We’re all eagerly waiting to take advantage of the amazing deals and offers that retailers will be putting together for Black Friday. Last year around £2.7 billion was spent on Black Friday alone, with the average Brit spending £275 on deals and products. There’s a lot on offer but how do you know if a purchase is right for you?
We’ve put together a useful checklist of points to remember to keep your finances in top condition this Black Friday, from how to get the best offers to keeping your finances safe and secure.
DO – Shop around
Remember to check around to see what price other retailers are setting for their products. It can be tempting to jump on an offer as soon as you see it, but take time to make sure it is actually the best deal around. Word travels fast about hot deals, so take full advantage of comparison sites. You should also keep an eye on social media accounts that watch for great deals.
DON’T – Overspend
Set a budget and make sure you are tracking your purchases. It can be easy to accidentally go over a limit if you are buying lots of individual items, especially if you are needing to add on postage costs. Ask yourself if your finances are strong enough for you to make a purchase, and try to take advantage of combined shipping if you can by purchasing items together.
DO – Check price history
A deal for 50% off a product can seem like a winning option – but is it the whole truth? In the run up to Black Friday, check what price the product is that you want. That way, you know if you’re actually making a saving on the “new” deals. Retailers may use clever wording or set their price higher than competitors to make it seem like a bigger saving. Keep an eye out for deals saying “up to X% off”, as you will find there won’t be many products at the full discount, or “within selected brands” in the fine print.
DON’T – Fall for scam products
Make sure you use customer reviews and product information to be confident in what you are buying. Check product specifications, look into the company history if you don’t know them and trust your instincts. Buying non-branded versions of products can score you amazing finds, but remember that if a product or deal seems like it is too good to be true, it probably is.
DO – Remember Cyber Monday
…and the rest of the Black Friday period! Offers and deals won’t just be limited to Black Friday itself. Many retailers start with offers in the days before, and most companies will still be making offers through Cyber Monday and beyond. Check back regularly to see what deals have been added or updated, and don’t make a purchase too early.
DON’T – Fall victim to phishing
Phishing is where scammers will target victims trying to get their information, usually through fake emails and messages. Check out our scam awareness guide for a full breakdown on the best practices to keep your finances safe. Remember to check who a message is from, avoid opening emails or clicking links if you aren’t expecting them and never hand over your personal details to anyone.
DO – Check for purchase rewards
Make sure you are taking full advantages of your purchase benefits. If you’re paying by credit card, many providers will offer incentives such as loyalty points, cashback and more, so keep an eye on what is available to you. Many retailers will do the same, offering supermarket loyalty points or sending discount codes for registered customers. Paying by credit card also offers you buyer protection for all purchases over £100, protecting your money and giving you peace of mind should something go wrong.
DON’T – Fall for brand loyalty
Whilst it can be tempting to go with a brand you love and trust, many companies will rely on you choosing them because of loyalty or how famous their name is rather than because they’re the best option. Check around to see what other options available, and use customer reviews to find the hidden gems in alternative products to the big name brands.
Black Friday can be an excellent opportunity to score some great deals and stock up on gifts for Christmas. Use our guide to make sure you get the best out of the season whilst keeping your finances safe and secure.
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