Black Friday – the day that symbolises the beginning of holiday shopping across the world. Prices are slashed and discounts are big, bold and blaring. It can be exciting. Thrilling, even. The anticipation of waiting for a price to drop is enough to glue many to their screens. But if you aren’t careful, it can be unnecessarily expensive.
If you plan on going Black Friday shopping this year, be careful of certain traps laid out by businesses to get you to part with your hard-earned finances.
How to Avoid Wasting Money on Black Friday
Do your research
Often the discounted products you see on products are manufactured just for the Black Friday sale. This means that the massive ‘90%’ you see is simply a sales pitch because the product was not available before. Black Friday products are also generally created at a lower standard because the brand can rely on selling on urgency rather than on quality. Some retailers also slip in outdated or inferior models without explicitly stating it. A way to avoid this is to double-check the model numbers of any device that might snag your attention.
If you’re desperate to take part in Black Friday savings, make sure you do your research before committing your money to a substandard product.
Make a list in advance
If there is something that you have been needing or wanting to buy, taking advantage of the specials could be beneficial. The best way to make this work for you is to make a list in advance and stick to it when shopping on the day.
This method means you might be able to save a little on something you would have bought otherwise, and won’t end up wasting money on other products you don’t need.
Pay attention to the price and not the discount
A massive discount doesn’t necessarily mean the product is a reasonable price. If you do consider buying on Black Friday, keep your focus on what you’re spending during the day, and not how much you might have saved.
If you think about it, if you buy something valued at R2000 at 50% off, you’re still spending R1000. If you don’t buy the product, you save yourself 100%
Invest in Something More Worthwhile
Black Friday plays on your emotions, with a strong focus on the sense of urgency. “Buy NOW and be happy today!” might be littered across the emails you receive or the malls you visit.
Instead of sinking your money into an impulse buy for the instant gratification of shopping, invest in something that will be longer-lasting. Investing in yourself and your professional development will offer you the sweet satisfaction you crave, with the added bonus of longevity. Sign up for a short course to ensure your finances work better for your long-term fulfilment.