Black Friday can be a tempting time to splurge, with retailers pulling out all the stops to convince us of deals that feel impossible to pass up. But keeping a healthy financial balance during the shopping season is possible with a bit of planning and self-discipline. For South Africans looking to make the most of Black Friday without breaking the bank, here are practical tips on setting spending limits, resisting overspending, and sticking to your financial goals.
Set a Budget and Stick to It
The first rule of financially disciplined shopping is to set a clear budget. Determine how much you can comfortably spend on Black Friday without impacting your essential expenses. Remember, a realistic budget helps you avoid regret after the shopping high has worn off.
Tips: List out categories (e.g., tech, fashion, home essentials) and allocate a portion of your budget to each. Stick to this breakdown to ensure you’re not overspending in one area.
Action Step: Withdraw the amount in cash if shopping in-store, or use a specific card with only the allocated funds available if shopping online.
Prioritize Needs Over Wants
With thousands of products screaming “Deal of the Year,” it’s easy to justify unnecessary purchases. To stay disciplined, focus on items you genuinely need rather than items that simply have an enticing discount.
Tips: Create a wishlist of must-have items before Black Friday and filter out any impulsive additions.
Action Step: For every item on your list, ask yourself: “Will this add value to my life in the long term?”
Compare Prices in Advance
Just because something is labeled as a “Black Friday special” doesn’t mean it’s the lowest price available. Retailers sometimes inflate original prices to make discounts appear more impressive. Comparing prices across stores will give you an accurate sense of the real value.
Tools: Use price comparison tools like PriceCheck, CamelCamelCamel, and browser extensions like Honey to see the true price history.
Action Step: Write down your top items and check prices at least a week before Black Friday to identify any price manipulations.
Set a Time Limit for Browsing
Browsing without a time limit can make you more susceptible to impulsive decisions. To stay focused and disciplined, set a browsing time limit for each store or online platform you plan to visit.
Tips: Limit your browsing to 30 minutes per store or category, prioritizing the items on your wishlist.
Action Step: If shopping online, set a timer to remind yourself to check out and leave once your time is up.
Use Only One Payment Method
When you use multiple payment options, it’s easy to lose track of your spending. By sticking to one payment method—whether it’s cash, a debit card, or a shopping app—you can monitor your spending more closely.
Tips: Use a budgeting app that links to your bank account, so you can see your balance in real-time.
Action Step: Consider using a prepaid debit card with a set limit for Black Friday. Once it’s empty, that’s your signal to stop shopping.
Avoid “Buy Now, Pay Later” Offers
While “Buy Now, Pay Later” options like Payflex and Mobicred are convenient, they can lead to unplanned debt if not managed properly. These payment options add to your monthly obligations, which may strain your budget in the long term.
Tip: If you need to use a credit option, consider interest-free options and calculate whether you’ll be able to make payments comfortably without sacrificing essential expenses.
Action Step: Avoid these offers unless you’re absolutely certain you need the item and can pay it off within the interest-free period.
Unsubscribe from Retailer Emails
Retailers use email marketing to draw you back into sales you might not even need. If you’re prone to impulse shopping, consider unsubscribing from retailer emails or disabling notifications from shopping apps during the Black Friday season.
Tips: Instead of emails, rely on price comparison websites or apps to keep an eye on only the items you planned to buy.
Action Step: Set up a new email filter for “Black Friday” or “Sale,” so these emails automatically skip your inbox.
Sleep on Big Purchases
This may sound counterintuitive, especially with limited-time Black Friday deals, but taking a night to think over significant purchases can help you avoid buyer’s remorse. If you wake up still wanting the item, then it’s likely a well-considered buy.
Tips: Add big-ticket items to your cart, then close the site. If you feel just as excited about it the next day, consider purchasing.
Action Step: For every high-cost item, wait 24 hours before completing the purchase, especially if it’s not on your must-have list.
Focus on Quality, Not Quantity
A low price tag on a less essential item doesn’t necessarily make it a great deal. Choose quality over quantity by opting for fewer items that add real value rather than purchasing more items that might go unused.
Tips: Look for reviews, specifications, and materials to gauge the quality of an item.
Action Step: Commit to buying only items that serve a purpose in your life or have a lasting impact.
Celebrate Your Savings, Not Your Purchases
Rather than thinking of Black Friday as an opportunity to collect items, shift your perspective toward celebrating what you saved. Focus on the fact that by being financially disciplined, you avoided overspending and stayed within your budget.
Tips: Create a “savings jar” where you put away any money left from your Black Friday budget.
Action Step: Reflect on the items you chose not to buy, appreciating the financial freedom that comes from avoiding overspending.
Black Friday can be an excellent time to save on items you need, but it’s also a time when overspending temptations are high. By setting a budget, prioritizing needs, using tools wisely, and celebrating disciplined decisions, you can make the most out of Black Friday without regretting a single purchase. Remember, financial discipline today will set you up for a stress-free holiday season and a more secure financial future.
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