Black Friday is THE biggest shopping day of the year when almost all shops offer special deals and discounts on their products. This event has created a retail revolution, with people queuing for hours outside shops and fighting to bag the best bargain. However, this phenomenon has received increasing criticism for encouraging people to buy things they don’t really want or need. That’s why we’ve put together some of the best tips to help you identify the good deals from the marketing ploys and avoid making those unnecessary purchases.
01: Keep calm and question your purchases
Ultimately, sales are designed by retailers to encourage customers to spend as much as possible on their products. Hence why the sales of Black Friday are all on one day, to urge customers to buy items quickly to ‘beat others to the best deal’ without thinking them through. This is why you may be familiar with the feeling of returning from a sale and staring at some questionable purchases that seemed ‘just too good to miss’ at the time.
Therefore, we encourage you to ask yourself these 5 golden questions before you spend any of your hard-earned cash on Black Friday:
- Can I really afford this?
- What will I do with it?
- How often will I use it?
- If the item was full price, would I still buy it?
- Can I borrow it or buy it second hand?
02: Compare costs, not cuts!
When deciding whether to buy something make sure you compare the price of the product, rather than being lured in by the discount. This will help to make sure you don’t buy anything you don’t really want or need just because ‘it was such a good deal’. This is often the case as many companies artificially raise their prices before Black Friday to make their discounts seem better than they are.
Also, be sure to decide exactly what you’re going to buy before the big day so that you don’t get overwhelmed by the big red discount signs. Then, make a list of the different retailers selling the same product so that you can compare and find the best deal.
03: Only take out the amount you wish to spend
To make sure you only spend what you can afford it’s important to set a budget for yourself and stick to it. Why not only take cash with you to the shops so that you’re not tempted to overspend?
Top Tip: Avoid bringing your credit card with you at all costs! What may seem like a few extra purchases can quickly snowball into unmanageable debt.
If you’re struggling to make payments on your credit card, then get in contact today for expert financial advice. We can see if you’re eligible for an IVA to reduce the amount you’re paying each month into one affordable monthly sum and stop lenders from contacting you.
04: Buy Nothing Day
Black Friday was an idea created by retailers to make customers feel like they’d be missing out if they don’t join in. However, over the years, a growing number of people have highlighted the true cost of Black Friday regarding its negative environmental impacts and consumeristic habits. Therefore, the concept of Buy Nothing Day was created to encourage people to opt out of the craziness of Black Friday and instead to spend nothing at all. So, if you’re prone to getting carried away in the sales, then why not do something good for the planet and your pocket by giving this a try instead?
05: Spend your time having fun and save your money
There are plenty of other great ways to enjoy your weekend on a budget if you choose not to join in the chaos of Black Friday. Why not venture into the great outdoors at a National Trust site or local park to appreciate nature during these crisp Autumn months?
Alternatively, if the weather isn’t great, see what’s on at your local museum or art gallery, or spend the day at home watching films and baking! These are just a few of the many ways you can distract yourself from the temptation of the sales.
Top Tip: Stay offline during Black Friday and Cyber Monday to avoid becoming a victim of targeted advertising!
By: Maggie Elliott
