The Money Mindset You Need This Black Friday
It's Black Friday week.
Even though it's felt like Black Friday for the whole month, expect things to ramp up as you get inundated with offers. These Black Friday deals will feel so tempting and taunting with their discounts and offers.
But before you jump in with your flexible friend, ask yourself these questions;
1) Do I already have what is on offer?
2) Do I really need what is on offer?
3) Am I really getting a good deal?
Someone I know told me this week that a certain electric toothbrush was 50% off for Black Friday.
"But you've already got an electric toothbrush," I exclaimed, with one eyebrow raised quizzically.
"Yes but I've been thinking of getting a new one and this new one has 50% off." They argued back.
"Does the one you have work?" I asked.
"Well, yes."
"So why do you need another one?" I continued to quiz.
"Erm, well it's a good deal and I'm thinking of getting a new one in the future anyway. And this is a 50% saving." Was the mumbled response.
"Yes, but is it really? Because if you don't actually need it and don’t buy it, then surely that is a 100% saving?" I stated.
"Oh yes, I suppose you're right," she said.
It is far too easy to see these offers that light up the dopamine in our brains and act as a little hit of pleasure. Oooh we got it for half price! What a deal! What a steal! The only thing being stolen here is your common sense.
The Black Friday Wish List
When it comes to your personal spending, why not start a Black Friday wish list in your notes on your phone? Or create a spreadsheet?
If you are desiring a new TV, toothbrush or vacuum cleaner but the one you have works OK, save these to the list with the current prices before and after Black Friday.
Add to this list over the course of the year when the desire for stuff pops up that you might want, but not actually desperately need.
Take this one step further by saving for these things over the course of the year. If you're using a spreadsheet you'll see the running total. Many online banking services have savings pots or autosaving features like rounding up or payday payments that get auto paid to your savings pots. Add your Black Friday funds to the pot over the course of the year. When it comes to next November 2023, you'll have a comprehensive list of things you'd like to get for yourself at a discount. And hopefully, you'll have a pot of money saved for the task too. You'll also have a comparison of pricing to make sure you really get a good deal or not.
I know this might sound a bit extreme but it's a valuable lesson in delayed gratification and stops you from getting sucked into the BS of Black Friday deals. If you REALLY want it, budget for it for next year. Because you know as well as I do that if it's not broken, you can continue to use that same electric toothbrush over the next 12 months.
Black Friday in Your Business
I don't have strong opinions when it comes to your money mindset as we are all different, but I do have strong opinions when it comes to integrity.
If you are a service-based business and you're about to put out a Black Friday deal, ask yourself how this will go down with your current clients.
Is it right to offer a limited-time cut-price deal to grab new clients?
Do you cheapen your services and skills by slashing your prices?
Instead of offering massive discounts, can you add to your services? This way you hopefully won't annoy your loyal clients and the new potential client will feel like they're getting more for their money, not less money for your standard service.
What could you bolt onto your product ladder as a bonus for Black Friday?
What could you give as an extra rather than a price slash?
What would truly help your new potential clients get results?
Because I firmly believe that when you put the right energy and intentions out to the Universe, abundance is possible. Focus on how to help people with your unique skills, talent and magic rather than making a quick buck and watch your results.
Laura 🖤
I don't have a Black Friday specific offer myself but I have recently started offering energy readings at my lowest investment price.
If you're looking to be nudged onto the right path of increasing your wealth but you know your energy feels off, I now offer 1:1 Energy Readings to read your energy and help you create the right plan for your next steps, in alignment with your ultimate goals and desires.