Black Friday and Cyber Monday have become major events in the shopping calendar, tempting millions to splash out on everything from the latest tech gadgets to fashion items and homeware. However, while these days are marketed as the perfect opportunity to save big, they can easily lead to overspending, buyer’s remorse and unnecessary debt.
With flashy adverts, countdown clocks and so-called ‘limited-time’ offers filling up your inbox and social media feed, it’s easy to get caught up in the shopping frenzy. But do you really need to make that purchase? And more importantly, is it worth the financial strain that could follow?
In this article, we’ll explore practical strategies for resisting the urge to buy during these high-pressure sales events and maintaining control over your finances.
How do retailers reel us in?
Retailers have perfected the art of making their offers seem irresistible, especially during Black Friday and Cyber Monday. They rely on several psychological triggers to get us reaching for our wallets:
- Fear of missing out (FOMO): The limited-time nature of these sales can create a sense of urgency. We fear that if we don’t buy now, we’ll miss out on a fantastic deal.
- Discount illusion: While many deals seem impressive, they’re not always as good as they appear. Retailers may mark up prices just before the sale so that the discount looks larger.
- Scarcity tactics: You’ve probably seen websites flashing messages like “Only 2 left in stock!” or “Offer ends in 2 hours!” This kind of scarcity pushes you into making impulsive decisions, even if the item wasn’t officially on your radar.
- Emotional spending: Sales events can often stir up emotions – excitement, anticipation, even competition. These feelings can cloud judgment and lead to purchases that we wouldn’t usually consider if we were thinking more rationally.
The reality of overspending
Statistics show that many of us aren’t immune to these tactics, no matter how mindful we try to be. According to research from Starling Bank, nine in ten people have admitted to overspending on Black Friday in the past. On average, shoppers spent a staggering £511.90 more than they initially budgeted for. What’s even more telling is that much of this regret stems from the fact that people rarely or never use the items they purchased in the sales.
The trend of overspending isn’t slowing down either. Finder reports that Black Friday spending in 2024 is expected to increase by £800 million, a 27% jump from the £3 billion spent in 2023. The average shopper plans to spend £122 during the sales this year, up from £113 in 2023.
These figures highlight just how easy it is to fall into the spending trap during sales events like Black Friday. Retailers create a sense of urgency and offer deals that seem too good to miss, but the reality is often far different. Shoppers end up overspending, regretting their purchases and rarely making use of the items they were convinced to buy.
Understanding how these tactics work is the first step in helping you resist the pull of sales-driven purchases. Below, we’ll share some strategies to help you avoid unnecessary spending.
1. Set a strict budget
Before Black Friday and Cyber Monday roll around, it’s important to set a clear budget and stick to it. Decide how much you can afford to spend, not how much you want to spend. Whether it’s for gifts, household items, or personal treats, the budget should be realistic and fit comfortably within your overall financial plan.
For some helpful budgeting advice, check out our Tips for Staying on Budget.
2. Make a shopping list
Making a list of the items you actually need or have been planning to buy for a while can help keep you focused during sale periods. If you don’t have a specific item in mind before Black Friday and Cyber Monday, don’t buy it. Retailers will often try to convince you that you need a product, but if it wasn’t on your radar before the sale, it’s probably not something you truly need.
3. Do your research in advance
If you’ve got your eye on a particular product, do some research ahead of the sales to ensure you’re genuinely getting a good deal. Look up the price history of the item, check reviews and compare prices across different retailers. That way, when the discount rolls in, you’ll know if it’s a legitimate bargain or just clever marketing.
4. Avoid browsing for the sake of it
One of the easiest ways to fall into the sales trap is to browse mindlessly. Aimless browsing during Black Friday or Cyber Monday can quickly lead to unnecessary purchases. Limit your time spent on online shopping sites, unsubscribe from promotional emails during this period and turn off notifications from shopping apps.
5. Focus on long-term financial goals
In the excitement of finding a deal, it’s easy to forget about your long-term financial health. Take a moment to remind yourself of the bigger picture. Whether you’re saving for a holiday, working to pay off debt, or trying to build an emergency fund, keeping these goals in mind can help put short-term spending into perspective.
6. Use the 24-hour rule
One of the best ways to curb impulse buying is to use the 24-hour rule. If you find something you’re tempted to purchase, step away and give yourself at least 24 hours to think about it. This time allows your initial excitement to wear off and gives you space to consider whether you truly need the item.
In most cases, you’ll find that the urge to buy fades after a day and you’ll be glad you held off on the purchase. If after 24 hours you still feel it’s necessary and it fits within your budget and needs, then you consider going ahead with it.
How MoneyPlus can help you stay on track
We understand that staying financially secure in the face of constant pressure to spend can be tough. That’s why we offer tailored debt solutions to help you get back in control of your money. Whether you need help consolidating debt, budgeting, or creating a plan to pay off your loans, we’re here to guide you every step of the way.
If you want to manage your finances better and need professional guidance, speak with one of our expert advisors today.
To discover more about how to manage your debt and to receive free debt advice, you can visit www.moneyhelper.org.uk or read about options for paying off your debt.
