Take advantage of savings
Standard Bank shares tips on making the most of your Black Friday budget.
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Black Friday, the shopping extravaganza that has captured the hearts of South Africans, is around the corner.
With so many tempting deals on offer, it is easy to get carried away and overspend.
With planning, you can make Black Friday work for you and stock up on essentials without breaking the bank for the festive season and what is typically a ‘Januworry’ first month of the new year.
“Black Friday is a great opportunity to save money on essential items, but it is important to be prepared and stick to your budget. Prioritising your needs versus nice-to-haves is important to ensure your spending takes advantage of the price benefits on essentials,” said Doret Jooste, head of money management and advisory enablement for Walletwise, which is Standard Bank’s consumer finance education programme.
Jooste proposes tips to help you make the most of Black Friday and avoid compulsive buying.
1. Budgeting for Black Friday: create a budget and stick to it.
Make a budget before Black Friday to see how much you can realistically afford to spend and decide to stick to it. This will help you avoid impulsive purchases and overspending. Remember, the goal is to save money, not accumulate debt when you overspend.
2. Bulk grocery shopping: save money and stock up on non-perishable essentials.
Many grocery stores offer discounts on non-perishable items like canned goods, pasta, and toiletries on Black Friday. This is your chance to stock up for the festive season and Januworry, saving you both money and time.
3. Online and printed catalogues: plan your purchases in advance and streamline your shopping.
Many South African retailers now advertise their Black Friday deals online before the big day arrives, even providing printed pamphlets in newspapers and in-store.
Linked to the budget you have set aside, use the catalogues to compare prices and plan your purchases. Create a list to streamline your experience and to stay focused during your shopping.
4. Tech and appliance upgrades: Get the best deals on electronics and furniture.
If you have been saving up for a new TV, laptop, or bed, Black Friday can be a great time to buy these big-ticket items. Retailers often offer attractive deals on electronics and furniture. Do your research and compare prices beforehand to ensure you are getting the best bargain.
5. Cash or card? Weigh the pros and cons. Decide whether you will use cash or a credit card for your Black Friday purchases. Using a credit card can offer additional security for your online purchases, while potentially earning rewards on your spending at the same time.
Pay off your credit card balance promptly to minimise interest charges. Remember to be discreet with your cash and bank cards and vigilant of your surroundings. Protect your PIN and monitor your account, as fraudsters and thieves are typically on the prowl during these campaigns and festive seasons.
6. Returns, warranties and expiry dates: Remember to check the expiry dates of products and the return policy and warranty details before making a purchase. This ensures that you have options when the product does not meet your expectations, needs repairs or has expired.
7. Local business support: Pick up deals on unique items and contribute to your community.
Don’t forget your local businesses! Smaller stores also participate in Black Friday sales. Supporting them can contribute to the growth of your community while getting great deals on unique items.
“Black Friday is not just about indulgence. It is an opportunity to make wallet-wise smart choices. By planning, making informed decisions, and focusing on essentials, you can use this shopping extravaganza to your advantage,” concluded Jooste.