It’s almost that time again when the shopping frenzy hits for Black Friday, which will be on 29thNovember this year. So if you are planning to shop the deals then you need to prepare whether you are shopping online or in-store, you need to have a plan so you don’t take on more debt then you can afford.
Here are some tips you can follow this Black Friday so you can avoid unnecessary and spiralling debt.
Have a Shopping List
Before the sales start you need to have a plan and that starts with a list of things you want or need which are necessary. This will help you to focus and to only look for those items.
If you are shopping online, then browse your favourite stores and add items to your wish list. Decide on the items you definitely need and shelf any others so you can avoid overspending.
On Black Friday it is very easy to become tempted with all the sales and discounts, which can lead to impulse spending, so have a list that you can afford and stick to it, so you can avoid unnecessary debt.
Have a Clear Budget
If you want to avoid overspending, then you need to have a budget and you need to stick to it. Your budget should be realistic so you can avoid disappointment but also one that you can afford without going down the debt hole. This is especially true if you are planning to buy items on credit. You will need to be able to afford the monthly repayments or will need to be able to clear the amount at the end of the month. If you have saved up for Black Friday then you have an amount to work with, which will make budgeting easier.
If you can’t afford a Black Friday budget, then it’s best to stay clear of the shopping malls and online retailers that day.
Keep an Eye Out for Affordable Gifts
Christmas is around the corner from Black Friday and following the festive season is JanuWorry, so you can get a head start by using Black Friday to get Christmas gifts and even back to school items and save some money. However, avoid getting swept up in the sales by knowing what you need and only get those items.
You can use Black Friday as an opportunity to buy non-perishable household items that you know you will always need. You can look for specials on cleaning products and toiletries and stock up on them. You can save money on these and you won’t need to buy them for a while.
Limit Your Spend on Credit
When you buy on credit you can get the items instantly, but you will pay more in interest over time. If you do plan to pay on credit, you should try and clear the balance at the end of the month or you should try and pay more than the minimum to avoid paying too much interest.
Ideally, you would want to have a savings pocket for Black Friday, so you can avoid credit altogether.
Keep an Eye on Your Bank
Whether you are shopping in-store or online, keep an eye on your SMS and bank notifications and if you see anything suspicious, report it to your bank immediately.
Take it Back
Black Friday is full of temptation and if you have fallen into the trap of impulse buying, only to regret the purchase or find you can’t afford it then return the items and get your money back.
Black Friday is becoming increasingly popular in South Africa and it can be tempting to overbuy, but this will just to lead to debt you might struggle to manage. So, have a plan, a list and a budget and stick to it.