Navigating Black Friday (and general festive spending) with a budget-conscious mindset
Navigating Black Friday (and general festive spending) with a budget-conscious mindset
As South Africans, we are relatively “new” to the spending extravaganza that is Black Friday. These pre-festive season sales have fast become a time when we are bombarded with so many ads, emails, messages and general spending frenzy! Navigating the sales and planning ahead are fundamental in making the Black Friday deals work for you.
Each of us will have our own budget and spending appetite as we head into this start of the festive (spending) season and it is so important that we stick to our plan. But what if you don’t yet have a plan?!
- Make a shopping list
Create a shopping list. Prioritize items you genuinely need or have been planning to buy for a while and look out for the deals on any of these items first. Stick to this list to avoid impulse purchases. - Be price savvy
Research and compare prices beforehand to ensure you’re actually getting a deal. Brands that you know and trust should always have honest deals but don’t get caught up in buying an unknown brand / item just because it seems like a good deal at the time. - Use the deals for your Christmas shopping
Write your festive gifting lists ahead of the sales and take advantage of the deals on your Christmas shopping wishlists. - Set an overall spending budget and stick to it
The intensity of how you manage this will depend on your own situation and propensity to spend. If you struggle with holding back, then make sure that your savings are all in another bank account. Only leave in your transactional account / credit card account what you are willing to spend on the deals, that way when your budget is reached there is no temptation to spend any more.
Black Friday can be an exciting opportunity to get some really great deals, but it shouldn’t come at the expense of your financial well-being. With some thoughtful planning and a firm budget in place, you can enjoy the thrill of the sales without regretting your spending choices later.
Support your local brands (those running deals, and those who choose not to!) and know the true value of what you are purchasing. It is also important to note that some local brands may not have as much margin to give away in deals, instead of seeing this as a negative, know that you are really getting great value every time you support their business. Each business has it’s own pricing strategy and some may genuinely not have much margin left to give away in the crazy Black Friday sales.
Happy shopping!
Yours in simplifying finance,
