Black Friday Financial Lessons.
Black Friday means different things for different people. Either way, with Black Friday upon us it’s easy to get caught up in the hype of these once in a lifetime deals, and the feeling that if you aren’t shopping on that day you are certainly losing out.
Black Friday happens to fall on my Birthday this year, 29 November, and my kids have decided that they are waiting until the 29th to purchase my gift in order to benefit from the discounts, no questions asked.
Are we being too easily deceived and falling into the too good to be true trap? How do we not get caught up in these two for one deals, and rather spend responsibly and avoid an extreme case of buyer’s remorse?
Black Friday happens over a minimum period of 24 hours depending on the retailer. There is an enormous variety of products available on Black Friday and retailers use the discount angle to get consumers through their doors and sales up. This makes the “logical consumer” within us disappear for at least 24-hours, only to re-appear when there is no money left to spend or are in severe debt due to overspending, it’s very easy to just swipe the credit card. This event just shows us as well as our kids what not to do in the event we can’t afford to go on a shopping spree. Its shows how easy it is to land into debt and serves as an example of how to avoid these traps for your kids too.
On the flip side, there is also a difference between this hype and a good deal. The discount awarded with bulk purchases of necessities such as cold drinks, nappies, biscuits are advantageous, and not just an unnecessary drain on one’s finances. Is your child going to Standard 6 next year and it’s now compulsory for them to have a tablet? Now would be a good time to look for these deals.
The biggest discount event on the planet is also the best way to teach your kids healthy spending habits as well as an alternative attitude towards money. Instead of campaigning for this one day to grind to a halt, use its downfalls as an incentive to teach your kids the financial lessons you never learned and help your kids lead a money savvy life.
Sadly, businesses use a sense of scarcity to convince us to buy more now – especially during one-day shopping events, when there’s pressure to snatch up limited deals (and other people racing to beat you to them). It’s easy to get caught up in the frenzy and inadvertently give yourself the gift of debt this Christmas by overspending. There is no return policy when it comes to the debt you acquire.
About Money Savvy Kids:
Born out of the need to teach our kids that money is something to be understood and respected, Money Savvy Kids (MSK) is the beginning of the end of financial mismanagement and misunderstanding.
MSK makes learning easy through fun ways to teach kids money matters.
The MSK financial curriculum ranges from grade 0 to grade 7 and combines real-world education with easy-to-understand modules to further enhance the children’s learning.
MSK is not just a product. It is a pathway to developing mind-sets that will ensure South Africa’s children not only work their way out of poverty, but that they have the tools to stay out.
MSK promotes in youth the skills, knowledge attitudes and behaviours required to be financially independent. This is critical to South Africa’s future because each person’s informed financial decisions help shape the country’s economy into the powerhouse it has the potential to be.
More about Money Savvy Kids: https://moneysavvykids.co.za/
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Issued on behalf of: Money Savvy Kids