Black Friday Warning

I am not going to lie; I love a good sale! A few years ago, we happened to be camping over Black Friday so the day before I walked around to find the spot that had the best signal so that I could do my Black Friday shopping online and not miss out on any deals.

Since then, I have learnt A LOT about money management and have realized that self-control, discipline and delayed gratification are key factors that contribute to you reaching your financial goals. I still love a good sale and if you ask my family, they will tell you that I am the queen of finding a good bargain (something I definitely got from my dad), but I have learned how to actually save money rather than just think I am saving money.

You see, if you buy something that is marked down from R1 000 to R750, you are under the impression that you are saving R250 – fantastic! BUT the truth is that if you are buying something you don’t need you are actually wasting R750. A saving is only a saving if it is something that you are already planning on spending money on.

So with that being said, here are my tips for saving money on Black Friday:

1. Don’t buy anything.

Yes, this may seem ridiculous, but the truth is that if you don’t need anything, you don’t need to spend any money. Remind yourself of your financial goals and if buying stuff on Black Friday doesn’t align with those goals then the decision is made. December is naturally a more expensive month for most people so don’t waste money on Black Friday that forces you to go into debt or dip into your savings or investments unnecessarily in December.

2. Don’t buy in bulk.

If you see a good deal on something that you know you will use, let’s take toilet paper for example, you don’t need to buy 50 rolls. Toilet paper is always on special somewhere so rather keep your money in your bank account than have it sitting in your cupboard in the form of toilet paper or 10 deodorants.

3. Do your homework.

If you have been wanting something for a while, make sure that the Black Friday price is actually a saving. Often Black Friday prices are similar to a normal sales price or sometimes you can get it even cheaper on a normal sale. Shops ride they hype of Black Friday and you can often get tempted to buying something that you think is a massive saving when actually it isn’t.

4. Limit yourself.

Either make a list, give yourself a time limit or set a budget for your spending on Black Friday. It can be so easy to either scroll online or walk around the shops and be tempted to buy so many unnecessary things just because it looks like a good deal or because you are caught in the hype. Be strong and set boundaries for yourself which can either be in the form of a list of things you are looking for and that you stick to. Alternatively, you can give yourself a time limit for shopping, which includes online shopping. And lastly, set a budget. A budget is your friend.

I hope that this post will get you to think twice about all the Black Friday “savings”. I am not saying that there won’t be great deals and lots of savings, but just make sure they are actual savings.

Picture of Tamlyn N

Tamlyn N

Financial Consultant & Business Advisor

LE Consult Group