In just more than a week, South Africans will have the opportunity to potentially score bargains on their favourite items. November 29 is Black Friday, and while this can be an exciting time, financial vlogger and entrepreneur Nicolette Mashile has advised consumers to exercise budgetary caution and consider carefully which items are worth spending that hard-earned money on.
Do you have the money?
Mashile says consumers need to ask themselves before they swipe that card or fork out cash: "Did I need this thing, did I plan for it and did I budget for it? Or, am I just buying it at what seems to be a lower price?”
Items retailing at a “lower price” than usual can tempt people to spend more than they planned, and that can be detrimental to the consumer's finances. Mashile advises consumers not to buy more than they need, such as items in bulk, no matter the low cost. Instead, she advises that they look at what bargains they can get on day-to-day items. She says that way, they are making their money work for them.
Buy what you need
Another top tip from the financial bunny is to leave your card or extra cash at home to avoid the urge to spend more than you intend. The internet and social media have made it effortless for consumers to get their hands on stuff, and for retailers to entice potential customers. Therefore, the customer has the responsibility to resist the urge.
On Black Friday, some retailers are willing to sell items on credit. Consumer will start paying for these in the new year.
“Stick to what you've planned and ignore retailer tactics. Some of the Black Friday deals we're seeing now are 'buy now and pay in 2020', but what happens to the interest you'll be charged? It will accrue for the next couple of months and all of a sudden you will owe them more,” she warned.
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