HUNTSVILLE, AL– According to the National Retail Federation, last year, the average Black Friday shopper spent $423.
TaxCorp President Vern Gohanna says instead, invest that money in the stock market or contribute to a 401k and you can actually turn the would-be-shopping funds into cash in your pocket.
“If you were to invest $450 one time and leave it alone for about five years, it would get you somewhere around $7,000 ,” said Gohanna.
Gohanna says by contributing an extra $100 each month, you could make yourself tens of thousands of dollars.
If you have children, think about investing your “Black Friday money” into their education in a 529 plan.
“And that money growing over the next 14-15 years, you will see a much more tremendous benefit versus spending it on an item a child will probably break before New Year’s,” said Gohanna.
Aren’t the holidays all about giving? Gohanna says make a charitable contribution and get a break on your taxes.
“Most people can expect to get a 50% return from a charitable contribution on their tax returns, so that money going to a food bank or local nonprofit will go a much longer way to helping the community,” said Gohanna.
You could also invest in yourself with the “Black Friday money,” maybe join a gym or take up a hobby.