Black Friday and Cyber Monday have without question become a major part of South Africa’s pre-Christmas shopping season. And now that we’re in October, the countdown to one of our favourite shopping events of the year has officially begun. But, with all the tempting deals out there, it can be seriously tough for shoppers to rein in their spending. Payflex offers 6 tips to help shoppers navigate the sales while staying on budget and out of debt. Your wallet will thank you for it!
1.Limit your Black Friday spending
It can be incredibly easy to get carried away if you don’t set a budget. Look at your current finances and assess what you can actually afford. If you’re planning on using Black Friday for your Christmas shopping, we suggest making a list detailing who you’re buying for and what you plan to spend per person.
2.Know what you want
Head into Black Friday and Cyber Monday sales knowing exactly what you want. Whether you’re an Excel guru or prefer the old school method of writing lists, put together a list of your must-haves. Knowing what you want will ensure you will be less overwhelmed as well as less likely to impulse buy items because they are a “great deal”.
Just because something is ‘discounted’ does not mean it is a good deal. This is why it is vital to do your homework and price check the same item across various websites before hitting the checkout button.
4.Don’t panic buy
The hype created around Black Friday means it is easy to feel pressured into buying something we actually don’t need or can’t afford. Before you finalise your Black Friday shopping cart or head to the till, take one final look at what you’re about to buy and ask yourself whether it is something you really need or want.
5.Ditch the plastic
If you have revolving credit card debt, further adding to your debt by using your card to pay for items on Black Friday sales makes zero sense. Only use a credit card unless you are 100% sure you can comfortably pay it off at the end of the month. Remember, you’re not just responsible for the cost of the item, but also the interest charged.
6.Spread out your payments
With shoppers increasingly looking for more flexible and versatile ways to pay, buy now pay later offers an excellent way to get what you need now and pay later. Buy your must-have Black Friday items via Payflex and pay in 4 interest-free installments over 6 weeks. The best thing about it is you’ll avoid unnecessary debt and fees.
With all of the hype surrounding Black Friday and Cyber Monday, it’s easy to get caught up in the frenzy and go a bit crazy with your spending. But this momentary excitement is not worth plunging yourself into debt. By approaching the upcoming Black Friday sales with a well-thought-out plan, you’ll be able to shop smart and strategically while at the same time, staying out of the red.