Be realistic about your finances this Black Friday

Statistics show that South Africans love a good Black Friday special, with Bankserv Africa finding that the total value of 2021 Black Friday transactions was a mammoth R3.3 billion – a 17% increase from 2020.

“While South Africans are keen to take advantage of the numerous specials on offer, money is tight and every cent needs to work as hard as it can,” says Susan Steward, spokesperson for Budget Insurance. “The good news is that by compiling prioritised lists, setting a budget, shopping around, comparing deals and taking advantage of the ‘Black November’ trend, a nose for a bargain combined with savvy spending can see you getting what you need and saving lots of cash without breaking the bank.” adds Steward.

Before considering a ‘big spend’ Budget Insurance offers the following tips :

• Focus on what you need first: Create a list of things that you need to get or replace soon and prioritise those. Things that you want – luxuries – need to be second in line.
• Set up a budget: Plan what you can afford to avoid being tempted into spending more than you have. The last thing you want is to go into December with debt and start off the new year on a poor financial footing.
• Shop online or on apps rather than in-store: If you can avoid going into stores, rather shop online or use apps, and grab the same discounts from the comfort (and safety) of your own home.
• Be first to know: Sign up for SMS notifications and e-mail newsletters with your favourite retailers and follow their social media pages so that you are alerted when new specials become available.
• Research, research, research: Don’t get taken in by the hype and don’t fall into the trap of believing that Black Friday itself is the only time to find a good deal. Do your research and compare where necessary to make sure you really are getting the best price. You can use sites such as pricecheck.co.za to do this.
• Set up online accounts in advance: Go to the sites of retailers you are likely to buy from and set up your online account in advance. This will include filling in your details, setting up your preferred delivery address and receiving a log-in and password. Doing this ahead of time means you will be able to buy quickly when deals go live.
• Be prepared to take a step back: Avoid getting swept up in grabbing every bargain you can get your hands on. If you’re feeling unsure about a purchase, take a moment to step away from the store or the computer screen to think about whether you are making a wise buying decision.
• Don’t buy a lemon: Some products may be older models or of inferior quality, added to the specials list to clear stock.
• Use those loyalty rewards: You may have some points, discounts or cash back offers due to you. Make sure to use these to your advantage.
• Check return policies: Understand the return policies and fees, and make sure you get a receipt.