This Friday, the 23rd of November, has been marked off in the calendar of thousands of South Africans for one reason only – Black Friday. Black Friday is the biggest retail sale day of the year and has gained lots of traction in South Africa over the past few years.
With retailers offering up to 90% off certain items, consumers go on mass spending sprees just before payday. Although there are many good items that are up for grabs, it is easy to get caught up in the moment.
Buy What You Can Afford This Black Friday
If you have been eyeing that new pair of jeans, new TV or new surround sound system, make sure that you know what you are willing to pay for it. You should try not to scroll through hundreds of websites looking for stuff to buy, but rather look for something special that you have wanted for a while or more importantly need.
If you were on the brink of buying a new hi-fi set anyway, Black Friday could have a fantastic deal that will save you lots of money.
Create A Black Friday Budget
Work out how much money you can afford to spend, without going into debt. Then plan which items you really need or want. When Friday arrives, try to look only for those items and make sure they fall into your budget. Whether it is R500 or R3,000, try to think of what else that money could be used for.
It is easy to get buyers remorse on sales days like these. So before you hit the check-out button, be sure that you are making a wise purchasing decision. Try not to buy something that you will later regret.
Hide Your Credit Cards
Many Black Friday sales happen online only, which often need a credit card for purchasing. If you wish to buy something, try to pre-load your credit card with some cash. This will prevent you from over-spending. Using your credit card to buy numerous items may not really feel like you’re spending.
South African consumers are some of the most debt-laden in the world. Over one third of credit-active consumers in South Africa is in arrears on their accounts. Try not to put extra financial pressure on yourself in order to have the latest fashion items or tech trends.
Using debt to buy Black Friday deals comes with added costs such as bank fees and interest costs. Also, you will have higher monthly repayments due to more short-term debt. If you already have a lot of debt, you should try to avoid spending on Black Friday and rather use the money to pay off some debt. Remember that taking out more debt can negatively affect your credit score.
If your debt is over-whelming and you are starting to miss monthly repayments you need to speak to a debt counsellor. Over-indebted (debts and living costs are higher than income) consumers benefit from debt counseling by receiving a single, lower monthly repayment, reduced interest rates and fees, expert advice, legal protection and more.