Black Friday survival guide — how to make the most of your shopping experience

25 Nov 2024

Black Friday is just around the corner and with it comes the chaos of in-store shopping. Here’s how to navigate the sales, avoid impulse buying and make the most of your shopping experience.

Originally a post-Thanksgiving shopping event in the US, Black Friday kicked off the holiday shopping season with major discounts. Takealot introduced it to South Africa in 2012, but it gained traction in 2014 when brick-and-mortar retailers joined in. The early years featured enticing deals with retailers like Game Stores launching midnight shopping.

“Black Friday really took off in 2018, and by 2020, it shifted to ‘Black November’ as retailers spread discounts throughout the month to manage crowds during Covid-19. At the same time, shopping experiences became the main focus, with spending trends moving away from hectic mall rushes and bulk buying on a single day, towards safer, more interactive experiences,” says Jonathan Sinden, chief operating officer of Liberty Two Degrees.

Ways to get through Black Friday madness with your wallet intact

Jessica Pillay, a financial adviser at Momentum Financial Planning, shared these tips:

Plan ahead before investing or spending:

When it comes to spending on Black Friday, it’s easy to get swept up in the allure of discounted prices. However, Pillay believes savvy shoppers know that having a plan and seeking guidance on major purchases can prevent unnecessary financial strain.

Use budgeting tools:

Part of planning means making use of financial tools to ensure you stay within budget. Pillay says we should all be using budgeting apps to track our expenses as we shop; this will help you stay within budget and provide an easy way to review spending post-Black Friday.

Practise restraint:

According to Pillay, impulse buying is Black Friday’s biggest trap. Studies show that it’s not uncommon for shoppers to walk away with items they never planned to purchase, often because they fell for “too-good-to-miss” deals. “A solid plan and a commitment to staying true to that plan will be the difference between financial health and debt,” she says.

Needs vs want:

To get your Black Friday financial plan under way, Pillay suggests starting with making a list of items you genuinely need, particularly big-ticket purchases you’ve already budgeted for. Research prices beforehand to set realistic spending limits and resist the temptation to go beyond them.

If it's too good to be true, it probably isn't:

“Scammers know that Black Friday shoppers are often rushed and distracted, making it the perfect time to prey on their desire for a good deal,” says Pillay.

Read more: Fast fashion is harming our planet — these four tips can help you build a more sustainable wardrobe

She suggests sticking with trusted retailers and secure websites to avoid clicking on suspicious links in emails or texts.

“If a discount seems outrageous, take a moment to verify its legitimacy, because you likely know deep down it is too good to be true.”

Set a 24-hour rule: Before adding an item to your cart, set yourself a 24-hour waiting period. Consider making the purchase if you still have a strong desire to buy the item after a day. Extending this cooling-off period to 48 hours, if possible, can further help distinguish between genuine needs and impulsive wants.

Unsubscribe from emails and notifications: Retailers use promotional emails, texts, and notifications to trigger impulse buys. Unsubscribing from emails and text lists and disabling notifications can reduce these prompts, making it easier to resist.

Practise mindful shopping: Reflect on the “why” behind each purchase – asking questions like “Do I really need this?” and “Will it add value to my life?” This introspective helps shoppers to prioritise meaningful purchases and avoid those driven by impulse.

Don't save your card details: Convenience is a significant factor in impulse buying, and having card details saved on websites can make purchasing too easy. By choosing not to save card information, you create an extra step before checkout, allowing yourself another moment of reflection to consider whether the purchase is truly necessary. DM

Categories:

Tags:

DM is much better if you are signed in...

Business Maverick

Ways to get through Black Friday madness with your wallet intact

Part of planning means making use of financial tools to ensure you stay within budget. Pillay says we should all be using budgeting apps to track our expenses as we shop; this will help you stay within budget and provide an easy way to review spending post-Black Friday.

To get your Black Friday financial plan under way, Pillay suggests starting with making a list of items you genuinely need, particularly big-ticket purchases you’ve already budgeted for. Research prices beforehand to set realistic spending limits and resist the temptation to go beyond them.

“Scammers know that Black Friday shoppers are often rushed and distracted, making it the perfect time to prey on their desire for a good deal,” says Pillay.