Black Friday Sales: Savings or Scams?

BLACK FRIDAY SALES

The biggest shopping event in the US, Black Friday and Cyber Monday, is taking off in Australia with most retailers offering “mega deals” across 29 Nov – 2 Dec.

By now, we’ve all seen videos of shopping busting into all out brawls to get their hands on a TV or toy, but are the deals really worth being trampled over?

Although there are great deals to be had, be cautious of deals that looks too good to be true. 

It’s important to think frugally so you don’t fall into sales traps.

Ask yourself these 4 questions:

  1. Is this something you were planning on purchasing?
  2. On a scale of one to 10, how much do you need it?
  3. In a month’s time, will you still feel the same way about the purchase?
  4. Does this purchase interfere with achieving a bigger financial goal?
Being Frugal doesn't mean missing out, it means having more money for the things you love.

If you have planned to make a specific purchase, or you can’t resist a new TV, make sure you do your research and shop around to ensure you are getting the best deal. Most of the deals will be ‘limited time only’ to encourage you to panic purchase. 

If you are shopping the sales, retailers often offer bonus points or bigger discounts for members. Be sure to check your emails, however signing up to any membership program with a fee can be hazardous.

Some retailers won’t price match items in-store with online prices, so be sure to call in advance.

Shopping for the sake of shopping?

It’s easy to get caught up in the excitement of sale time, however if you don’t have anything on your wishlist, try these forward thinking Frugl tips.

  1. Stock up on everyday household items that are on sale
  2. Black Friday is a good opportunity to purchase Christmas presents. This is especially true for big ticket items like bikes or gaming consoles
  3. Set up a rainy day fund. Instead of purchasing items you may not need, allocate that money to a locked account for life’s surprises
  4. Donate to charity.  Not only are you doing something to help others, you can deduct your contributions from any tax liability you may have or get a refund

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