Understanding needs vs wants: The key to smart shopping this Black Friday
Don't be fooled into buying things you don't need.
Image: Freepik
With Black Friday approaching, South Africans are gearing up for the usual shopping frenzy.
Your favourite online stores will flash enormous, tempting red signs that scream "Savings!" and retailers will be sending out their “must-buy” leaflets.
But here is the hard truth you need to remember.
That massive discount is only a saving if you genuinely needed the item in the first place.
If you spend money on something you don't need, no matter how cheap the price tag, you have still spent your money, and you actually haven't saved a single rand.
You've just emptied your wallet a little faster.
You'll be swiping for things you don't really need.
Image: Simphiwe Mbokazi / Independent Media
The temptation of a “Good Deal”
Retailers are really good at creating a sense of urgency.
Those flashing signs and limited-stock messages will have you thinking that you will be missing out if you don’t jump on their specials.
You see the massive discount on that air fryer, or those funky shoes, or the latest tech gadget, and suddenly you're saying to yourself, “I can't afford not to buy this.”
Guys, it’s a trap! A purchase made purely based on a saving isn't a smart decision.
It’s that impulse buy, the thing you never planned for and don’t truly need, and before you know it, you’ve handed over your hard-earned cash for something that might end up collecting dust.
Just because it's on sale doesn't mean you have to have it.
Image: Gustavo Fring / Pexels
Understanding need versus want
This is the key to mastering Black Friday, and honestly, mastering your money all year round.
A need is something essential for your basic safety, survival, or daily functioning. Think of it like this:
- Need: Replacing your old fridge that just died.
- Need: Buying school shoes for your child who has grown out of their old ones.
- Need: Getting a new tyre for your car when the old one is bald and dangerous.
A want, on the other hand, is something you desire to make your life more comfortable, entertaining, or stylish.
There's nothing wrong with wants, but they are not necessities.
- Want: Upgrading a perfectly working TV for a bigger one.
- Want: Buying a fifth pair of sneakers just because they're on special.
- Want: Getting that fancy new kitchen gadget you'll probably use twice.
Understand the difference between your wants and needs.
Image: Nataliya Vaitkevich / Pexels
Have a game plan
To beat the Black Friday madness, you need a pre-game plan that removes impulse.
You need a way to look past the sale signs and focus only on your requirements.
Do an inventory: Walk through your house today. Check your broken appliances. Look at what non-perishable goods you need to restock. Write down your list of true necessities and nothing else.
Assign a maximum price: Next to each essential item, write down the absolute most you are willing to spend. If the deal goes over that number, you walk away. This protects you from buying a slightly more expensive version just because the percentage saving looks bigger.
Create a “fun” budget: If you absolutely want to buy something extra, set a small, fixed budget for wants and put that money aside.
This Black Friday, treat those sales as a chance to save money on things you were already going to buy.
Do not treat them as an excuse to spend money on things you didn't know you wanted until they went on sale.