SHOP RESPONSIBLY THIS BLACK FRIDAY

Many people will be bargain hunting on Black Friday as retailers try to make up for lost lockdown sales and consumers desperately seek to stretch constrained budgets.

Inevitably, not all the deals will be as good as the marketing and people will get caught up in the hype and buy more than they can afford.

Shafeeqah Isaacs, head of financial education at financial services provider, DirectAxis, said while there is no harm in a bit of retail therapy to kickstart the festive season, this should not be at the expense of your financial well-being.

Here are a few tips on how to make sure that Black Friday does not ruin you financially:

Don’t spend more than what you can afford. Stick to your budget. If you can’t get what you want for the right price, you will have to wait until you can afford it. Always protect your credit rating and avoid unnecessarily going into debt.

Avoid impulse buys. Prepare your shopping list beforehand and do an online search so you have some idea of what the items you’re looking for cost. Stick to credible brands. Big brands are generally well prepared for Black Friday and have the stock, IT and back-office systems to make sure their customers aren’t disappointed. It’s important to remember that scammers and con artists are also looking to cash in on the hype around Black Friday, which is another good reason to stick with recognised brands.

• Remember that the festive season comes soon after Black Friday and it’s typically a time when people spend more than usual. If you spend too much at the end of November, you may have a pretty miserable holiday period.

“A little planning and preparation will enable you to find good deals on Black Friday and avoid being taken in by the hype and making impulse buys,” said Isaacs.