Money Matters: Top tips to avoid overspending this Black Friday
In this week's Money Matters column, Wrekin's debt and energy manager Dan Bebbington gives his top tips to stop you overspending this Black Friday.
Next week sees the return of Black Friday, when retailers around the world unveil enticing discounts designed to lure bargain-hunting Christmas shoppers.
While there can be some good offers to take advantage of, it’s important not to get swept up in the excitement and end up paying the price later.
Here are my top tips to help you shop smarter and stay in control this Black Friday.
1. Plan ahead.
If you were already planning to buy something then any discount can mean a genuine saving, provided the offer is not based on an inflated original price. Get working on a list now and check the usual prices of the items you’re considering. This will help you identify true deals when the day arrives.
2. Compare prices across retailers.
Don’t assume a discount is exclusive to one shop or site. Check prices from multiple retailers to ensure you’re getting the best deal possible. You can use Google Shopping to help with this, or a dedicated price comparison site such as PriceSpy, PriceRunner, and the Amazon price-tracking tool CamelCamelCamel.com
3. Think twice before impulse buying.
If you stumble upon a tempting deal for something that wasn’t on your list, don’t rush straight to the checkout. Pause and ask yourself if you really need it, and if you can definitely afford it.
4. Don’t be swayed by time pressure.
Many Black Friday deals now run over several days or weeks, so don’t feel pressured to grab a deal immediately. Retailers often restock items, and Cyber Monday offers another chance to score discounts.
5. Try haggling.
Negotiating for additional discounts can be worthwhile, particularly as some retailers overstock for Black Friday. It never hurts to ask.
6. Be cautious with ‘Buy Now Pay Later’ options.
These services can provide convenient access to cheap credit, if used properly, but they come with risks. Ensure you can afford the repayment deadlines to avoid late fees, interest charges and damage to your credit score.
7. Stay vigilant against scams.
Black Friday is prime time for online fraud. If a deal looks too good to be true, it probably is. Search customer reviews to check if a company is legitimate, and don’t enter any personal information or payment details into a website unless you’re sure it’s genuine.
8. Don’t feel obliged to get in on the Black Friday action.
This year why not take part in Buy Nothing New Day, running the same day as Black Friday. It’s an ethical alternative to the annual shopping frenzy, encouraging people to buy second hand to help save their wallets and the environment. Why not check out Wrekin Reviive – and remember Wrekin customers get 30% off.
9. Stack discounts.
Many Black Friday offers can’t be used alongside other deals that may be offered, but it’s worth checking as this isn’t always the case. In any event, you can go via a cashback site to many online retailers to get some extra money back on your purchases. And Wrekin customers can use their Housing Perks app for further discounts.
Final thoughts
If you’re looking to buy an item anyway then Black Friday can often be a good opportunity to save, but remember not every offer is as good as it seems.
Don’t spend what you can’t afford, stay alert, and focus on buying what you truly need.
19th November 2024