Home Budgeting The Truth About Black Friday: Are You Actually Getting Bargain?

The Truth About Black Friday: Are You Actually Getting Bargain?

by S1m
Black Friday

I know it’s hard to believe, but buying on Black Friday won’t always get you the best deal

Black Friday is such a tempting time of year, an opportunity to treat yourself and get ahead on the Christmas shopping.

Yet, it’s important to take a step back from the lure of saving money and yourself; is this the best deal I can get?

Ahead of this year’s Black Friday, I saw that Vanquis Bank had analysed deals from Black Friday 2017, finding that 62% of products were available at a cheaper price 6 months before Black Friday, to 6 months after.

Obviously, you can still get some great deals on this year’s Black Friday; the same research showed that on average retailers drop their prices by 30%. However, I think we all need to consider how we can take full advantage of the offers and still save money.

Black Friday

Five Black Friday tips

  1. Only buy items you need

We often make purchases based on impulse and without research; this is not recommended. It can lead to unnecessary expense and you could regret the decision in the long term.

When browsing Black Friday deals, make sure you’re only looking for items you need. The best deals are often announced in advance, meaning you can go straight to the product page or relevant store. This removes potential spending urges that come with browsing online and high street shopping.

  1. Do your research

Once you’ve decided that you need the item, it’s important to research which retailer will give you the best deal. On high-profile shopping days, such as Black Friday, retailers will often price match or drop their prices further based on competitor behaviour. Make sure you’re getting the best available deal.

  1. Set yourself a budget, and stick to it

Knowing your budget before you start is good money management. It will help prevent overspending and lower your chances of going beyond what is financially viable.

In fact, setting and sticking to a budget is something that should always be practised, but particularly around Black Friday.

  1. Make a note of any payment terms

Large items will often come with credit options. Ensure you’re aware of the payment terms, including total repayment before making any financial commitment.

  1. Check the returns policy

Retailers can often alter their returns policy during sale periods. Check these before you buy; they will be available online, in-store or via customer service.

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