It’s Black Friday shopping season and as I’m sure you’ve all noticed, retail and shopping outlets have started advertising eye popping deals to entice buyers.
Here at MoneyRise we want you to make smart money decisions, so we are going to share some quick tips about how to make the most of the Black Friday deals. If you use this season well, you’ll get really great deals at prices that save you money!
Don’t Buy Anything Just Because It’s On Sale:
If you buy an item worth ₦10,000 for ₦7,000, you did not save ₦3,000, you spent ₦7,000. Don’t be enticed to spend money you were not going to spend. Only spend money on what you already need. Which means you should have a list of what you want to buy, and stick to it. That nice blender selling for 40% off is not meant for you, if you already have a blender at home. Don’t play yourself. Be disciplined.
Not Everything Is Cheaper On Friday:
Don’t just think, “Well, its Black Friday, so everything I buy is probably cheaper.” It doesn’t work like that. Some outlets don’t do deep enough discounts. Some intentionally inflate their supposed original price to make their discounts look deeper than they are. To get the best deals, do price comparisons ahead of time, check many sites to know what a fair price is and if you’re actually getting a good deal or not. Bonus points if you already did this weeks or days ahead of time.
Have A Shopping Budget:
Please there is life after Black Friday. There is the Christmas season, and that three-month period between December 31st and January 31st. We all know that period. You need your money to last through all that. So know exactly how much you can put towards your Black Friday shopping and once you hit that amount, stop. Ties right back to point one. Don’t get carried away.
Some Things Are Cheaper Offline:
Black Friday seems to be an eCommerce driven activity. There are often better deals in the physical store, or in the open market. I’ve seen bargain hunters go offline, and find items at prices that make Black Friday deals look like daylight robbery. It may not be as convenient as ordering, but the savings might just be worth it. Another advantage of shopping offline is that you can leave your ATM/Credit card at home and only go with the money you’re willing to spend. If it’s gone, you’re done.
Save As You Shop:
If you’re going to spend during shopping season, use it as an opportunity to also save. For every ₦5,000 you spend on shopping, invest ₦5,000. It helps you avoid the guilt that comes with shopping, and also keeps something away to grow and possibly fund your future purchases.
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Come back next week for more tips on how to be smarter with your money.