As the annual shopping extravaganza of Black Friday approaches, the National Financial Ombud (NFO) has issued a crucial warning: beware of impulse buying that can easily plunge your finances into the red. Picture: File.
Black Friday is around the corner and most people will be doing Christmas shopping with the hope of saving some money.
Before splurging though, make sure you have done thorough research. Retailers sometimes mislead consumers into believing that a product is special when it is not.
For example, a pack of toilet paper can cost around R120 and then they make a “special” of R240 for two. And if you’re not smart enough, you would think that you saved when you didn’t.
Below is a guide on how to make sure Black Friday works in your favour.
Look for the real deals
During Black Friday, you want to save big and not just R10. Ensure that deals are at least 30% off and that the original price is genuine to guarantee real savings.
Don’t buy what you don’t need
Buying stuff you don’t need simply because they are special is a waste of money. The best buys during Black Friday are appliances if you’ve been searching for them and school uniforms (that’s if your child needs a new uniform if not, don’t waste money).
Compare prices
Retailers usually want to sell as much as possible during Black Friday so compare prices among competitors and shop where you can get more for less.
Be aware of scams
This is the time when scammers maximise their creativity. When shopping online, verify the website and avoid clicking on unknown links as they may save your banking details and steal from you.
Have a budget
By now, you should have a Black Friday budget and try not to overspend. It’s okay if you can't get everything you wanted, prioritise what’s important and leave the rest.
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