It is hard to believe that Black Friday was unheard of at the beginning of 2010. Black Friday which started 12 years ago is the sales phenomenon given to the final Friday in November where retailers offer hefty discounts on a range of products including big-ticket items.
Black Friday has transformed from an annual one-day event into sales spanning the whole month, with some starting as early as October. The official date for Black Friday still remains the last Friday in November and this year will be November 25.
Sales have already kicked off for many large retailers to help consumers get started on their Christmas gift shopping. This year has seen a huge shift in consumer spending, with many shoppers and retailers facing financial challenges and restrictions due to the cost-of-living crisis.
However, as Christmas fast approaches, Black Friday sales provide an opportunity for consumers to take advantage of huge savings. It can be a good way to save money on gifts in the run-up to a notoriously expensive time of year.
To ensure shoppers are making the most of Black Friday deals and avoid running the risk of buying into a false discount, Brean Horne, a personal finance expert at NerdWallet has listed some important things to consider when shopping Black Friday deals to help you stay on top of your finances.
Set a budget and stick to it
Creating a budget of how much money you can put towards Black Friday shopping is an important way to stay on track with spending. Set aside a specific amount of money and try not to go over your limit throughout the month.
The best way to stick to a budget is to create a list of the things you want to purchase through Black Friday deals. This is to avoid being easily swayed into purchasing things you don’t need, or realistically can’t afford, even with the discount.
Resist impulse buying
It can be easy to fall down the rabbit hole of impulse buying during Black Friday sales. The “limited time only” aspect of Black Friday discounts adds extra pressure to consumers and fuels temptation to buy.
Impulse buying can easily lead to overspending outside your set budget. It is important to always refer back to your budget plan and avoid the temptation of purchasing items you hadn’t planned on buying beforehand.
Watch out for 'fake' price drops and discounts
Black Friday deals can seem too good to be true so do remain vigilant. Retailers have started using fake price drop strategies to create the illusion that you’re getting a big discount when in reality, they create a fictitious original price-point that is much higher than the sale price.
Avoid falling victim to fake discounts and price drops by doing research ahead of time. Compare the price of a product across multiple retailers to work out the true value of what you’re purchasing.
Do your research
It is worth checking whether you will save money purchasing an item online, versus in-store and looking into a retailer's returns and exchanges policy. Some retailers don’t allow certain items to be returned and you may only have the option to exchange.
This could mean you end up with an item you don’t want or need while also being out of pocket. However, in the lead-up to Christmas, most retailers have an extended returns period which should come in handy.
Start early to avoid panic buying on the day
The official date for Black Friday this year is November 25. A number of retailers will start their sales in the weeks leading up to this date and run discounts throughout the whole month of November.
If you want to be savvy about your Black Friday spending, it is best to start as early as possible. Don't wait around until Black Friday to snap up a bargain, as other people might get to it sooner and items on your wishlist might sell out or revert back to their original price.
