Black Friday 2023 will be different: here are the spending traps to avoid

Have you got your card details at the ready for Black Friday tomorrow? Maybe you’re hanging out till the Cyber Monday deals instead? I’m swooping in with this episode just before tomorrow’s frenzy with a bit of insight into the psychological aspects that can influence our spending behaviour during sale periods. The current economic landscape, marked by reserved spending and consistent interest rate hikes, can make even the most disciplined saver more susceptible to the allure of a good sale. Now is the time for mindful decision-making! I’m also discussing the challenge of dealing with regret avoidance spending, (Hello FOMO!) especially when faced with significant discounts. This is the time to be strategic, isolate your shopping behaviours, and prioritise mindful spending over impulsive decisions.  Tune in for some practical tips, including price comparisons, checking alternative platforms for better deals, and leveraging discounts and cashback opportunities. Episode highlights: Experts are predicting significant discounts during Black Friday, with 71% of retail experts expecting high discounting, Five #SpendingTraps that could test you this sale season The importance of comparing prices, checking alternative platforms like marketplaces and Depop for better deals, and leveraging discounts and cashback opportunities to maximise savings. “Because of the cost of living crisis, people's discretionary spending is down. We're being a lot more reserved. So they're needing to entice us to spend a little bit more."Emma [03:40] “Be really, really careful with big discounts when you see them because it's going to throw everything else out of context."Emma [10:17] “Being good with money does not mean being perfect. It's all about how you respond."Emma [25:31] Where to find The Broke Generation Website: https://thebrokegeneration.com/?v=518f4a738816Instagram: https://instagram.com/the.brokegenerationTikTok: @the.brokegeneration  Sign up to The Glue: the weekly money psychology and mindset newsletter www.thebrokegeneration.com/subscribe, where you’ll also get your free Financial Values workbook.See omnystudio.com/listener for privacy information.