It's not worth spending money you don't have!

As we all know, Black Friday 2021 is coming up and fast! Lots of specials and deals are being advertised and there is always something which seems very tempting! The question is: how can you keep your finances in check and still take advantage of some of the great deals on offer? 

South African consumers have had a rough time lately and many are still reeling from the impact of the Pandemic, not to mention the recent hike in petrol prices! Many have already sought assistance with their debt and are trying to recover.

If you are not in a position financially to be taking on any additional kind of debt, it is simply not worth even investigating what Black Friday deals are on offer… simply leave your credit card at home! 

Safeguard your finances

Remember, that the brief satisfaction of buying something is ‘irresistible’ on Black Friday can leave a bitter taste when the impact it has on your finances takes strain.

If you decide to purchase something with money that you do not have, and make use of credit, you may even end up paying a greater price than what the deal is worth over time. The interest you incur with using credit will dilute any discount that was given to what you bought. 

Do you have a set budget for Black Friday deals? Have you researched the current cost vs that of any discount? Are you sure that you are getting a good deal on something you absolutely need rather than want? Is Black Friday happening before you have been paid? These are all things you should be asking yourself before the time.

Don't forget we are also fast approaching December. This is often a very expensive month! You are likely to be paid earlier and need to stretch that salary to the end of January. Make sure you get 2022 off to a great start with a good look at your budget now. 

We often see a significant increase in people looking for debt management assistance once the reality of what has been spent kicks in. A Black Friday deal is not worth it if you make yourself over-indebted.

Don’t Panic Buy

There is usually a lot of hustle and bustle on the day of Black Friday and sometimes it becomes so much that people begin to panic buy! Don’t worry if you are not able to get the deal you were hoping to get because, for example, a store ran out of stock. It is far better to be left without, than to have purchased items in the moment which, in hindsight, you may not have really needed.

Even though Black Friday promises great deals, there are different times of the year where all retail spaces have a sale. Ask yourself should you rather sit this Black Friday out and start saving for the next sale?

 Not every deal is worth it 

There are many Black Friday deals that are not quite as good as you think. Marketers are quick to tap into the emotional behaviour of buying and have some pretty smart gimmicks to get you to part with your money. 

Some retailers even hike up the prices of items before the day so that you think you are saving when they then show you a discounted price. Make rational decisions, and don’t commit to something which you haven’t thought about clearly and with a budget in mind.

 Save money on Black Friday… the right way 

Check out {link to savings blog} our tips on how to save money on Black Friday too. If you have done your research and have a set budget for your purchase, Black Friday can be a great time to buy those items you have saved up for.

But on the flip side, if you are already struggling with your debt repayments and more than half your salary is going towards your debt, then this is not the time to go out and buy things just because they are on sale.

Don't give into the pressure and spend money you don't have on things you don't need. Resist Meerkat family! 

Ask yourself - if you didn't need it when it was full price do you really need to buy it on sale?