Be smart about Black Friday

What could the world's best day for bargains really cost you?

This year from 27 November, retail outlets and online stores around the world will be offering “unbelievable” deals. Why? Because it’s Black Friday – a shopping tradition appropriated from the US or the last post-payday weekend before the festive season.

But is it too good to be true?

Price check and check again. Although marketing leaflets and ads on your social media will have you believe that Black Friday is a once-in-a-lifetime opportunity to bag a bargain, make sure that’s true. Make a list of things you need, want and more importantly can afford, then search online or phone around to compare prices before believing everything you read.

Will going to the shops on Black Friday cost you more than you think?

President Cyril Ramaphosa has urged all South Africans to download the COVID-19 tracing app on your Android or Apple smartphone. If you haven’t already, do so before you even consider braving the shopping crowds that Black Friday could bring. To limit your chances of catching the coronavirus or infecting others if you are unwittingly positive, be sure to:

  • Wear a mask over your nose and mouth and keep it on
  • Practice social distancing and respect shop’s efforts to enforce it
  • And sanitise your hands regularly.

Will Black Friday bring you bad debt?

Based on research from 2018, people took out more loans and increased their spending limits towards the end of November. Most consumers opted for higher-risk loans such as retail accounts.

Do you know your limits?

Find out by checking your financial wellbeing with this easy quiz. And use this free budget planner to stay financially savvy during the Black Friday sales.