Are you financially prepared for Black Friday?
Black Friday seems to be the buzz word as of late, and quite frankly, it’s going to be spoken about for the next few days whether you like it or not. Black Friday just really is one big sale which originally started in the States and has slowly started to become the norm for South Africans on the last Friday of November.
Black Friday now even creeps into the weekend and the following Monday which some call Cyber Monday. Whilst the deals are sometimes irresistible, try keeping your head straight and don’t get swept up in all the hype. This blog is going to highlight a few things to keep in mind for this coming week amidst all the ‘irresistible’ deals.
Needs vs Wants
It may seem unnecessary to even talk about it, but you have to stay in touch with the difference between your needs and your wants. This is often where people get caught off guard on Black Friday and end up spending a lot of money on things they don’t truly need; they just want.
When you need something, it is probably something you have thought about prior to Black Friday, it’s perhaps something you’ve looked at purchasing before, or it’s something you know you will use on a daily basis. Maybe you have even been saving up for it.
If you happen to see something you in itself should be a sign that perhaps it’s not something you need, and perhaps just something you want.
Set a Budget for Black Friday
It is sometimes difficult to plan a budget for Black Friday as usually the deals and offers only surface close to the day itself. But essentially the key is to plan your budget in advance. If you do plan on doing a little Black Friday shopping, you need to be truly honest with yourself and think … “Do I have the funds for this?” And “Do I really need to be spending money on ‘that’?”
You must have a set amount (and ‘budget’) which you want to spend and leave it at that. The trouble comes in, when people are confronted with great deals, but on products which they really don’t need.
Not every deal is a deal…
You would be surprised how easy it is to buy into the hype of the Black Friday deals, to the point where you may even lose focus on what is a worthwhile purchase on Black Friday. Sometimes, it’s just not a deal. it is not really a black Friday sale. You must be extra critical when looking at the sales and discounts on items and be mindful of the marketing ploys which organisations are using to entice you. Before you buy anything, why not do a quick Google search, and compare prices at other retailers. And make sure you check that they didn't hike up the price before advertising the discount!
Save money this Black Friday
On the flip side, if you have been after something, you are sure that it is something you need, and you have been saving up for the item - Hold out until Black Friday and get the great deal while its running. This can be a great way to save money and even save prior to the festive season, as we all know how expensive December can become. If this is something which you would like to do, then we suggest planning this purchase beforehand.
Go into the store and find the exact product which you want to purchase on Black Friday. If it is something that needs trying on, find the correct size and then leave it behind in the store. Then, on Black Friday, go online and purchase it online. It is much easier this way, you get what you want on special, and you don’t get confronted with a million other products on sale in store which you really don’t need.
Overall, Black Friday is almost here, and people are starting to get excited for all the deals which will land on Friday. Try to avoid getting swept up in it all and make the best decisions for your financial wellbeing. Although some sales might be very tempting, you must keep yourself rational and think through all the purchases you want to make- don’t be impulsive! Most importantly, don't skip any repayments on your loans or use your emergency fund for the sake of a Black Friday deal.