How many Black Friday emails have you already received in your inbox? Chances are you feel overwhelmed by ALL those offers. What is a good deal? And: what if you don’t buy anything, are you shooting yourself in your own (financial) foot? Advice on how to cope with Black Friday has probably already been given to you, but what if you actually manage to stay strong and resist the urge to buy? Then read here what you can do with the money you would have otherwise spent on Black Friday. Take advantage of it!
1. Replenish your buffer
Can’t wait to start investing, but your piggy bank is a bit on the skinny side? Transfer some extra money! This is because it is important to begin your investment adventure with a buffer so that you can effortlessly absorb any financial setbacks. Apart from being able to absorb setbacks effortlessly, a buffer also ensures a good night’s sleep as well as a sense of independence. If you have a good savings account you are more likely to feel the courage to quit a stressful job or get out of an unhappy relationship.
How big that buffer should be? We at elfin maintain a 3-6 month buffer. If income suddenly stops coming in, we want to be able to stick it out for at least 3 to 6 months. Do you have €2000 in fixed expenses every month? Then €6000 to €12000 in your savings account is a fine buffer.
Could you use some help to replenish that buffer? Read an easy trick here.
2. Make your first investment
Buffer ready, invest! Maybe you’ve been putting it off for a while: that first investment. Then Black Friday is a great time! This is because by investing, you are making an investment for the future and your money will become more valuable over time. Investing is the way to turn your money into more money. By investing, you put your money to work for you.
Therefore, investing is in almost no way a mis-sale, if you ask us. Provided you do it wisely.
3. Buy something that becomes more valuable over time
Most things you buy become worth less over time. Like your clothes, your laptop or the furniture in your home. Therefore, invest your money in something that will only increase in value as the years go by. How about a Chanel bag? Or invest in a whiskey bottle, in a fig tree (yes, this is really possible!) or in a piece of jewelry.
4. Support a good cause
Always a good idea, if you ask us. Worried about the environment? Look into making a one-time donation to an environmental organization. Any topic you want to contribute to is good! And you know: where there’s money, there’s action. So donating is not a bad idea at all.
5. Invest in yourself
Ah, perhaps the best investment you can make is an investment in yourself. Is your head overflowing and you want to go to yoga but keep putting it off? This is the time to take out a subscription at a yoga school. Or do you want to learn to better manage your finances (yes, that too is self-care!)? Then the ELFIN membership is most likely for you. You will become part of an inspiring group of women who want to be more involved in finance and even make their first investments. Cool, right?
Please note that investing involves risk. Read up well, by signing up for ELFIN’s community, for example.
