ensure that they don't come off looking like they are cheap. So, number one, I want to tell you that financial wellness is worth so much more than whatever gift item that you plan to buy for that individual. So what I mean by that is first consider your financial situation when you're creating a budget and allocating the amount of money that you're going to be spending on events as well as on gifts. Make sure that is something that you actually have set aside, and maybe you're just not on top of it this year and you don't have any savings for the holidays I got you. Here are a couple of ways that you can save a little bit more money.
Speaker 1:
Number one is gift cards. I am sure that each one of you has a gift card from someone that you have not used at this point. So maybe now is a good time to pull out that gift card and see if there's something that you can purchase from that store that you can give to another person. You know, re-gifting isn't so bad if it's a gift card. We just don't want to be re-gifting things that we don't want. Secondly, if you have a credit card that offers cashback, now is a good time to keep your purchases isolated to that one particular card, so that way, when the month comes and you have to pay the bill, you can use some of the money that you got on cashback to help pay off the balance. The third way to kind of reduce the amount of money that you're spending is perhaps to do a gift game. You know, at a lot of parties and events many times there are games that you can do that only require to buy one gift for one individual and not 10 gifts for people. So you know, kind of investigate and see what kind of games are out there. They're always fun, it makes it enjoyable if it's a theme and it really will help you to save some money overall.
Speaker 1:
And then finally, think about experiences. People more than anything, want to spend time with you. So instead of buying somebody a book, let's say instead, why don't you plan a date where you go for coffee and then peruse a bookstore where you can treat them to a book of their choice? That means so much more, because the time that you spend with them is so much more more valuable than just wrapping up a book that you've purchased. And get creative with this.
Speaker 1:
If you're crafty, you can make something. You can print a picture of you and your BFF back in the day and frame it. You can write up a story about your memorable moments. If you're a writer, if you're digitally inclined, create a video tribute. If you're awesome in the kitchen, set a date to bake something together. And if you got the green thumb, then you can even grow a plant, maybe one of their favorite spices or a flower that they love, and some people would just love a donation to their favorite charity. So I could go on and on with all the different suggestions about how to come up with gift ideas that doesn't really cost anything, that are going to mean more to that individual than anything that you could purchase. So I hope this is some inspiration to you, but if you aren't feeling uninspired, then you know, ask Google, ask JackGPT, to give you some suggestions on how you can get creative with outspending a lot of money.
Speaker 1:
So, finally, I really just want to encourage you guys to consider your financial health and wellness as a part of the plan for this holiday spending season.
Speaker 1:
I am going to do my best to provide you all the information and tips that you need as we head into the new year, but plan to make 2020 for your year the year that you are released from the burden of debt, the year that you have your finances under control and the year that you obtain your financial goals.
Speaker 1:
Now how does that picture look? Take baby steps, create the proper budget over this season so you don't overextend yourself, and if you do find that you have debt accumulated from this past year, take the step to sign up for this course. I guarantee that you will walk away with all the tools you need to get rid of that debt forever, and I will be side by side with you, walking you through each and every step. So if you're ready for change and you want to have a fresh start for the new year, click on the link in my show notes, because this is the last day you're ever going to see this course at this price. Again, have a wonderful Thanksgiving and happy shopping this weekend. Thank you for listening. We are committed to helping you place your very first steps into your new home. See you next time.