The rise in the cost of petrol, food and electricity will have an effect on the wallets of South African consumers therefore they should not get caught in the craze of Black Friday and overspend.
According to Susan Steward, spokesperson for Budget Insurance, the effects of a tough financial year still weigh heavy on many wallets.
Steward is encouraging South Africans to be realistic about their current financial situation, and not let the frenzy of bargain hunting turn their bank balances red.
“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,” Steward said.
Here are 10 tips help you not overspend your money:
Focus on your needs then look at the wants
You should create a list of things that you need to get or replace soon and prioritise those when you are doing your Black Friday shopping. Your wants – luxuries - need to be second in line.
Have a budget
By having a budget and planning what you can afford will stop you from being tempted into overspending.
Steward said: “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
Shopping online or using apps to purchase your Black Friday items will allow you to get the same discounts from the safety and comfort of your own home.
Be the first to know
You should sign up for SMS notifications and e-mail newsletters from your favourite retailer as well as follow their social media pages so that you are aware when the new specials are available.
Do your research
Don’t get drawn into the hype of Black Friday and fall into the trap of believing that day is the only time you can find a good deal.
You should do your research and compare prices to make sure that you are getting the best deal. You can use sites such as pricecheck.co.za to to compare prices.
Have online accounts set up in advance
You should set up an online account with retailers that you are likely to buy from so you can purchase the items that you want quickly when deals go live.
Know when to step back
Don’t get swept up in grabbing every bargain that you see. Instead take a step back if you are unsure about a purchase to think about whether you are making a wise decision.
Use your loyalty rewards
You may have some points, discounts or cash back offers from the loyalty or rewards programmes that you signed up for due to you. You should use those loyalty rewards to your advantage on Black Friday.
Know what you are buying
Don’t purchase products that may be older models or of inferior quality that have been added to the specials list to clear stock.
Check return policies
You should have an understanding of return policies and fees, and make sure that you get a receipt.
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