Are you waiting for Black Friday and Cyber Monday to do your festive season shopping? It pays to do some planning, so you don’t end up buying more than you need or spending more than you have, because you can’t resist those bargains.
“Shoppers tend to get carried away with festive-season shopping, and it doesn’t help that the Black Friday weekend starts on pay day for most people,” said Cheslyn Jacobs, chief commercial officer at TymeBank. “It’s important to plan your purchases carefully so you don’t buy more than you need. What’s critical is that you purchase only what you can afford, and that doesn’t mean spending everything you have.”
An avid saver himself, he shared tips on how to shop wisely over the Black Friday weekend:
1. Have a game plan
– A budget is the most important part of your game plan. Decide how much you can afford to spend, break it down and stick to the plan. It’s also important to allocate sufficient money to pay for your January expenses. Spending is inevitable, but overspending is avoidable and saving is achievable.
2. Plan your gift purchases ahead of time – Before shopping, make a list of who you want to gift and what you want to get them. Try to limit gifting only to the people who are the most important in your life such as close family and friends. Start looking for gift ideas ahead of time and use Black Friday as an opportunity to help you get ahead of the festive frenzy, choosing personalised gifts that won’t break the bank.
3. Do your research to make sure you are getting the best possible deal – Find the real bargains by searching online and comparing discounts on similar items from different stores. This means you spend less time and money in the mall trawling the aisles. Researching online has become so common that all brands should be displaying their wares to their prospective customers well before they walk into their store.
4. Don’t forget Cyber Monday – If you can’t face the prospect of fighting the crowds for those special deals, online shopping is the way to go. While most online retailers offer Black Friday specials, look out for Cyber Monday, the online equivalent of Black Friday. As with in-store shopping, it’s important to do your research and get onto shopping sites early.
5. Shop safely – It’s not just mugging and pickpocketing that you need to worry about; make sure you don’t become a victim of cybercrime and online breaches. For example, only shop on trusted sites, don’t use public Wi-Fi, monitor your bank accounts daily and read up on the latest scams.
6. Take advantage of deals on essential items – Gifting aside, use this time to look for discounts on household essentials like toilet paper, toothpaste and cleaning products. Buying in bulk can help you save money on everyday expenses.
7. Keep track of what you spend – It’s easy to be tempted to spend unnecessarily by limited offer deals and buy more than you can afford. Use a notebook or a budget-tracking app to track what you spend.
Remember, if you earn a salary it needs to last, so spend wisely during this period to avoid getting into a black hole that could start the new year on the wrong note.
