Black Friday is all about special offers and discounts, and people thinking they are getting a bargain. But just because a shop gives a discount, it doesn’t mean you get a bargain. Understanding the difference will help you avoid costly money mistakes on 24 November this year.
A discount or a special is something a shop offers you. A bargain is something that makes a real difference in your life because you paid less for something that you would have had to buy in any event. The trick with Black Friday, therefore, is not to go for discounts or specials but to understand what a bargain is for you.
By doing this, you will avoid these 10 Black Friday money mistakes.
- Never shop without a budget: Failing to set a budget for your Black Friday shopping can lead to overspending. Having a clear spending limit will help you stay on track
- Avoid impulse buying: Black Friday sales create a sense of urgency, leaving us not wanting to miss out. The result is we buy stuff we don’t need just because it has a “Discount!” sticker on it. Stick to your shopping list and avoid impulsive decisions.
- Always do your research: If you don’t do your research in advance, you can easily miss an opportunity to buy that new washing machine you need at a lower price, or you could pay more for it because you don’t know what it usually costs. Always do your homework before hitting the stores or shopping online.
- Don’t fall for false discounts: Some retailers may hike their usual prices before Black Friday so that they can offer bigger discounts. Check the actual value of an item before you decide it’s a great deal.
- Think carefully about shipping costs: When shopping online, don’t forget to factor in shipping costs. Sometimes, what appears to be a great deal becomes less attractive with shipping fees. Also, don’t buy stuff you don’t really need just to get free shipping. Only go for free shipping if the extra cost doesn’t outweigh the shipping fee. You don’t want to end up spending more than what the shipping would have cost!
- Be careful with credit: If you use a credit card or store account for Black Friday shopping and have to carry a balance for the next few months, you may end up paying much more in interest than you saved on the deals. That brings us back to planning and budgeting before the time and sticking to your plan on the day.
- Always think about needs versus wants: Things you really need should be your priority on Black Friday, such as home appliances, clothing for the new season or gifts for upcoming occasions.
- Don’t forget about hidden costs: The deal itself may be great, but what about costs like maintenance, accessories or subscription fees for items like electronics or appliances? Again – do your homework before the time so you know exactly what you are buying.
- Always check return policies: Not all Black Friday deals are returnable, or they may have strict return policies. Make sure you understand the return policy before you buy.
- Never overlook quality: Cheaper items on Black Friday could be of lower quality. Don’t compromise quality for a lower price, especially for items that you expect for a long time, such as appliances.
Remember that Black Friday is just one day. Don’t blow your budget on discounts you don’t actually need. The bargains that add value to your life is what you’re after.