According to BankservAfrica, R6 billion was spent on Black Friday in 2019. With the lockdown leading to the creation of a larger e-commerce market, sales are expected to be even higher this year, since it will now be easier for South Africans to fill up their carts. However, with the financial consequences of the pandemic still looming for most, it’s important to keep these tips in mind when going on that Black Friday shopping spree.
Spend only what you have
We’ve had a tough year and with the festive season coming up and a long stretch before payday in January, it’s definitely best to avoid creating debt. If that all too familiar ‘’treat-yo-self’’ voice speaks to you while you’re shopping, you don’t have to ignore it — but you do need to control it. Don’t borrow money, use your credit card or dip into your emergency fund to make Black Friday purchases. Spending money and stimulating the economy isn’t a bad thing — but it will be bad for your wallet if you’re spending money you don’t have.
Decide what items you need (and want) ahead of time and save up for purchases you plan to make. Steer clear of impulse buys. If you go in with a game plan you’ll be more likely to succeed. Set up a clear budget for your Black Friday spending and do everything you can to stick to that budget. Keep your credit card at home, bring only the money you set aside for Black Friday purchases and make sure all your expenses for the month have been paid before heading to the shops.
Black Friday deals often help you stock up on essentials. Look out for deals on necessities like food and clothing before heading to the electronics aisle. Also, keep in mind that items in the store won’t disappear after Black Friday. Don’t let the flashing deals pressure you into buying items you might only need later and can’t afford at the moment.
When purchasing an item on Black Friday, avoid things that will lead to future expenses. For example, if you buy that discounted gaming console now, you’ll most likely spend money on games in the coming months, or if you buy a coffee machine, you’ll have to fork out for expensive coffee pods each month if you actually want to use it. Make sure your Black Friday deal doesn’t end up costing you more than you originally bargained for.
Written by LisaCroeser