When Black Friday comes around, many South Africans may be tempted by the countless deals that they see to buy something.
No matter how much you want the items that you see, it is important that people exercise good judgement to avoid splurging on unnecessary items that could land them in the debt trap.
James Williams, head of marketing, Wonga shares six tips on how to avoid the urge to spend all of your money on Black Friday.
Avoid buying more to save on delivery fees
Don’t add items to your cart to qualify for the waiver of shipping charges. If the extra items that you are adding to your cart are unnecessary, you may be spending more than you save on shipping.
Plan a purchase of a big-ticket item that you may need, but avoid buying anything else on your way to checkout.
“Grab the discounted item you need and make it to checkout without adding anything else to your cart,” Williams said.
Compare prices to check out if it is a real deal
Don’t fall for the “was” prices that retailers advertise in bold text. Instead, check the price of the product across multiple websites, as well as the price history of the item you want to purchase.
This will give you an idea of whether the Black Friday prices that are being advertised are genuinely worth purchasing.
Stay energised to avoid ‘decision fatigue’
Making multiple decisions in one day that can typically be chaotic is mentally draining. This can make it more challenging for you to make rational decisions on how to spend your hard-earned cash.
It is important that you think carefully about how much each item costs, how much you will use the item, and whether it fits in with your budget goals.
Don’t fall for ‘FREE’
Williams said, “Something strange happens when we see the word free. We stop thinking clearly and go out of our way to get it.”
Consumers should not make an extra purchase to satisfy their need for a “free” item because you will probably end up with something you don’t need and never use.
Pay with cash
“The amount of pain we experience lessens with every additional rand spent after our first purchase. One way to combat this is to shop with cash rather than a credit card. Research shows that paying with cash makes the loss feel more concrete,” Williams said.
Create a budget and stick to it
Whether you like to use spreadsheets or create lists it is vital that you put your budgeting plan in writing. Keep your plan with you at all times, like on your phone or written in a notepad, so it’s easy to reference while you shop.