Get ready for Black Friday sales! To avoid overspending, make a list and stick to it, compare historic prices, search for second-hand items, check for scams, and beware of debt. Don’t get swept up in the shopping frenzy without a plan.
Black Friday sales are already in full swing, and it can be easy to get swept up in the shopping frenzy and end up out of pocket – instead of bagging a bargain.
1. Make a List and Stick to It
“It’s only a deal if it’s something you genuinely wanted or needed before seeing the discount,” said Sarah Johnson, director of merchandise consultancy Flourish Retail. She recommends making a list and budget to stick to in order to avoid impulse buys.
“Make the deals work for you by using Black Friday to save on products you already planned to buy,” she said. “If you stick to your list and stay within your budget, you’ll maximise your savings without unnecessary splurges.”
2. Compare Historic Prices
“When looking to make a purchase, it’s worth comparing the price at multiple retailers,” said Harry Rose, editor of Which? Magazine. He also recommended using websites that allow you to check a product’s price history over the previous 12 months.
“That way you’ll know a good deal when you see one,” he said.
3. Search for Second-Hand
Influencer Vivien Tang says it’s easy to find new items on resale sites. If you spot something you want to buy in the Black Friday sale, search for it on a second-hand platform where you might find it even cheaper.
Many resale platforms give you the option of offering a price that matches your budget, she said. “If you make an offer and it’s reasonable most sellers will accept,” she said. “So not only are you likely to get a good deal in the first place because it’s not new from a shop but you can offer a lower price.”
4. Check for Scams
Criminals use the hype around Black Friday to try to steal from online shoppers. Purchase scams are when someone is tricked into sending money via a bank transfer to buy something – often advertised online or via social media – that doesn’t exist.
You can use verified domain checkers to confirm when a website was created, Which? said. Be wary of posts from a newly-created social media accounts, or links to a recently-created website.
5. Beware of Debt
Many people will use a credit card, or may dip into their overdraft, when buying what they consider bargain items on Black Friday. But if you end up paying interest, this could outstrip any saving made on the Black Friday promotion.
Using a typical credit card to make a £300 purchase, then paying back at £20 a month would take more than a year to pay off and mean having to pay £55 in interest, according to the financial information service Moneyfacts. Using an overdraft would usually lead to an even bigger interest bill.
