Black Friday is just over three weeks away on November 25 and some of you may even be considering taking out loans just to buy things for what you believe is a fraction of their normal costs.
The day is typically full of special shopping deals and big discounts and is considered the beginning of the holiday shopping season.
But before you go spending money you may not have, do your homework to ensure you really are getting the deals of a lifetime.
Jonathan Merry, the CEO of BanklessTimes.com, gives these tips:
1. Recognise fake discounts
Some retailers don’t give real discounts instead they keep the prices the same, but advertise great deals. While with other stores, people may pay even more during Black Friday, even though it is listed as on sale.
To ensure you don’t fall victim to fake discounts, you should keep an eye on prices leading up to Black Friday or track prices at retailers a few weeks in advance.
2. Have a plan
Instead of going to a store and finding out that what you wanted is already sold out, have a plan of action so you get the best deals.
To do this you need to:
– have a very clear idea of what you want;
– know stores have it;
– know where the items are located.
This will allow you to avoid wasting your time browsing plus the sooner you get to the right retailer, and find the right aisle, the greater the odds of you not missing out.
An added advantage is that you won’t overspend on impulse buys.
3. Create a budget, and stick to it.
Having a Black Friday budget will prevent you from being tempted by the many items that you see on sale.
A budget is just as crucial as having a plan of action to stop you from having an overcharged credit card because you bought things you don’t really need.
A set budget is a vital self-imposed limit that can stop consumers from making some poor shopping decisions.
4. Compare, compare, compare
Black Friday is about getting the best deals but too many people just grab onto the first deal they see.
The cost-effective of Black Friday shopping is to do a proper price comparison on the products you are interested in. Always look for hidden fees and charges or additional costs like shipping costs.
Do your homework and compare prices between multiple retailers and websites to see if some places offer special deals, coupons, bonuses, or extra discounts.
This can also be useful to make the most out of stores that have a price-matching policy.
5. Go online
Many retailers offer exclusive online deals on Black Friday which may be better than what’s available in stores.
The retailer’s website may have pre-orders available, special online coupons and discounts plus the possibility of an inventory larger than what may be seen in-store.
The best benefit is that people can shop from the comfort of their homes, avoid the chaotic crowds and there may be more payment options available.
6. Set up store accounts in advance
The reasons why you should set up an online account with a retailer ahead of time include:
– you can to create a wish list to make your shopping a bit easier;
– you will have a little extra information about the product you are interested in.
– you can plan your online shopping
The main purpose of setting these up is to getting access extra information because stores will send you notifications and newsletters about special deals and discounts.
IOL Business