It’s easy to get carried away by the excitement, but now is the time to do your homework on discounts, says the expert.
Black Friday is a big and big scam, some say. An item is marked “20% off” so you rush to swipe your credit card, thinking it’s a good deal.
But when you walk past the same store window a week later, you realize to your dismay that the 20% is actually the normal price of the item.
For many South Africans, however, Black Friday is a time to shop for items like washing machines, refrigerators, or dishwashers they’ve saved up all year.
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While it is true that some unscrupulous people are taking advantage of the spike in spending that occurs this time of year – by slashing prices at nominal discounts and calling it a sale or stealing credit card information. credit online – with careful planning and research, you can actually make smart purchases and shop smart on Black Friday.
Here are five tips from a financial education expert to help you avoid scams or overspending.
Don’t fall for the “fake” discounts
âSometimes we are drawn to the excitement as well as the attractive marketing and therefore tempted to buy products just because we are told that the prices have been reduced,â explains Dhashni Naidoo.
âHowever, it is important to understand if there has been a substantial reduction in the price of the item you wish to purchase.
âThe easiest way to tell if there has been a drop is to follow the price over a period of time. ”
Set a spending limit and stick to it
Plan your budget in advance and be honest with yourself about what you can afford. Avoid spending funds that you have not budgeted for.
Not preparing is planning for failure
Do your research ahead of time – you need to know exactly what you want to buy and determine the price for those products ahead of time.
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Use this time to compare and understand the current price of the item you need, so you can determine if the discounted price you see on Black Friday is favorable.
Buy only what you need and not because something is on sale.
Swipe your credit card for what matters
Don’t use debt to buy nonessential or luxury goods. Consumers should also remember that credit bears interest.
Avoid using your savings on rainy days
If you dip into your long-term savings or emergency savings funds, that also suggests that you can’t afford to spend on Black Friday.
âDon’t be tempted to overspend,â adds the FNB consumer education program manager, âand if you have a list of what to buy and a budget, stick to it.â