More than 60% of South Africans will be participating in this year’s Black Friday deals, according to our own Black Friday survey findings. Although most South Africans experienced a salary reduction during 2020, they’re eager to partake in Black Friday deals. We found that most shoppers will be purchasing essential household items (like toiletries, cleaning products etc.), clothing and electrical appliances.
The last 6 months have introduced more online shoppers than ever before according to Businesstech. Most retailers have been advertising their Black Friday deals since the beginning of November, urging consumers to spend. However, not all items on sale will lead to savings. Spending your money on “great deals” could lead to unnecessary over-spending and increased debt.
Since most stores offer a Black Friday deal, how much do you really end up saving? With Covid-19 and a very difficult economic year for South Africans, retailers will be doubling down their sales efforts during 2020 Black Friday. Although you may save on some deals, it is important to realize that retailers are out to make a profit.
Here are our 5 shopping tips to help you stay out of debt this Black Friday.
1. Only buy what you need
It’s easy to fall into the Black Friday sales trap as retailers become even smarter in how they present their hot deals.
Traditional retail outlets have been one of the industries that suffered the most for the past few months due to the pandemic. These retailers will be more aggressive in their sales tactics to lure you into purchasing items that you don’t need.
Only purchase items that you need right now. If you won’t use the item regularly, you may be better off without it.
2. Create a budget
Creating a budget will stop the urge to shop on impulse. With all the crazy deals going on over Black Friday, it’s easy to make impulsive purchasing decisions. Stick within your budget when looking for the items that you need. If you can’t afford the items you need right now, rather save up until you can afford them.
3. Avoid using your credit card
Buying your Black Friday items on credit without a plan may lead to overspending and the inability to repay your creditor on time. Keep in mind that we are approaching Christmas, New Year and the Januworry blues. You may end up in trouble if you can’t afford to repay your credit balance on time.
You will be charged high-interest rates once you’ve missed your repayment date which will set you back even further.
If you prefer getting your Black Friday shopping deals online, try to avoid using your credit card. You will have to be disciplined when shopping online this Black Friday to avoid overspending.
4. Track your spending
Tracking your spending will help you stay in line with your budget and prevent you from overspending. Once you’ve made a purchase, make a note of the item and the cost of that item. Add up any other items you bought on Black Friday specials and stop spending more money once you’ve reached your budget limit.
5. Spending does not equal to saving
Retailers have become smart in the way that they present promotions. They will do almost anything to make you spend an extra R50 or R100 so that you get that free shipping or additional discount. These tactics are put in place to persuade you to spend more money.
To avoid spending more money, search for items in other stores where you don’t need to spend on shipping costs. If you can’t escape shipping costs, search for the cheapest store. But most importantly, don’t go over your budget just because you think you’ve got a good deal.
Using Black Friday to find good deals is a great idea, however, use this time to shop responsibly. The last thing you want to do is to go on a shopping spree and land in too much debt before the festive season.
Use the shopping tips we’ve listed and you’ll be A-Okay.
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