Wednesday, November 24, 2010

Black/Friday

Black Friday is almost upon us and it opens up several interesting ideas. Let me start by telling a short story, a few years ago my family all got together on Black Friday for lunch welcoming me home from my two  year  church mission. As my uncle and aunt were leaving my uncle said with as sarcastic of a tone as he could muster "well we are off to save some more money". My aunt rolled her eyes and they were off. Now in my aunts defense they were both having a great time and they could afford what they were purchasing. But he understood you can never "save" money by purchasing something you do not need. It is impossible to classify what "needs" are other than saying food, shelter, clothing. That definition then leaves a huge gray area where we determine what our "wants" are, and prioritize them. I have no problem with people having lots of wants and fulfilling ALL OF THEM as long as they can afford it (not using debt to get it) and still save for retirement.

Black Friday is about saving on "wants" not "needs". If you have been waiting to get an expensive want Black Friday can be a great option. However in an earlier post I mentioned that we just purchased a new to us TV. With Black Friday coming in just a month and having a brother in-law who works in electronic retail, I was really tempted to purchase a new TV from him. However doing so would have cut into our retirement savings and that was not an option. So for $50 we found a great new to us TV and we love it. Getting that new TV on Black Friday would have saved us nothing.

I find it interesting when I hear people who talk about how much they saved on an item that they probably could have done without. No matter how great the savings they still got something they did not need.  So for those of you who are getting up super early to catch some great deals. Remember that they are only offered to get you into the store to buy something that is not on sale to go along with that deeply discounted item. Below is a link about how to prepare for Black Friday and make the most of it. I think you if follow this guide you will be happy with your purchases. Be safe and Happy Thanksgiving.

http://frugaldad.com/2010/11/23/black-friday-deals/

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