How many Black Friday emails have flooded your inbox already?
Chances are, you’re feeling overwhelmed by all those offers. What’s truly a good deal? And if you don’t buy anything, are you missing out or hurting yourself financially? You’ve likely been given plenty of advice on how to handle Black Friday, but what if you manage to resist the urge to splurge?
Read on to discover what you can do with the money you would have otherwise spent—and take advantage of it!
1. Replenish your buffer
Can’t wait to start investing, but your savings are a little low? Boost your buffer instead! It’s crucial to start your investment journey with a financial cushion so you can handle any setbacks with ease. A buffer not only ensures peace of mind and better sleep, but it also gives you the freedom to make bold decisions—whether it’s quitting a stressful job or leaving an unhappy relationship.
How big should your buffer be? At Elfin, we recommend saving enough to cover 3-6 months of living expenses. If your fixed monthly costs are €2000, aim for a buffer of €6000 to €12000.
Need help building your buffer? Check out this easy trick.
2. Make your first investment
Buffer in place? Time to invest! If you’ve been putting off that first investment, Black Friday could be the perfect time to start. Investing is all about preparing for your future and making your money work for you. Over time, it can grow and increase in value.
In our view, investing is rarely a bad move—if done wisely. It’s the ultimate way to turn your money into more money.
Read our tips on how to get started with investing here.
3. Buy something that becomes more valuable over time
Most purchases depreciate over time—think clothes, laptops, or furniture. Instead, consider investing in something that will increase in value. How about a Chanel bag? Or perhaps a rare whiskey bottle, a fig tree (yes, really!), or a timeless piece of jewelry.
4. Support a good cause
This is always a great idea! If you’re concerned about the environment, consider making a one-time donation to an environmental organization. Whatever cause speaks to you is worth supporting. Remember, where there’s money, there’s action—so donating can make a real difference.
5. Invest in yourself
The best investment you can make is an investment in yourself. Feeling overwhelmed and thinking about taking up yoga? Now is the time to commit—sign up for that yoga class. Or, if you want to get better at managing your finances (because yes, that’s self-care too!), the ELFIN membership might be for you. Join a community of inspiring women who are eager to take control of their finances and make their first investments. Pretty cool, right?
Please note that investing carries risk. Make sure to educate yourself thoroughly, perhaps by joining the ELFIN’s community, for expert tips and guidance.
