“Black Friday – Everything is on Sale” is written in bold letters on the front glass door to allure you to step in. You pull in, move past the gatekeeper, and find many luxurious items on sale. You become so enthralled that you wish everyday were a Black Friday.
Well, there is a catch. Deals may seem money-saving, but that could just be a stratagem by retailers to get money out of your pocket. Probably not that day, but after a while, you realise that you rather have come home emptied pocket.
Because things are available at hefty discounts, it does not mean that they are worth buying. Part of you feels tempted to buy this or that because of inherent impulsive shopping behaviour.
When you see something at a good bargain, although the offer is not as special as a storekeeper wants you to believe, you get ready to buy even though you do not need it. An excuse you make to justify your purchase is that you will not have to pay for it the double price later when you actually need it.
If you want to avoid frittering away money on the Black Friday sale, you need to be savvier with your buying behaviour.
Tips for avoiding wasting money on Black Friday shopping
Here are some of the tips you should bear in mind while shopping on Black Friday:
Check if it is a genuine bargain
Do not be under the impression that everything on offer is great. According to a survey by Which? It was revealed that only a small number of items were at the cheapest. Sometimes it is not more than 1%.
The survey also figured out that the rest of the over-priced items sold as a good bargain were actually available at lower prices a couple of months before and after the Black Friday sale.
Black Friday does not seem to be the best shopping time as money is going out rather than retained in your pocket. If you do a bit of research, you will be able to get a good deal on that day.
The fact is that retailers hike the prices a couple of days before they put their products on sale, and therefore it seems they are offering hefty discounts.
If you plan to visit a store on Black Friday, you should know the specific items you want to buy. Try to do some research about the prices. No retailers will give you information about previous prices, so it is down to you to make comparisons.
Be wise to marketing tricks
Retailers have a number of tricks to make you spend more money in haste. It is crucial for you to know those tricks to avoid falling into their taps. One of the most common tricks is to create a sense of urgency.
“Two days to go” or “Limited offer, hurry up” are examples of an urgency marketing trick. Marketers say that most consumers believe that they will miss that offer and just buy that item unwittingly.
Another trick retailers use to allure their prospective customers is the number of people looking at a particular item when browsing for something.
It makes you feel that the item is in high demand. However, the fact is that most of the people will unlikely buy that item.
You may not realise at that time to get fallen into their trap but repent when you are forced to take out instant cash loans with no credit checks for your expenses.
Carry a list with you
A golden rule of thumb says that you should have a list of shopping before you go to a store. When you have a list with you, you stick to it. Do some research before you go to the store. You will get an idea of the prices.
There are a lot of items that you may need, like a TV, for which Black Friday may not be an ideal day. Surveys have found that many retailers release unpopular, unsold and old stock that day. If you are looking for a smart TV with advanced features, make sure you put off the purchase.
On Black Friday, you should buy small items or things you want to gift to your loved ones. However, you should still do some research. It is better if you have knowledge about prices. You will not be caught in the marketing trap if you have a clear idea of what you are looking for.
Buy now, pay later s another popular scheme you may get tempted to use. Emergencies can crop up at any time. For instance, your boiler can conk out just after Christmas. The latter is already expensive. It will be more difficult for you to pay for it then.
Unsubscribe to emails
If you have signed up to a store, make sure that you unsubscribe after you have bought what you wanted. Opting out of subscription, you will stop receiving emails consisting marketing blurbs, highly responsible for causing temptation to buy even if you do not need to.
Experts usually recommend you do not subscribe to any of these stores. They will fill your inbox with a lot of marketing messages. The best way to avoid falling prey to them is to get rid of these subscriptions.
You already know what you are to buy and when. So, just go to your favourite store at the time of need. However, you are still supposed to compare prices so you do not end up paying more. Otherwise, you may need to take out from a direct lender loans for unemployed.
Black Friday sales could be more expensive because retailers put over-priced goods on discounts. If you do not waste your money in shopping, make sure you do not get tempted by the offer in the first place.
Compare prices with other storekeepers and online vendors and avoid being trapped by marketing tricks. Unsubscribe to emails and buy things only you want.
Anna Johnson has more than 11 years of experience in direct lending industry of the UK. She is the Senior Content Editor at 24cashflow where she is leading a large team of loan experts. During her career, she has helped the loan aspirants to use the particular loans in the best way and improve their financial lives and status.
Anna Johnson is known for her in-depth research of the UK loan marketplace, as she has worked with many major lending firms in her career. During her educational phase, she has done a research on ‘Finance Fundamentals for Growing Business’.