What your Black Friday spending style says about you

As the Black Friday shopping frenzy reaches a high, we give you the ultimate lowdown on what your spending style says about you.

Millions of punters around the world are expected to hit the shops as the scramble for a Black Friday bargain kicks off. Last year, our nation’s spending exceeded a whopping £4.5 billion on Black Friday 1. But how do you feel about it? Is Black Friday a great time to grab a bargain, or simply an over-hyped waste of money?

‘I love to spend, spend, spend’, ‘I live for Black Friday’, ‘Buy on sight’

From self-confessed shopaholics to super savers, we’ve profiled three common types of Black Friday shopper and had a think about what we can all do differently ahead of the Christmas sales. See which one you fall into and what these spending habits really mean.

1. The certified shopaholic

What it says about you

For you, shopping is a passion. You’ve been waiting for this season’s sales to come around with bated breath – and credit cards at the ready. But regardless of Black Friday, you’re a self-confessed shopaholic, 365 days of the year. Saving, admittedly, is not your forte.

What you could do differently

As hobbies go, shopping is an expensive one. Perhaps it’s time to cut back? Just because something’s on offer, doesn’t mean you need to buy it. You’ll end up spending more on all your ‘discounted’ items combined than if you’d just bought the one thing you needed at ‘normal’ price.

Buying lots of small items is fine, but if you find you never have enough for larger, more significant purchases, then it might be time to start saving. No matter how little you start saving, everyone has to start somewhere. Try setting yourself saving goals. Perhaps a holiday or some home improvements? Whatever it is, having a goal to work towards can help you get into the habit of regular saving.

Don’t forget your pension, too. It’s another way to make sure you have enough money in the future, and you’ll benefit from contributions from your employer. Then, there’s ISAs and general investment accounts, into which you can make regular payments to balance your monthly spending.

2. The bargain hunter

What it says about you

Commonly spotted stalking the reduced section for yellow stickers, you can sniff out a bargain a mile away. The good news is your frugalness in the supermarket aisles means you can afford to treat yourself once in a while. And what’s more, you’ll still have a bit leftover at the end of the month.

'You won't catch me queuing, but I love a good deal', 'Only at the right price'

You’re careful with your money, yet you’ll happily part with your cash if the price is right – and you love the adrenaline rush when you bag a great deal. Otherwise, you’ll get pangs of ‘FOMAD’ (Fear Of Missing A Deal). Your bank balance is in good shape because you know when enough is enough, although there’s always room for improvement.

What you could do differently

Forget the short-term dopamine hit of scoring an unmissable Black Friday deal. Save up a little longer and see how you could afford to buy even bigger and better further down the line. How about putting your leftover pennies in an investment plan or an ISA? You don’t need any experience with newer robo-investing platforms that manage your funds for you, 365 days a year. And with some providers allowing you to start investing from as little as £1, you don’t need to be a millionaire to get started.

Alternatively, consider upping your pension contributions. If you put more into your workplace pension, your employer will too. A little extra today can make a huge difference in the long term.

3. The savvy saver

What it says about you

You’ve got your head screwed on! You’re immune to clever marketing ploys and enticing limited offers on social media. Your life mantra? ‘If it seems too good to be true, then it most probably is’. You know how to save for a rainy day and you’ve probably got your retirement all planned out. You’re totally in control of your finances and you’re cautious in your approach to spending.

‘It’s a con’, ‘A load of nonsense’, ‘What’s Black Friday?’

What you could do differently

Your sensible attitude to spending is to be commended, but it’s also good to live a little. Have a think about where your savings are held – if your money is sitting in a current account, consider contributing to a cash ISA or open an investment fund to make your money work harder. If you’re in it for the long run, investing could outperform inflation.

If you’re already an investor, have you thought about robo-investing services, where others do the hard work of picking funds for you? Some even offer an ethical fund selection, meaning you can invest with a clear conscience if going green is the name of your game.

Remember, the value of your investments can go down as well as up and you could get back less than you invested.

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