Guys! We have made it finally to the best part of the year – the end! I trust you didn’t just survive but thrived through what was dubbed 2020.2! Having gotten this far and is now the silly season of spending senselessly – there is a special at every corner and link you click on.
Black Friday has gone from a day of sales to a month of savings. Even better as it now gives us time to shop around for the best deals. As great as this is, it is still too easy to get caught up in the hype and fall into the trap of overspending. Coupled with wanting to go out more (hello level 1 👋🏾) and bathe in the sun, blowing your budget is easier now than ever before.
To keep yourself in check, I rate you make the word “No” your mantra from here onwards until, at least, late January. “No” you will not get swept up by the silly season. No to bad money decisions that you know you’ll pay for heftily for later on. Will you overspend? Say your mantra with me now – NO!
With that being said, do go bargain hunting and get that item you have been eyeing for some time now. To help you along, here are some tips from Ester Ochse, Product Head, FNB Money Management to help you navigate Black Friday.
How to navigate Black Friday / November
Define your budget
Have a look at how much you can comfortably afford this season without having to buy on credit. Be cautious – it will stand you in good stead later on. Once you have determined your budget, stick to it, do not get swept in the hype of the silly season. Those who bank with FNB can easily keep track of their budgets via the FNB Smart Budget on the FNB App. Download the FNB App and set limits on nav» Money Smart Budget.
Make a list
The question that you need to ask yourself here is what do you really need? This may be a good time to stock up on stationery for the kids or some non-perishable groceries. You can start looking at buying festive season gifts or birthday presents for the year ahead. But remember to stay within your budget and start by sticking to the list.
Do your research
Do your research and find out how much that item normally costs. Then compare that to the discounts being advertised. This ensures that the price is a discount and you are getting a bargain. Retail websites and brochures are a great source and then be sure to compare them with various retailers.
Use loyalty or rewards programmes
Use your loyalty and rewards programmes to your advantage. Look at where you will get the maximum benefit using loyalty programmes with:
Investigate warranties and return policies
When buying electronics and appliances, ensure you understand the full terms and conditions of the warranties. Also, if you are buying presents or clothing, check the return policy and if they have any time limitations on them.
Ensure that you are shopping safely and securely this time of year. Either shop online using your Virtual Card on trusted websites or swipe your card instead of using cash. The added benefit is that you can earn eBucks. Remember not to give anyone your pin or your online banking details.
Black Friday is a good time to pick up a bargain and buy a few things that you have been looking at for a while. However, follow the tips above to ensure that you do not regret the money you have spent down the line.
Before you spend, stop, count to 10 and then re-consider if you want to still buy the item.