Black Friday is all about saving money. But don’t be caught out, there are things you can do to shop and save the smart way this Black Friday.
Black Friday originated in the US back in the 1950s as the day after Thanksgiving, where retailers offer significant discounts on their products. In recent years, Black Friday has become a major event, and it is common to see huge queues outside shops before opening time.
However, the event now seems to have moved online as the convenient way to snap up the best bargains. With so much advertising around Black Friday, it can be difficult to know what a genuine deal is and if you are actually saving any money at all.
We have outlined some simple tips to save money the smart way this Black Friday.
Know what you want in advance
Many brands will use clever marketing tactics to lure consumers into spending big on Black Friday. It can be very easy to find yourself buying things you don’t need just because you found a good deal.
Write a list of things you would like to buy before Black Friday and tick it off as you go. This will make sure you only buy the things you really need. When shopping online, some websites will allow you to add items to your wish list in advance. This keeps items saved in one place, making it easy to purchase them all when Black Friday arrives.
Sign up to newsletters to be in-the-know
Companies love to shout about their best deals in the build up to Black Friday, to give you time to plan your spending. Sign up to your favourite brands’ newsletters or follow them on social media to stay in the loop about their best deals.
Prepare your account in advance
With millions of people buying online on Black Friday you may experience some website issues. This can make it difficult to snap up your favourite items before they sell out. If you know you are likely to buy from a website on Black Friday, setting up your account, payment details, and delivery information can be the difference between getting your purchases and missing out.
Research price history of your target products
Black Friday deals can sometimes be misleading. Research the price history of your target products over the last year, as is may have been cheaper in the past. By doing this, you may discover that what seemed a good deal is suddenly not so appealing.
Compare retailers for the best deal
Compare the price of your target products from different retailers to find the best deal. This may take some time but can save you a lot of money if you are making multiple purchases. By knowing which retailers are selling your target product you will also have backup options if it sells out quickly.
Look for early deals
What started as a one-day event has now become almost a month-long season of sales and discounts. Keep an eye on your favourite brands’ websites in the build-up to Black Friday itself to find any early deals.
Click and collect to save money and stress
If you plan to do your shopping in-person, expect the shops to be extremely busy. This can make buying your target products and getting them home rather stressful.
A good way to reduce this stress and save some money is to click and collect. Ordering online can be just as easy as buying in-person and collecting at a later date will mean the shops are less busy.
Consider your delivery options
You may save money during the sales, but delivery fees can quickly reduce your total saving. If you are planning to make a few online purchases, buying from the same website means you will only pay one delivery fee.
Some of your target products may be cheaper elsewhere, but paying one delivery fee rather than multiple is sure to save you money overall.
Be wary of Buy Now Pay Later
Buy Now Pay Later has risen in popularity in recent years, providing a way to pay for your purchases in instalments over time. While this can be useful for unexpected or urgent purchases, there are a few risks and issues associated with it.
Interest-free Buy Now Pay Later agreements with are available. However, missing a repayment could result in fees and charges being added. Also, if you do not pay off your purchase in the agreed timeframe, interest can be quickly added to future repayments.
Another issue is that being committed to hundreds of pounds in Buy Now Pay Later repayments can cause big problems if unexpected expenses arise, leaving you with little wiggle room to deal with them.
For more information on the dangers of Buy Now Pay Later, check out this episode of the Smile and Save Podcast.
Remember Cyber Monday
Black Friday was historically aimed at in-person shopping, with Cyber Monday being reserved for shopping online. However, with more people now taking advantage of Black Friday online, the two events seem to have merged.
Cyber Monday can be a great opportunity for deals on technology, such as TVs, computers, gaming consoles, and mobile phones. Again, see if any brands are advertising their Cyber Monday deals in advance to find the best discounts.
Hopefully these tips will help you to save time, stress, and money this Black Friday. Happy shopping!
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- The information provided is for guidance and educational purposes only. Serve and Protect CU does not offer regulated financial advice. Please seek independent financial advice.
