After Black Friday and Cyber Monday… Where Did All My Money Go Wednesday?

Re-posting one of my most requested blog posts from 2012. Happy Cyber Monday, everyone – but make sure you’re prepared for “Where did All My Money Go Wednesday!

First comes Black Friday. Then there’s Small Business Saturday, followed by Cyber Monday and Give Back Tuesday. As thrilled as I am that the economy seems to be churning along — and that we have added Give Back Tuesday so now charities can  benefit from all this spending mania too– I have decided that another day of the week needs to be commemorated:

“Where Did All my Money Go Wednesday?”

I love a bargain as much as the rest of us and there are certainly great deals to be had. Although I personally did not participate in the 5:00 am lines at the mall after Thanksgiving last year, my niece did and happily modeled for me the 2-for-1 scarves and sweaters she nabbed at Macy’s. And I will probably go onto Nike.com soon after writing this to save $8.00 on shipping to purchase the sneakers that my middle-school son cannot seem to live without.

But with so many sales and deals going on, it’s important to remember to take a minute and pause before handing over your credit card.

A bargain is only a bargain if it’s worth more than what you planned to pay for it. If you didn’t plan for it, it is still a bargain? Or are you just left with less money and an item you didn’t need?

It’s also a value call. A $40 pair of boots that you purchase on sale for your daughter may be worth it if you think she would genuinely like and wear them. On the other hand, if she is dying to have another brand and rarely uses the ones you bought her, where’s the value in that? A better choice may be to purchase an item you know someone will truly adore and appreciate — even if that means sometimes paying full price or having to wait until after Black Friday, Cyber Monday, etc. when you may be in a better financial position to pay for it.

Next year, I propose we move “Where Did All My Money Go Wednesday?” to the Wednesday before Black Friday and re-title it “Where WILL all my money go Wednesday?” Take 30 minutes while the turkey is defrosting to quickly scan your budget and allocate a dollar amount for each person or item on your list. If your budget allows, set aside a specific percentage for “spontaneous splurges” for anything you see on sale that wasn’t in the plan but is just too good to pass up.

Above all, rise above the noise of “50% off!” and “free shipping!” and make sure anything you spend this season is done mindfully and thoughtfully.