BLACK FRIDAY – Be careful of those deals

Most South African’s are currently experiencing strain in their finances, as prices continue to soar and basic living expenses become harder to afford. For some consumers, Black Friday can make it easier to afford big ticket items which may have been out of budget before. In order to spend carefully and not go into debt, you should plan ahead and make sure you’re not simply spending money on Black Friday for the sake of a “good deal”.

Black Friday is typically a chaotic shopping day which lures consumers into spending more than they should. Many times, Black Friday deals are not actually offering a significant saving, and the hype of the day is what causes people to willingly spend money, sometimes without even having the money and relying on credit. With Christmas and the festive season adding to the pressure consumers feel to purchase unnecessarily, Black Friday is notoriously a day were wasting money is excusable because the discounts are too good to ignore. Be careful of those Black Friday deals, and beware of scams and retailers who purposefully raise prices in the weeks leading up to Black Friday, so that the discount they offer seems more irresistible.

While it is true that some Black Friday deals are good, you should not compromise your budget and put your financial wellbeing on the line for a good deal. If you decide that you want to purchase a new television or phone from a Black Friday promotion, plan for it and make sure that you can actually afford to. Many consumers justify spending money they don’t have when it comes to Black Friday, and this often causes financial setbacks and can also leave some people in debt – this is especially bad for consumers who already struggle to manage their existing debts, as they enter new credit agreements which aren’t aligned with their affordability.

Black Friday has aided consumerism and unfortunately does nothing for local businesses and small companies, who cannot get away with offering the major discounts that large retailers get away with. When you consider an online Black Friday sale, you need to be specifically cautious, as it is not uncommon for online stores to pop up just for Black Friday, and then disappear from the internet with your money, leaving you empty handed. If a deal seems too good to be true, it usually is. If you are not sure about an online Black Friday deal, you can screen the URL or use an online website checker to find out the legitimacy of a website.

When it comes to making the most of Black Friday, set up a budget, don’t spend on credit and make sure that you’re focused on purchasing products or services that you will actually make use of, and not just spending because you’re swept up by the Black Friday hype. For consumers who are struggling with debt, contact Debtco Group and find out if you qualify for Debt Counselling.