Expert urges consumers to be savvy shoppers as they gear up for Black Friday
Just because something is labelled cheaper on Black Friday doesn’t always mean you must buy it
Black Friday is upon us and many consumers are looking forward to getting the best deals out of this year’s biggest Black Friday deals and discounts.
However, experts warn that if you go shopping without the know-how to navigate your way through, you are most likely to regret it.
Dhashni Naidoo, programme manager at FNB Consumer Education, said it’s important for consumers to exercise caution and self-discipline when managing their money over this period, as lack of financial discipline around Black Friday can easily lead to financial woes – especially in these trying times.
To avoid getting into financial distress over Black Friday, Naidoo has prepared the following four tips to consider before your shopping spree:
• Plan your budget and be honest with yourself on what you can afford.
• Do your research ahead of time – you need to know exactly what you want to buy and determine the price of those goods upfront. Buy only what you need and not because something is on sale.
• Don’t use debt to buy non-essential or luxury goods. Consumers should also remember that credit incurs interest.
• If you’re tapping into your long-term savings or emergency saving funds, this also suggests you may not be able to afford spending on Black Friday.
“Sometimes we are lured by the excitement, appealing marketing and are tempted to buy goods simply because we are told the prices have been reduced.
“However, it’s important to understand whether there has been any substantial reduction in the price of the item you wish to buy.
“The easiest way to determine if there has been a decrease is to track the price over a period of time. Do not be tempted to spend excessively, and if you have a list of what you want to buy and a budget, stick to it.
“In these tough economic times, we need to be more prudent and stricter about our spending habits. Just because something is labelled cheaper on Black Friday doesn’t always mean you must buy it,” explained Naidoo.
Also Read: How to find the best Black Friday deals
