Come Black Friday it’s so easy to get caught up in a shopping frenzy, spending a fortune on bargains one doesn’t need. South Africans can learn to make the most of Black Friday by planning ahead.
It’s as a day to buy things they will need and will use in future instead of simply grabbing what is on sale, says Tonia Pavlou, deputy CFO of RCS.
“We urge South Africans to practice responsible borrowing as a component of personal financial wellness. On the whole, South Africans need to become more aware of how the financial decisions they make today, will impact them in the months and years to come,” said Pavlou.
Pavlou also outlined the practical ways to benefit from Black Friday.
“When planning, set your sights on your planned expenditure for the rest of the year. Consider whether you’ll need to change your tyres on your car in the upcoming months, whether you need a windscreen repair or if you’re planning a home renovation. If you know you’ll be footing the bill for these kinds of costs soon, have a look at whether you can take advantage of savings on those products or services on Black Friday," said Pavlou.
Pavlou also advised that consumers do not compromise on their budget and that their list and limits should be like a shield from tempting sales. The list can include an essential items column and a wish list column.
Consumers should use loyalty or cashback programmes as their compass when shopping and can subscribe to newsletters for early access to deals and discounts.
“Allow yourself to be guided by what’s already on your list and visit the websites and social media pages of those specific retailers to identify whether there are ways that you can use cashback or discount deals to hack your way to some bonus savings,” said Pavlou.
And sometimes making purchases in the thrill of it all is not a good idea, especially since 2022 has been tough but experts predict that South Africans might turn to credit support during the Festive Season.
Before making a credit purchase, calculate these two vital factors: how long it will take for you to pay the item off and how much interest will have accumulated by the time the item is paid off. This will allow you to factor repayments into your monthly budget going forward and prepare for any financial or lifestyle adjustments you’ll need to make to accommodate the purchase," said Pavlou.
The Independent on Saturday