With the current cost of living, South Africans all over the country are on a hunt for a bargain. Many leading South African brands are promising unbelievable price cuts this coming Black Friday. But before you head to the shops, take note of these 5 tips to ensure you get the most out of black Friday this year. Without breaking the bank or feeling guilty.
Budgeting for Black Friday
According to our recent survey, 74% of South Africans plan to take part in Black Friday sales this year. And a staggering 84% plan to purchase essentials such as food and toiletries…
But before you decide to dip into your savings or salary to purchase items on sale, especially if they don’t add value in the long run, decide if it is worth it. If it is, plan for it. Are you getting the best deal? Do your research first before hitting the shops.
Whatever you do, do not take out debt for Black Friday. There are hundreds of exciting deals that come around every year. Throwing yourself into debt to participate may put yourself or your family in financial jeopardy in the coming months. Creating debt to take advantage of the sales, is not a smart move in the long run.
Need versus Desire
A good deal is a good deal, and South Africans love a great deal. Black Friday promises a chance to buy items which you could not normally afford. Or that you would have to save a few months for. So before you jump at the first deal you like, be honest with yourself. Decide whether this is a need or a desire. Do not buy simply because you can.
Black Friday hype is designed to raise the heart rate, open the wallets, and get you impulse buying like a pro. This is the design. Understand it and take a deep breath in and relax. By planning, breathing and working with your finances without the hype of Black Friday you will more likely make good financial decisions.
Mental Action before Reality
Need a trick for when you need to make a huge financial decision? Purchase the item mentally first. Sit down in a quiet space and see yourself spending the money, having the item in your hands and what life looks like with it. How do you really feel? What do your finances look like after having spent the money? And does having the item change your life at all?
A final note…
South Africans are resilient and strong and will always find methods of surviving even the most frightening of financial storms. We can survive difficult times by being responsible with the money that we do have. Really understand your finances and make sure that every financial decision is one which will empower you, not disempower you. If you need assistance, contact us and let us see how best we can reduce your monthly repayments and make your money work for your lifestyle while taking care of your debt.