Daily News - - MONEY - | Staff Re­porter


IF YOU are pre­par­ing to take ad­van­tage of Black Fri­day deals, think again. Con­sumers are ad­vised to be cau­tious of “never be­fore seen” deals of­fered by re­tail­ers and par­tic­u­larly about tak­ing credit for items they may not need. Capitec Bank ad­vises South Africans to give care­ful con­sid­er­a­tion to store credit as Black Fri­day ap­proaches.

Tip #1: Buy smart. Don’t let Black Fri­day be­come an ex­cuse to buy things you don’t re­ally need and spend money you don’t have. Think it through and be smart.

Tip #2: Credit can be use­ful. If you spot a deal on an item you re­ally need and that will help you live bet­ter in the fu­ture, credit can be a use­ful tool. Make sure the value of the item will out­live the re­pay­ment plan. Most im­por­tantly, look at all the costs of tak­ing credit.

Tip #3: Pay off what you owe first. If you’re still pay­ing off a stu­dent loan, your car and have ex­ist­ing debt on credit cards, Black Fri­day is prob­a­bly some­thing to avoid.

Tip #4: Make a list, check it thrice. Con­sider what you need, rather than what you want. List your ex­penses ac­cord­ing to your needs, not your wants.

Tip #5: Sales days at­tract thieves. The in­crease in peo­ple draw­ing cash means there’s a higher risk of cash theft and card swop­ping at ATMs.

Myth #1: “You can’t beat Black Fri­day prices.” False. Christ­mas is near and re­tail­ers have a month left to lure con­sumers with at­trac­tive deals.

Myth #2: “It’s a once-off op­por­tu­nity for con­sumers.” False. Black Fri­day is in­tended to get you to spend money.

Myth #3: “Ev­ery­one is do­ing it.” False. The hottest trend is min­i­mal­ism. It’s all about de­clut­ter­ing and mov­ing to­wards sim­plic­ity.

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