How to protect your pockets this Black Friday
Black Friday – arguably the biggest and busiest shopping day of the year – is fast approaching, and no doubt the shopping extravaganza will see shoppers eagerly waiting to grab the best deals. of the day.
But as retail stores take big advantage of Black Friday and deals become more enticing to entice customers for the day, can customers get the deals they’re looking for and shop smart to avoid overspending? ?
Finance Manager at FASTADaniel Lipchin, shares his tips on how customers can protect their pockets when November 25th arrives for Black Friday.
Online shopping is on the rise in South Africa; What are the best tips to keep in mind when shopping online this Black Friday?
I think it’s important to plan ahead. There might be something you’ve been watching for a while that might be special during Black Friday; it is a good opportunity to buy this product at a discounted price.
Consumers should avoid impulse purchases and “bargains”. As the saying goes, too many good deals can bankrupt you, and even though something can be discounted, it still costs more than buying nothing at all, especially if you don’t really need it! The economy is very tight at the moment with soaring prices due to inflation. Nothing is more valuable than cash flow right now.
What is your advice when shopping on a store or social media platform like Facebook Marketplace during Black Friday?
Reputation and ratings are everything on these platforms. These platforms are only partially regulated and it is easy to fall for a scam. Contact the sellers, chat with them, ask them for references (although there could be collusion here), read their customer reviews, and maybe contact those people as well. Doing your due diligence in your purchase will save you money in the end.
Avoid deals that seem too good to be true, and never pay the full price until you’ve purchased the merchandise. Accept a small deposit – like 10% – and always meet these vendors in a public place with good foot traffic.
You mentioned that a deal can be “too good to be true” around Black Friday. If so, what should consumers be aware of?
Consumers should look for products such as extremely cheap products that are well below what the market would sell them. It’s also about using common sense – if a deal sounds too good to be true, it most likely is. Black Friday isn’t about businesses losing money.
Buy cash or on credit: which is better to use this Black Friday?
It varies from person to person, but credit should only be used when you don’t have the money. If you have money, use your money. It will be a cheaper purchase for you. If you’re short on cash, consider credit alternatives that make financial sense and do everything you can to not waste credit costs on unnecessary purchases.
And finally, are there ways customers can really save on deals and discounts this Black Friday?
The only way a customer will REALLY save on Black Friday is if they are going to purchase the goods independently of Black Friday. Spending money on products that you wouldn’t have spent without Black Friday will cost you more than not spending at all. It sounds obvious, but it can be very tempting to fall in love with a bargain you may not need.
Daniel Lipchin, Head of Finance at FASTA, is a Chartered Accountant with 7 years of experience in the financial services and broader industry. Career disruption and progression within the global technology space. South African patriot. Energetic with a passion for success. Empower teams through collaboration, mutual respect and tolerance.
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