How to save money in the 2020 Black Friday sales – from writing a list of what you DON’T need to ‘putting 24 hours between you and your spending’
- Financial adviser Victoria Devine has a strategy for tackling Black Friday sales
- She says you must always start with a list of things you need for the year ahead
- This should also include items you don’t need, which you own too much of as it is
- ‘Putting 24 hours between you and your spending’ will reduce impulse buying
Writing a list of what you don’t need and setting an alarm for 24 hours after you’ve filled your shopping cart will save you big money in Black Friday sales, a top financial adviser has revealed.
That’s the advice from Victoria Devine, the 29-year-old host of personal finance podcast ‘She’s On The Money’ which helps millennials to achieve financial freedom ‘without skimping on brunch’.
The Melbourne money coach told Daily Mail Australia that ‘putting at least 24 hours between you and your spending’ will reduce the risk of impulse buying by creating a window of reflection for what you’re about to splash cash on.
‘I think it’s about whether you’re being mindful or mindless when it comes to money and shopping online,’ Ms Devine said.
She describes a ‘mindful’ purchase as something you actually require and have been saving towards for at least a few weeks, depending on the cost, whereas a ‘mindless’ purchase is one you pay for after scrolling websites without thinking.
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Financial adviser Victoria Devine, 29, told Daily Mail Australia that writing a list of what you don’t need will save you big money in Black Friday sales
Write down what you don’t need
Ms Devine said it’s crucial to remember that discounts only result in savings if you were planning to buy the item before it was reduced.
She believes the best way to limit spending to absolute necessities is to make a list of things you don’t need, which you own too much of as it is.
For Ms Devine, this list starts with white dresses.
‘I love them, I always pick them up, so it would be helpful for me to include that as something I absolutely should not purchase,’ she said.
Choosing a dollar amount of what you are willing to spend will also help to prevent budget blow out, Ms Devine advised.
Slow fashion pieces at fast fashion prices
For shoppers on the hunt for a new wardrobe, Ms Devine believes the focus should be on picking up ‘slow fashion pieces at fast fashion prices’.
‘You should be looking for stuff you know you’ll have for years,’ she said.
‘It’s about looking at quality rather than price – it might be worth spending a bit more on if you know the piece is going to last season after season.’
Winter coats, leather boots, quality summer sandals, wool or cashmere knitwear and a pair of your favourite jeans are the five clothing items Ms Devine recommends investing in while discounts are running.
The Iconic is Ms Devine’s top pick for fashion, footwear and accessories, thanks to its vast range of brands and price points, speedy shipping and a generous return policy.
The Iconic usually offers free returns within 30 days from the date of purchase, but that time frame has been extended until January 10, 2021 for all orders made between November 9 and December 1, 2020.
For shoppers on the hunt for a new wardrobe, Ms Devine believes the focus should be on picking up ‘slow fashion pieces at fast fashion prices’; she recommends waiting 24 hours before making a purchase to reflect on whether it’s really necessary (stock images)
Mark your calendar two weeks ahead
The nature of Black Friday sales means impulse buying is sometimes unavoidable, according to Ms Devine, but luckily she has an antidote to flash in the pan spending.
If you can’t wait 24 hours to consider a potential purchase for fear it will sell out, she recommends paying and marking a date two weeks ahead in your phone calendar.
‘If impulsiveness is part of your personality and you know you’re going to spend a heap of money, put a date in your calendar a week or two weeks ahead to remind yourself when you need to return things by,’ Ms Devine said.
‘Don’t just put it in away in a cupboard or in your wardrobe. If you’re still unsure about it two weeks later, send it back.’
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