Credit Score: Surviving Black Friday | Refresh Financial

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How To Survive Black Friday and Cyber Monday With Your Credit Score Intact



Black Friday used to be an American phenomenon, however it's quickly gained in popularity this side of the border too. Retailers and shoppers alike love a sale, so it's no wonder Canadians are seeing Black Friday sales popping up both in stores and online. Black Friday refers to the day after the American Thanksgiving (which is on the fourth Thursday of November each year)  and it really kicks off the holiday shopping season for our American neighbours. However, retailers offer such huge savings on many popular products that it can create shopping mania which has, in some years, resulted in severe injury to shoppers as they all but climb on top of each other just to grab the deals. It’s all-out consumer madness.

Combined with Cyber Monday, which brings all the deals to your online shopping the Monday after Black Friday, one can be overwhelmingly inundated with temptations to buy, buy, buy. However, spending outside of your means can put a serious strain on your finances when the credit card bills arrive.

Here are a couple of tips to help your credit stay intact throughout Black Friday and Cyber Monday.

Ask yourself, do you REALLY need to buy that?

It’s important on Black Friday and Cyber Monday to truly consider the things you are tempted to buy. Ask yourself: Do I really need it? Was I planning to buy it anyway? Am I actually saving money on this? If these questions can all be answered with a yes, then you’re good to go. Anything else, and you’ll surely regret it. Saving $300 is only really a savings if you actually need the product, rather than just want it. Plus, if you buy it on your credit card, and can't pay it off before your statement due date, you'll start paying interest. Before you know it that product with a $300 savings is actually now costing you money!

It’s easy to get sucked into buying things you don’t really need. When you see the newest game system at the lowest price you’ve ever seen it, you can’t help but feel like passing it up is a lost opportunity. Even though you never have time to play video games, and it would likely just sit there, collecting dust.

Consider your financial well-being

Giving in to all of this temptation will have long-term effects on your financial well-being, as well as your credit score. If you’re out there grabbing all the deals, feeling that instant gratification, you will come home to a reality check. And you’re going to feel that reality check for a very long time.

If good credit and financial security are priorities for you, you must ignore these temptations. Black Friday retailers want to draw you in and make you buy things you never needed, just because they’re at an incredible price. Don’t let a company have that sort of control over you! Even if it’s dirt cheap, if you don’t need it, you don’t need it! You are not saving money  if you’ve just spent it on something you don’t need, no matter how great the savings were.

Stay in control

Shiny new things are already tempting. Shiny new things at record low prices… well that’s just cruel! But, it's important to recognize that you do have control over your own choices, and you must fight the temptations. Unsubscribe from retailers emails, or steer clear of social media that day. Do whatever you need to do to avoid the temptation. After all, what you really need right now is a better credit score and a more secure financial future, not the next shiny new thing.

Are you worried about your credit score? Do you wish you could build your score so that you are not paying high interest rates in the future? Check out Refresh Financial's credit building program. No money required upfront, build a nest egg of savings over the program, and cancel at any time! Learn more about our credit building solutions!

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