UP EXPERT OPINION: A guide to smart Black Friday shopping

Posted on November 21, 2023

There's a tangible thrill about possible discounts as Black Friday draws near. To make sure your wallet stays intact and the purchases you make are in line with your financial objectives, you must navigate this shopping frenzy strategically. During this highly anticipated massive shopping event, consider these suggestions to become an expert in the art of frugal purchasing.

Plan early

Before the chaos of Black Friday sets in, take the time to determine what you need. Make a thorough inventory of the things you actually need, and decide on a reasonable spending limit. Making plans in advance helps one avoid giving in to the temptation of impulsive buys.

Do your research

The saying "not everything that glitters is gold" also applies to Black Friday sales. Investigate the reductions offered in detail. Ahead of the event, some retailers might raise their pricing to make the reductions seem more significant. Apps and websites that track past prices might be quite helpful in making sure you're getting a good deal.

Always compare

Variety is essential to wise purchasing. Instead of restricting yourself to a single store, evaluate costs in other stores and on other websites. By making this effort, you can find hidden treasures and make sure you're receiving the finest bargain.

Keep safe

Online shopping is a Black Friday mainstay in the digital age. Put security first by only making purchases from trustworthy websites. Make sure the website is safe, check the address bar for the padlock icon, and refrain from disclosing private information on dubious sites. If you are going to physical stores, also be on the lookout for pickpockets and other chance takers because it is easy to be robbed in a crowded environment.

Financial priorities

There are a lot of alluring discounts on Black Friday that are fighting for your attention. Remain committed to your financial goals. Spend your money on things that will help you achieve your long-term objectives. Don't spend it on things you do not really need just because the price is good, or things that will make you happy in the moment, but will end up hurting your finances in the long run. Remember that Christmas is around the corner and that January is renowned for being the “longest month of the year”, financially.

Budgetary control

Discounts might be quite alluring, but self-control is essential. Adhere to your spending plan to avoid regret after Black Friday. Impulsive purchases have the potential to ruin your financial intentions and transform a savings day into a financial disaster.

Take advantage of loyalty programmes

Many stores have credit card rewards or loyalty programmes that can increase your savings. Investigate these choices to get special offers, cashback incentives, or loyalty points that can be used at a later time.

Quality above quantity

Don't sacrifice quality in the name of savings. Think of Black Friday as a chance to buy durable, high-quality goods instead of amassing a variety of things that will break quickly. Making more affordable and sustainable decisions may result from this mentality change.

If used strategically, Black Friday can be a huge financial benefit. You can make this shopping binge a fulfilling experience that supports your long-term objectives by organising ahead of time, researching offers, and placing a high priority on your financial health. Happy shopping!

Professor Elda du Toit is an associate professor in the Faculty of Economic and Management Sciences in the Department of Financial Management at the University of Pretoria.

Disclaimer: The opinions expressed in this article are solely those of the author and do not necessarily reflect the views of the University of Pretoria.

- Author Professor Elda du Toit

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