Black Friday is the annual shopping bonanza that marks the start of the festive season. With thousands of deals flooding the market for a short period, it is easy to become overwhelmed when searching for the best deals.
Whether you are hoping to make the most of The Good Guys Black Friday TV sale or want to finally purchase your dream kitchen appliance, following a few simple tips can allow you to get the best bang for your buck.
Set a Budget & Stick to It
One of the most effective ways to avoid overspending and unnecessary impulse buying during Black Friday is by setting a realistic budget and sticking to it. When choosing your spending limit, consider your current financial situation, items you need vs things you want, and upcoming expenses.
Prioritise your purchases based on things you genuinely need or have been planning on buying for a while. Research deals beforehand and compare prices to gain a better idea of the retailer with the best discount and set a budget that you stick to, factoring in taxes and shipping fees.
Black Friday vs Cyber Monday
In general, Black Friday tends to cater more to larger purchases, like appliances, pricey tech gadgets, and furniture pieces for your home. Today, you will typically see the best deals for big-ticket items, like TVs, game consoles, laptops, and refrigerators.
It is important to note, however, that some discounts can begin days or even weeks before Black Friday and run through to Cyber Monday, with the difference in discounts becoming less significant when choosing one day over the other.
Avoid Emotional Triggers
Emotions play a significant role in our spending habits, and the harsh reality is that retailers understand this and utilise these tactics when planning their holiday discount items. Emotional triggers are a large part of overspending, and avoiding these triggers will allow you to spend money more sensibly.
Retailers will often use phrases like ‘limited stock’ or ‘one day only’ to create a sense of urgency. Although some deals may be limited, this is often used to persuade you to buy something without taking the time to think through your purchase properly.
Additionally, if you are feeling overwhelmed, stressed or upset, it is best to avoid shopping altogether until you feel more level-headed. Unbalanced emotional states can easily lead to irrational overspending.
Quality Over Quantity
It is very easy to be overwhelmed by the sheer volume of products on sale during Black Friday. But while it may feel like every one will give you a good discount, not all deals are created equally. When selecting the items you want to purchase, prioritise quality over quantity, allowing you to get the best bang for your buck.
When making your final selections, consider a few key points. First, evaluate the long-term value of the item. Often, high-quality items will cost more upfront but will pay for themselves when reliability and lifespan are considered. Additionally, read product reviews, compare prices, and familiarise yourself with product warranties to ensure you will be satisfied with your purchase.
Plan Your Shopping Strategy
If you hope to visit multiple stores or online retailers, planning your shopping strategy in advance will ensure you don’t forget any stores along the way, allowing you to navigate sales productively without being distracted or tempted by unnecessary purchases.
Based on your available budget and priorities, draw up a list of the items you want to buy, sorted into categories based on store or website. Prioritise the big-ticket items that may be harder to find later in the day. Time your shopping to ensure you are in the right place at the right time, as deals start at different times based on the retailer.
Wants vs Needs
Deciding what to buy during Black Friday primarily comes down to what you want or need to buy. Often, the difference in prices between one holiday deal and the next is so tiny that it may be worth waiting to purchase things you after, especially if they are items you want but do not desperately need.
However, there are some items that are historically better to purchase around Back Friday, which include TVs, mattresses, kitchen appliances and tech products from popular brands like Apple and Samsung.
Online Deals
In the past, many retailers offered appealing in-store exclusive deals to encourage customers to visit their brick-and-mortar locations. However, with the popularity of online shopping at an all-time high, the frequency of these deals continues to drop each year.
Instead, more and more companies offer their best deals online, making it the best place to start when looking for items you may be after. Furthermore, it is the perfect excuse to avoid chaotic crowds and long lines.
Avoid Impulse Buying
The rush of excitement with big deal events can often lead us to buy things on impulse, with unplanned purchases quickly adding up. Aside from creating a list that you religiously stick to, there are clever tricks that will help you avoid unnecessary impulse buying.
When making your purchases, use cash or a debit card as much as possible. When you are limited to the funds you have available, it will force you to think more carefully about how you choose to spend money. In addition, make sure you unsubscribe from spam sale emails that retailers will bombard you with in the lead-up to Black Friday. This will reduce temptation and make it easier to stick to your original choices.