Black Friday deals have started.
And while you are eager to shop, you need to be mindful of overspending, especially in these trying times.
Dhashni Naidoo, programme manager at FNB Consumer Education, shared a few tips to avoid getting into financial distress over Black Friday.
Plan your budget and be honest with yourself on what you can afford
Buy the things that you need, not want.
Also, make sure you stick to your budget and shop products that are within your range.
Do your research ahead of time
By now, you should already know what you need to buy.
You need to know exactly what you want to buy and determine the price of those goods upfront.
If it’s on your list, don’t buy it just because it’s on sale, unless you need it.
Don’t use debt to buy non-essential or luxury goods
If you don’t have money for it, then you cannot afford it.
Don’t put yourself in debts just because you don’t want to miss the special.
Remember, credit incurs interest.
So, if you didn’t budget for it, let it pass.
You can always try again next year when you’ve done proper planning.
Don’t use your long-term savings
If you’re tapping into your long-term savings or emergency saving funds, this suggests that you cannot afford to be spending this Black Friday.
Pro top: Be careful of scammers.
If you’ll be shopping online, make sure it’s from legitimate online stores and not chancers.
* Check out IOL’s Black Friday & Cyber Monday Guide below: