Times Of Swaziland: HOW TO AVOID OVERSPENDING ON BLACK FRIDAY

HOW TO AVOID OVERSPENDING ON BLACK FRIDAY
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Sanele Sibiya on 20/11/2024 08:47:00


BLACK Friday has become synonymous with massive sales, deals and shopping
extravaganzas. It’s a time when retailers offer significant discounts to kick
off the holiday shopping season, enticing consumers with irresistible offers.
While the idea of scoring great deals is exciting, it’s easy to get caught up
in the frenzy and end up overspending. Before getting swept away by the sales
frenzy and the fear of missing out (FOMO) surrounding Black Friday, it is
imperative to understand the psychology of sales. Remember that retailers are
primarily in the business of making money, not saving you money. The psychology
of sales leverages human behaviour, emotions and cognitive biases to influence
purchasing decisions, creating urgency and desire that ultimately drive
consumers to make purchases. Here are some practical tips to help you avoid
overspending on Black Friday and keep your finances in check.
Set a budget
Before you even think about shopping, determine how much money you can afford to
spend without jeopardising your financial stability. Having a budget in place
will help you stay focused and resist the temptation to splurge on unnecessary
items.
Create a shopping list
Identify the items you genuinely need or have been planning to buy, and list
them out. Stick to this list while shopping, avoiding the allure of impulse
purchases. Ensure you spend only on what you truly need, rather than succumbing
to every shiny deal that catches your eye.
Research
Do your research on the products you are interested in before the actual sale
date. Compare prices across different retailers and websites to ensure you’re
getting the best deal. Just because an item is marked as on sale, does not
necessarily mean it is genuinely discounted; retailers often play psychological
games with shoppers. As humans, we tend to have a higher propensity to purchase
when an item is marked as on sale, even if the price is the same or higher than
usual.
Developing a price tracking tool can help you avoid falling into such traps.
Additionally, be aware that the shop layout is designed to encourage
overspending. Most Black Friday deals are usually located next to complementary
items that are often marked up higher than usual.
Once you buy an item on sale, you are more likely to purchase a product that is
used together with that item (a complementary good). A price tracker will assist
you in identifying deals that are genuinely discounted and help you avoid
overpriced items.
Take advantage of pre-Black Friday sales
Many retailers offer early Black Friday deals in the weeks leading up to the big
day. Keep an eye out for these pre-sales, as they often feature significant
discounts. By shopping early, you can spread out your expenses and reduce the
urge to overspend during the frenzy of Black Friday. Look for items that
complement your planned Black Friday purchases, as these are usually on sale
during the pre-sales.
Understand store layouts
Iis also essential to study the layout of the shop where you plan to shop
pre-Black Friday. This will save you time and help keep your focus on the deals
you are interested in. I recommend spending between 20 to 30 minutes in the
shop; the longer you stay, the more likely you are to see deals that were not
initially on your shopping list. It is also important to take breaks in between
shops. During these breaks, reflect on your shopping list, budget, and actual
expenditure. If necessary, readjust your list before entering the next shop.
Additionally, be mindful of ‘doorbuster’ deals.
Be cautious of
‘doorbuster’ deals
Doorbuster deals are designed to lure customers into stores with the promise of
unbeatable discounts. However, these deals often have limited quantities and may
not be as great as they seem. Before rushing to the store for a doorbuster deal,
ask yourself if you truly need the item and if it’s worth the effort.
Avoid using credit cards
Using credit cards can make it easier to overspend, as it doesn’t involve
immediate out-of-pocket expenses. Instead, consider using cash or a debit card
for your purchases.
When you use cash, you can physically see the money leaving your wallet, making
you more mindful of your spending. If you must use a credit card, set a strict
limit for yourself and commit to paying off the balance in full to avoid
accumulating debt.
Consider your children
Retailers and marketers have figured out that parents are likely to spend more
on their children than on themselves. Most advertising campaigns are now focused
on children rather than adults. Set expectations and a limit for each child, and
encourage them to stick to it. Remember, shops are not in the business of saving
you money; their aim is to make money from you.  Shop responsibly!