According to Steve Siebold, self-made millionaire and author of How Rich People Think, holiday shoppers spent the show-stopping sum of $59.1 billion on Black Friday alone in 2012. This year, for Black Friday and beyond, get back to basics with these 10 fundamental rules for no-nonsense holiday shopping, courtesy of Siebold himself.
- Don’t fall for marketing campaigns that make you feel as if you’re getting a great deal when you’re really not. For example, “buy today, pay tomorrow” deals aren’t really deals at all.
- Allocate a certain amount of money for each person you plan on buying gifts for, and don’t overspend by even a dollar.
- Don’t even think of using a credit card, unless you are 100% sure you can comfortably pay off your expenses at the end of the month.
- Don’t get caught up in the moment. If your shopping cart is overflowing, step back, regroup and make sure you can afford everything you plan to purchase.
- Remember that kids learn by example. Even parents who have failed to reach their financial dreams can teach their kids important lessons about money, especially during the holiday season.
- There’s no shame in telling people that this year will be a lean holiday season when it comes to exchanging gifts.
- Just like you would diet or exercise with a buddy to hold you accountable, shop with a friend to help keep you on track and prevent you from spending beyond your means.
- There are good deals to be had on Black Friday, but stay mentally tough to know when enough is enough.
- Ultimately, you should ask yourself if you would rather have the short-term satisfaction of expensive material possessions, or the long-term results of financial freedom and abundance.