Black Friday: Deal or Dud?

It’s that time of the year again. Black Friday and Cyber Monday deals have already started. However, is it a really a good idea to make purchase at this time? How do you avoid getting tempted to buy stuff you do not need?

Black Friday was started in the US but has recently made its way to the UK and other countries. China has its own version of black Friday- Singles Day on 11.11.2017. Did you know Alibaba’s 2017 Singles’ Day generated $25.3 billion, that’s double of 2016 Black Friday and Cyber Monday sales combined!

So how to avoid the trap of overspending this time round? The most important piece of advice is only buy what you need and can afford. Write a list!

If you been waiting this time of the year to buy that 55 inch 4k TV- then yes now is the time to buy it if the TV is 30% discounted. But only if need it and can afford it. However, if you do not need it then you are being carried away in the frenzy that is black Friday,

It is also a good time to buy those presents for loved ones. If you buy Christmas presents for friends and family then now is good time to stock up and of course saves your from that last minute rush the weekend before Christmas. It’s also a good time to buy wedding presents such as home appliances.

Follow these tips this black Friday to keep your sanity and budget in check:

1. Sign up for the retailer’s mailing list before hand. You may receive coupons to use during this period.
2. Keep up to date buy looking at the stores website, Twitter or Facebook feed. Start with the big retailers
3. Look for discounted gift cards you can use them at checkout to save even more.
4. Beware of Duds: Remember check the price to see if the item you are purchasing is actually cheaper during this period (you can do this by checking on your smartphone while you are standing in line)
5. Only buy what you want and can afford
6. Focus: Make a list to prioritize which stores to visit and which items you want to buy and go there first – do not get distracted once at the store
7. Leave you children at home: This is one day where you probably don’t want to take your children to the mall. Some store can be very overcrowded and lots of people are rushing for the same deals. There have even been instances where people have been trampled to death.
8. Door busters: Some stores have some heavily discounted items to attract customers into their store. Keep in mind many times these are limited to the first few customers.
9. Stick to your budget: If you need that extra nudge take out cash and leave your credit cards at home.
10. Know the store return policy for black Friday purchases especially helpful if you are buying gifts for other. Do they offer money back or gift card or etc.
11. If you prefer to avoid the stores then shop online especially, during cyber Monday. Over the years more people are opting to make purchases online. It’s easier to compare prices and saves you from the crowds at the stores.
12. Finally, Talk to other customers when you are standing in line to pay. Lines are usually long, a little courtesy and friendliness can make a chaotic hectic time more tolerable– who knows you might even make a friend.

Please comment below to share you tips on black Friday shopping.

If you enjoyed reading this you can refer to our money matters blogs .