Bank Better, Live Better
black friday myths vs reality10/11/2018
Can’t wait for all the ‘deals’? Rethink Black Friday and don't let the hype mislead you.
While the idea of massive discounts will get you through the shop door or filling your virtual shopping cart, the rest of the products on offer might not be such a bargain. And when you later realise how much you’ve overspent, you’ll have to deal with Sad Saturday and a gloomy Rest-Of-The-Month.
The good news is that this doesn’t have to happen.
Here are some tips to help you separate the myths from the facts so that Black Friday doesn’t turn into Bleak Friday.
You can’t beat Black Friday prices
False. The Festive Season is around the corner and retailers have a month left to lure consumers with attractive deals. 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.
It’s a once-off opportunity for consumers
False. If you think Black Friday was planned for your benefit, think again. It is 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. They want to sell their goods and it won’t be at a loss.
I’m top of the trend
False. Not even close. The trend is to declutter and move towards simplicity. 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 is something that can be stolen or damaged. The more things you have, the more money you also need to spend on insurance and maintenance.
This is not your last or best chance for shopping
Don’t let it become an excuse to buy things you don’t really need and spend money you don’t have. Think it through and be smart. Ask, “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 stand the test of time.
High sales days are also highly profitable for thieves
The increase in people drawing cash means there's a higher risk of cash theft and card swapping at ATMs. Rather use your card for purchases. You pay zero fees, and don’t have to carry large amounts of cash.
Read more about spending wisely here.
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