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HOW TO BE SMART WITH YOUR MONEY ON BLACK FRIDAY

By Finance Simplified | 2024-11-21

As the countdown to Black Friday on November 28 begins, shoppers around the globe are gearing up for one of the biggest shopping events of the year.

While the attraction of massive discounts and irresistible deals can be exciting, it is crucial to navigate this consumer frenzy with a level head and a strategic approach.

With temptation lurking around every corner, it is easy to get swept up in the moment and overspend, leading to financial regret in the weeks to come.

Black Friday can either be a golden opportunity to save big or a budget-breaking disaster – it all depends on how you approach it.

While retailers promise incredible deals and door busters, it is essential to navigate this shopping extravaganza with strategy and wisdom.

Think of Black Friday as a game where preparation and self-control are your best weapons. The real winners are not those who spend the most, but those who spend the smartest.

With countless retailers competing for your attention and wallet, it is crucial to approach this shopping event with a clear mind and solid plan

So, grab your notepad, and let’s dive into smart shopping strategies that will keep your wallet happy and your holiday spirit intact!

A reality check is black friday shopping really necessary?
Before diving into money-saving tips, let us address the elephant in the room: Black Friday shopping is not actually necessary.

While retailers create a sense of urgency with "once-in-a-lifetime deals," remember that:
n Most items will go on sale again
n Artificial scarcity drives impulse purchases
n Many "deals" are not really savings at all
Smart money management tips for black friday:
1. Set a strict budget
g Determine your spending limit before browsing
g Include only disposable income, not bill money
g Use cash instead of credit cards to avoid debt
2. Research prices beforehand
r Track prices weeks before Black Friday
r Use price comparison tools
r Check historical prices to spot fake "discounts"
3. Make a targeted list
n Write down specific items you actually need
n Avoid browsing without purpose
n Stick to your list strictly
4. Evaluate ‘deals’ critically
6Calculate the real savings percentage
6Watch for inferior product versions made for Black Friday
6 Be wary of bundle deals with items you don't need
5. Consider alternative times to shop
g Cyber Monday often has better tech deals
g January sales can offer better clothing discounts
g Off-season shopping usually provides better value
Money-saving strategies:
1. Use cashback apps
6 Stack rewards with credit card points
6 Look for special Black Friday cashback rates
6 Compare cashback percentages across platforms
2.Sign Up for Price Alerts
n Use price tracking tools
n Set notifications for specific items
n Monitor multiple retailers
3. Prioritise necessities
g Focus on items you'd buy anyway
g Skip "good deals" on non-essential items
g Consider waiting for better sales
Red Flags to Watch For:
1. Limited -time pressure
r "Door-buster" deals creating artificial urgency
r Countdown timers pushing quick decisions
r "Limited quantity" warnings
2. Hidden Costs
n Shipping fees negating discounts
n Required memberships
n Extended warranty pushes
3. Quality concerns
g Special Black Friday product models
g Reduced warranty terms
g Lower quality materials
Alternative Approaches:
1. Buy nothing day
6 Join the anti-consumerism movement
6 Focus on experiences over possessions
6 Save money for more meaningful purchases
2. Selective shopping
r Only buy items you've planned for months
r Focus on practical, long-term investments
r Avoid trend-based purchases
3. Value-based decisions
n Consider cost per use
n Factor in item longevity
n Think about environmental impact

Final Thoughts: Black Friday shopping isn't necessary for most people. While genuine deals exist, the event primarily serves retailers' interests rather than consumers'. Before participating, ask yourself:

g Do I really need these items?
g Would I buy them at regular price?
g Am I spending money I can afford to spend?
g Could this money be better used elsewhere?
Remember: The best deal is often not buying anything at all.

Focus on mindful consumption and financial wellness rather than getting caught up in the shopping frenzy.

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