Impulse buying is your biggest enemy this Black Friday.
Many consumers have been compiling online wish lists with big-ticket items, patiently waiting for Black Friday deals: smartphones, home appliances, or holiday gifts for loved ones.
Now that Black Friday on 29 November is almost here, a bit of preparation can help you to get the best deals without overspending or falling victim to scams.
Discovery Bank has these tips to make the most of Black Friday:
Step 1: Set a Black Friday budget and stick to it
One of the most effective ways to stay in control on Black Friday is to set a realistic spending limit. Before clearing your shopping cart, decide how much you are willing to spend overall and stick to it. Black Friday may be an opportunity to save on items you really need but resist the urge to splurge when you see a flashing sign saying “50% off sale”.
ALSO READ: Spend your money wisely this Black Friday
Step 2: Make a list and allocate a budget to each item
If you want to buy gifts, home essentials or personal items, organise them according to “want” and “need”. Then set an amount for each item to ensure you can stay focused on planned purchases and avoid unnecessary spending.
Step 3: Compare prices before Black Friday
Now that you have your list ready, do research on the items you plan to buy. Check their regular prices to make sure the “sale” prices are really discounted and take screenshots as reminders. Retailers can increase prices in the days leading up to Black Friday to create the illusion of a larger discount and staying informed can help you make smart choices.
Price comparison websites and apps can also help you to spot the best deals and even alert you to price changes on your must-have items.
ALSO READ: The dark history of Black Friday
Step 4: Only use secure payment methods
Use secure payment methods such as credit cards or digital wallets if possible as this will provide added protection from fraud.
Avoid making payments by direct bank transfers because these are harder to trace if something goes wrong.
Step 5: Beware of scams and fake deals
Unfortunately, the excitement of Black Friday attracts scammers looking to take advantage of unwary shoppers. This is how you can stay safe:
- Only shop on secure websites: Stick to websites you know and trust. Avoid clicking on links from unknown senders in emails or messages. Remember scammers often mimic popular retailers and first check the URL or link carefully and only use sites with secure payment options.
- If it is too good to be true, it probably is: While big discounts are common on Black Friday, deals that look suspiciously cheap might be scams. Fraudsters often use phishing to lure buyers with unbelievable prices, only to steal their payment details or deliver counterfeit products.
- Use strong passwords and avoid saving payment info: Hackers kick into high gear during the Black Friday period to gain access to online accounts. Use strong, unique passwords and avoid saving payment details on websites. For added security, use a virtual card or digital wallet instead of entering your bank details directly.
- Only pay through verified links: Beware of fake notifications from scammers posing as courier companies asking for a small fee to release a package.
- Stick to buying from trusted sellers on social media: Scammers sell fake items online and then vanish. Beware of fly-by-night sellers with once-off deals.
ALSO READ: Black Friday is coming – Avoid falling into the debt trap with a few simple calculations
Watch out for potential scams
- Familiarise yourself with how your bank communicates with you. Banks do not ask for details by phone or email or ask you to click on a link to update your details or reverse transactions.
- Always carefully review in-app authentication notifications before approving them.
- Never share personal information, such as card numbers or OTPs over the phone or on suspicious sites.
- Use transaction notifications to monitor your finances.
- Always confirm you are on a legitimate site before entering any banking details.
