We all like to splash our cash a little bit in the January sales, and being so giving to others at Christmas makes many of us feel as though we can treat ourselves a little bit. But many of us also have debt free New Years resolutions too which can conflict with our sales spending.
It turns out debt advice could be needed by many after our January sales spree with almost £5 billion will be spent this month in the sales, according to research by Bright Grey. And although a bit of thrifty sales shopping means that we avoid paying full retail prices, it is important to remember that bargains are only bargains if we actually use them. This research goes even further to say we consider almost £2 billion of our hard earned cash spent in the January sales was a ‘waste of money’.
54% of shopping done in the January sales tends to be spontaneous, with only 21% researching prices and shopping online to be sure of the best deal. Men are the biggest spenders, spending over £50 more than women, but more women consider their sales purchase to be wasted. To fit with the other typical New Years Resolutions, like losing weight and keeping fit, 10% of women buy clothes a size too small in hope they’ll eventually slim into it.
There is obviously the danger of overspending, which can lead many January sales spenders needing to seek debt advice to get their finances in order for 2010.
Roger Edwards, from Bright Grey, said: “Christmas can be enough of a strain, without adding huge bills for impulse purchases in the sales… It seems a lot of us are getting carried away with impulsive spending, but by simply cutting back a little we could put the money that’s saved towards protecting our lifestyle and financial security.”