“OK to buy something on Black Friday”. Did I really write that? Did a personal finance blogger just write a positive sentence about Black Friday?
Yes, I did, but if you expect a post praising Black Friday, you are going to be disappointed.
I generally believe that you should never buy things you don’t need – not even if it is cheap. I think that most of the purchases people make on Black Friday are things they don’t really need.
I can’t think of a worse concept than Black Friday. Getting people to over-consume cheap goods for a full day (in some places a full week) is bad for people’s finances, bad for the environment and sometimes bad for the businesses and their employees too.
If Black Friday makes your bank account go red (or makes you unable to save up a good amount of money in November), you should not even buy a single item despite its price. Even worse, if you are in debt, in my opinion many Black Friday deals are probably not relevant for you.
If Black Friday makes you change perfectly well-functioning things, you should not buy new things. Imagine the unnecessary pressure on our Earth’s finite resources that are already under heavy pressure if everybody needs a new TV just because it is Black Friday.
When and why is it OK to buy some things on Black Friday then?
Why buying things on Black Friday can make sense
Even though I don’t like Black Friday, I do believe that it makes sense to buy some things on Black Friday.
If you really have a need for a thing, then I think it is OK to buy it at a cheap price. With “have a need”, I mean that you genuinely need the product and would have had to buy it anyway in the short term. The key is to not buy things impulsively because it has a yellow discount tag on.
For example, my oven broke down last week. I can’t fix the oven. I need an oven to cook food. I knew that Black Friday was coming up and that ovens were going to be sold at a discount. I bought an oven today at Black Friday at 50% the price. That is the kind of need I talk about. Not the “you deserve it – buy yourself something nice” need.
If you decide to buy things on Black Friday, I urge you to consider the following:
- Make sure you have a genuine need for the things you buy
- Buy quality items that have the best depreciation
- Buy items consciously – try to buy items that are good for the environment from companies that respect our planet and treat their employees well
- Make sure the deal you get is a good deal – ideally, you should have followed a product’s price for a while (some comparison sites have historical prices) to make sure it is in fact a good deal
Those are my thoughts. How do you feel about Black Friday? Did you buy anything?
Happy Black Friday!