With Black Friday just around the corner, it’s important for you to exercise caution and self-discipline when shopping. Here’s is how
Since a lack of financial discipline around Black Friday can easily lead to financial woes especially in these uncertain times, here are simple ways to avoid overspending.
Plan your budget in advance and be honest with yourself on what you can afford. Avoid spending funds you did not budget for.
Do your research ahead of time – you need to know exactly what you want to buy and determine the price of those goods upfront. Use this time to compare and understand the current price of the item you need, so that you can establish if the discounted price you see on Black Friday is favourable. Buy only what you need and not because something is on sale.
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Don’t use debt to buy non-essential or luxury goods. You should also remember that credit incurs interest.
If you’re tapping into your long-term savings or emergency saving funds, this also suggests that you may not afford to be spending on Black Friday.
Source: Dhashni Naidoo, programme manager at FNB consumer education.
