By: Darrell Castle

Before buying that “great deal” on Black Friday, ask yourself these questions:

1. Do you NEED that item or do you just WANT it?

2. Do you have enough money in your bank account RIGHT NOW to pay for that item?
3. What bills do you owe this week and next week?
4. With question #3 in mind, do you STILL have enough money in your bank account to buy that item?
5. Have you put money in your savings account this week?
6. How much money do you have in your savings account?
7. If an unexpected event happened today (job loss, medical emergency, flat tire) do you have enough money in your savings account to sustain yourself after making this purchase?
8. Have you been investing in your retirement? Would this money be better-suited there?
9. Is this actually a good deal?
10. Are you currently in debt?
11. Are you close to being in debt?
12. Do you want to be in debt?
13. Do you know the affects of debt – financially, physically, mentally and emotionally – on a person?

If you’re thinking about using a credit card to make your purchase, ask yourself these questions:

14. What’s your current balance?
15. What’s your interest rate?
16. Do you know how interest rates work?
17. Do you have enough money in your bank account right now to cover the cost of this item you’re about to charge on your credit card?
18. Do you know about the importance of having a good credit score?

And the most important question of all…

19. Will you be better or worse off after making this purchase?

Consumerism has now turned Thanksgiving Weekend into a shopping event that can be quite accurately compared to the Running of the Bulls when store doors open.

People racing. Carts crashing. Purses flying. Cards swiping.

Be careful out there, folks – physically and financially.

At the same time you’re watching out for an elbow from a middle-aged mother trying to buy her son a new flat screen TV that he can watch Black Friday sales commercials on next Fall, also watch out for your bank account. Make sure you’re spending responsibly. Don’t allow yourself to get into a hole you can’t get out of.

And always know that if you get in a bind, there’s help out there.

If you’re struggling financially and want to talk to someone experienced about your situation, then our FREE financial consultation is perfect for you. Call (901) 327-2100 or fill out one of the contact forms on this page to schedule your appointment.