Bank Better, Live Better
the only way to hack Black Friday 201931/10/2019
If you plan to make this year’s mega shopping event a solution rather than a problem, there’s only one way to do it…
If you haven’t planned ahead for gifts and wardrobe upgrades this year, it might be natural to think that Black Friday is the answer to your ever-growing wish list.
Well, it can be. But you have to be able to avoid the common mistakes most consumers make when the prices are low and the adrenaline is high.
Black Friday misconceptions
Contrary to popular belief, Black Friday is not a one-off opportunity for consumers to find unbeatable deals. Black Friday is also not intended as a win for shoppers and a loss for retailers – in fact, you could lose. Unless you do the one thing that most other shoppers will not do before Black Friday weekend...
Always keep the following in mind:
- On Black Friday, retailers have so-called doorbusters – those are the big-discount deals being advertised to get you into the shop or on their website – but the discounts on the majority of the products are much smaller
- If you think Black Friday was planned for your benefit, think again. It’s intended to get you to spend money. Retailers have not reduced prices to be kind to you. Rather, it’s a chance to drive sales and increase profit before year end
- Buying things won’t make you happy. In fact, every new piece of clutter, technology or clothing you buy can add to your worries because it’s something that can be stolen or damaged
- This is not your last or best chance for shopping. Ask yourself, ‘Will this purchase help me to live better and realise my dreams?’ Electronics, clothing and flashy accessories quickly become old, but a new computer for your business or a vehicle to transport your kids to school can stand the test of time
Make – and stick to – a plan
One of the worst things you can do over Black Friday weekend is to buy things you don’t need and weren’t planning to buy in the first place. It stands to reason then that the best thing you can do to hack Black Friday is simply to have – and stick to – a plan.
For example, if you plan to spend R1 000 on a new fridge, don’t spend R1 500 on a TV.
Black Friday exists to bring consumers through the door with the really big deals, and retailers make their profits with the small ‘filler’ deals that are also available. If you go in aware of this tactic, you’ll be better equipped to resist the temptation to buy things just because they’re on sale.
A plan will also help you to adjust course when you find your emotions start to rise amid the Black Friday hype.
Putting your Black Friday plan together
Your plan should always start with what you can afford to part with. This means your disposable income – in other words, after you’ve paid all your bills and you have money for your basic needs, like food and fuel. Then make a list of items you need that could be on sale (a bigger TV is not a necessity, but a washing machine may cut your laundry bill).
Now, it’s time to do your homework. Research the regular prices of the items on your list, then you’ll be able to make a quick assessment of whether or not the Black Friday deals you see are actually good. Most stores also advertise their Black Friday deals online beforehand.
Talk to people who’ve experienced Black Friday if this is your first time, and get some insight into what to do and what to avoid on the day.
If you’re short on cash you can use credit, but only for the right reasons, like buying a computer for your business to increase your income. Avoid store cards with high interest rates and complicated payment plans with a lot of fine print. You can consider using our Capitec credit card, which offers interest rates from prime (10%).
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