How To Save (More) Money on Black Friday

November marks the beginning of festive season sales and early Black Friday deals almost everywhere.

Over the past few years, Black Friday has expanded from one day to the whole of November and right into early December. This is great for consumers because we have a full month to shop for good deals for the festive season. If you’ve been planning (emphasis on “planning”) to purchase an item, it’s always worth checking out the Black Friday sales to see if you can get a good discount.

It is important to remember that not every deal is a great deal and you will only see the best benefits of Black Friday if you take a step back and shop smart.

So let’s talk about a few ways you can do Black Friday the right way:

1. Don’t assume all sales are good sales

You want to make sure you are getting a bargain on items, so it's important to check if you are getting a good discount. Many retailers lure consumers by inflating prices just before the sale season, and then giving a discount so consumers assume that they are getting a great deal.

For example, a retailer can sell an item for R1,000 and have a big sign that says “60% off”. This would mean the original price was R2,500. However, if you do track the price of the item throughout the year you may find that the original price was always R1,000. This is why it’s very important to plan ahead and compare prices before making the purchase. If it’s not a great discount, maybe keep the item on your wishlist for a bit longer.

2. Don’t impulse buy

Festive season sales are in full swing and many of them are for a “limited time”. Retailers use this tactic to create a sense of urgency and to entice you to believe that now is the best time to purchase the item.

To make sure you don’t fall into the temporary excitement of impulse buying, don’t buy the item if it wasn't already on your list. We’ve all been there but trust me, the excitement doesn’t last long.

💡

A tip to avoid impulse buying: Put items you've been planning to purchase or need in the shopping cart on your favourite online shopping platform (but don't check out). When Black Friday season comes around, go back to that cart and see what's on sale. Capitalise on those items!

3. Don’t fall for cheap products disguised as good deals

If you're looking to make big purchases such as electronics and furniture, keep in mind that a great deal may not be as great if the product stops working after a week. Make sure you don’t purchase an item that you will regret buying just because it had a bigger discount. You don’t want to be searching for the same item on next year’s Black Friday deals.

There are lots of great Black Friday deals and it may be the best time to shop for the festive season. However, it's important to remember to shop responsibly. Don’t take out debt or withdraw from your investments because of the hype – rather plan ahead. Janu-worry is right around the corner and you want to make sure that you start the new year off on a great foot.