As South Africans gear up for the shopping frenzy on Black Friday, the National Credit Regulator has warned consumers to avoid being caught up in sales gimmicks.
With Black Friday only hours away, millions of people worldwide are preparing to take advantage of slashed prices on appliances, electronics, groceries and many other products.
Mpho Ramapala, manager of education and communication at the National Credit Regulator (NCR), has warned customers to think twice about making purchases on the day.
She stated, “Don’t give in to impulse buying and avoid being tempted by the flood of advertisements in the media.”
Adding that this urge to buy unnecessarily can result in overspending which can further result in financial setbacks. These setbacks will be faced during the festive season and the beginning of the new year.
Ramapala stressed, “Before you break the bank this Black Friday, please ensure that you have prioritised your necessities for the month(s) ahead, like your bond, rent, transport etc.”
She also advised people that sales do not necessarily mean one must shop till they drop, especially if they haven’t budgeted for those sale products.
She advises shoppers not to take out any unnecessary loans or credit to finance Black Friday and festive season shopping sprees.
In an attempt to help consumers make wise decisions, she has provided the following tips:
- Cash is king when purchasing products or items on sale
- When purchasing sale items on credit, always remember that the interest and fees will be pushed up
- Only spend money on things you can afford and have budgeted for
- Be realistic with your budget and stick to it
- Plan your shopping, don’t rush it as you might end up spending more money than planned
- Be wary of paying for things using your credit or store card
- Have a shopping list to avoid buying unnecessary items
- Do a budget for the festive season which includes all debt, rent, electricity, water, insurance, transport, gifts, school uniforms, stationery and entertainment
- Don’t blow your bonus on treats. Spend it wisely and rather pay off your debts.
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