WiseDollar

Every year the lure of Black Friday deals tempt and tease many people into parting ways with a good chunk of change.

In order to get the best prices some shoppers will start their spending as early as 3 a.m. Others camp out hours or even days ahead of time to get the best spot in line when the stores open.

Although those actions may seem extreme just to buy things on sale, crowds of people have been known to form, depending on what hot item is being sold at a discount.

But is Black Friday really a good time to save money?

Not really! Here are five Black Friday lies that trick you into spending instead of saving.

1. FOMO

FOMO, or fear of missing out, leads many people to exhibit some of the crazy behavior described above. It?s also one of the Black Friday lies that get you to spend not save on this unofficial shopping holiday.

For instance, discount stores may have offer only a dozen or so high dollar items, such as televisions, at a very low price. This gets many more people than that to come into the store and spend.

Those who miss out on a good deal rarely go home empty handed. They figure that since they got up so early and stood in line, they might as well do some other shopping to make the hassle worth it.

This is how stores suck us into spending more than we planned. We also go to the store to buy a certain thing and come home with something entirely different.

Even if you like to do your shopping on Amazon?they like to play on this FOMO emotion by suggesting other items to buy. Shopping on Amazon can be a good way to save money, just make sure not to give that up by buying stuff you don’t need.

2. Time Limits

Because there is a time limit on each item, such as ?Available for the first four hours only!?, it can make shoving people aside or even knocking them over ?ok? in order to get the deal. People will act irrationally all in the name of saving a little money.

In what world is this ok? Having the pressure of a time limit, along with limited quantities, and large crowds of people all competing for the same thing can cause us to not think things through before we buy.

To put it another way, we buy stuff we don?t need. This is the lie of a time limit and how it causes us to spend not save.

3. Competition

Another way Black Friday is designed to get you to spend is through competition. Again, competing with others for one of only 10 items and coming away with the win makes you feel good.

People like to stretch their dollars. It makes them feel good when they think they are saving money. Combining that with our need for competition, FOMO, and an expiration on the deal, and you can see why people go into a buying frenzy on Black Friday.

4. Sneak Peaks

Retailers are not helping us when it comes to Black Friday lies. It is in their interest not to. In fact, they build the hype and crazy behavior even more by showing us sneak peaks of the deals to come.

Weeks and even months in advance of Black Friday sales, merchants will send out emails and texts to customers announcing items they will have available for low prices on Black Friday. Of course, this is all done in the name of making more of the almighty dollar.

What it does to the consumer, however, is encourage us to spend not save. It adds to the bad behavior and overspending many people do on Black Friday.

5. Tradition

Many people enjoy the tradition of Black Friday shopping. But Black Friday is designed to get you to spend not save simply because of the tradition of it all.

It?s touted as the day you can save the most. This is a lie.

Most retailers set up their merchandise so a few select items of limited quantities are extremely marked down. But, they also have plenty of merchandise at regular prices for consumers to buy while they are there. This is especially true of things that are accessories for the big ticket items, like brackets to hang your new flat screen TV on the wall, or batteries to power to your new gadget. These accessories are almost always full price.

As Black Friday approaches, keep these lies in mind instead of getting caught up in the hype. Remember, the only real way to save money is to keep it in your savings account. Even if what you buy is on sale, you’re not actually saving that money. You’re spending it!

 

Have you gotten caught up in some of these Black Friday lies? What is your plan for Black Friday this year?

 

Photo courtesy of: m01229