Kiwis love a bargain. And there’s nothing wrong with getting something on sale. In fact – saving money is great!
As long as you’re not spending to save.
As November draws to a close, we’re falling right into the midst of the spending season, with one of the biggest spending holidays being Black Friday and Cyber Monday.
These two days are often touted as one of the best shopping holidays for getting a great deal. But is it all really worth it? Is that bargain really as good as it looks?
Here are a few things to look out for so your Black Friday Bargain doesn’t derail you from your financial goals.
Make a list of the items you’re after – and stick to it
There’s nothing wrong with taking advantage of a discount or shopping around for the best price. The key to it remaining a money-saving exercise, however, is to buy the things you already want or need.
So, just like you’d write a list to keep yourself on the straight and narrow when you go grocery shopping, make a list before you head to the shops or online on Black Friday/Cyber Monday.
Double-check the discount
While hunting out those bargains, do take a moment to check that the advertised savings are genuine. A report released last year by PriceSpy, showed that about 8% of products listed on their site increased in price during the weeks leading up to Black Friday 2020, only to reduce in price again on the sale day. And 12% of products increased in price on Black Friday!
What’s more – if you’re after a super popular item, Black Friday may not be the best time to get it. PriceSpy’s data showed that 60% of the most popular items were available at a better price at other times during the year.
And don’t forget to comparison shop those bargains. If one store’s got it on sale, what’s to say another wouldn’t offer an even better bargain? With many of the sales available online as well as in-store, using a site like PriceSpy, or even manually comparing the items in their online stores, can help you nab the best price.
Remember the fundamentals
As well as taking extra care to not overspend, don’t forget the basics of managing your money smartly. Just because it’s a special occasion, don’t be tempted to put these items on the credit card or use buy now pay later schemes to pay for it. That bargain may no longer be a bargain once you’ve paid interest or late fees on top of the initial (albeit slashed) ticket price.
On top of that – does your intended shopping excursion fit into your spending plan? Is it worth it if it means sacrificing other financial goals?
The silly season can come with a lot of pressure to buy – and sales like Black Friday, Cyber Monday and even Boxing Day can make us experience some strong FOMO when it comes to getting some great bargains. Don’t be pressured to spend just because it’s on sale, but do feel free to nab something you’ve had your eye on for an exceptional price.
Disclaimer: This blog post is for informational purposes only and does not constitute individual financial advice. If you’re interested in receiving personalised financial advice, you can book in a consultation with an enable.me coach. Costs apply.