Black Friday is one of the most exciting shopping events of the year, with amazing deals offered both in stores and online. For consumers it’s an excellent opportunity to take advantage of discounts concerning many items, such as electronics, appliances, clothing and much more. Nevertheless, it’s important to shop smart, not letting the excitement overcloud your judgement, and avoid common risks like online scams and overspending. In this blog you will find some tips to not only help you enjoy this Black Friday, but every time you go on a shopping spree.
Have your wish list ready
Getting prepared for what you want to buy on Black Friday is essential if you want to make the most out of the deals you find. Make your wish list based on what you really want or need, and not because something is a great deal. This way you will avoid overspending and ending up with something that will end up hidden in a storage room never to be seen again.
Create a budget and stand by it
As you put together your Black Friday wish list, make sure to plan your spending as well by creating a budget. A cleverly organised budget will help you stay on track, avoid overspending and keep your finances in check.
- Choose what you will buy: Identify the items you want and prioritise them.
- Set spending limits: Assign a maximum amount you can afford to spend in total and for each item separately. This ensures you stay within budget.
- Monitor the deals: As difficult as this may sound, try to focus only on the deals for the items you have prioritised on your wish list and avoid getting distracted by other offers.
Extra tip: You can use the budgeting feature in the myAncoria app to track your expenses and easily manage your budget.
Compare prices before you buy
Check the prices before Black Friday, either in store or online, to get a clear view on how much the discount will be and if it’s worth it. Also, don’t forget that just because an item is labeled “on sale”, it doesn’t mean that it’s at the best price that you can find it.
Shop online safely
Online shopping has become the most common method to secure Black Friday deals. However, it’s also a playground for scammers. Shop smart and protect yourself by considering the following tips:
- Trusted websites: Shop only on well-known and secure websites/platforms. Check for the “s” in “https://” in the website URL to make sure that it’s secure.
- Unrealistic deals: If a deal looks too good to be true, it probably is. Avoid following any suspicious links that promote deals in emails or social media ads. Instead, visit the website directly to verify the deal.
- Check reviews: Before proceeding to buy something online, read reviews both about the product and the seller in order to check their authenticity.
- Hidden costs: Don’t forget to look out for additional costs when buying online. By this we mean shipping, VAT and custom fees amongst others. If you don’t factor in the extra costs your “deal” might end up costing more once these are added. Look for free shipping or special delivery discounts for Black Friday.
Have in mind that your online safety is more important than finding a good deal.
You can learn more about online scams in general and how to protect yourself here.
Plan ahead for future buys
Black Friday is an opportunity to save, nevertheless it shouldn’t jeopardise your finances. Planning for future Black Friday deals responsibly will help you stay financially in control and within budget.
- Emergencies: Set aside money for emergencies and don’t spend all your savings on deals. Always keep the emergency fund intact.
- Christmas holidays: Christmas is just around the corner, therefore keep in mind any upcoming expenses for gifts and celebrations.
Extra Tip: Open a Savings Account with Ancoria Bank to reach your future goals and manage your finances effectively.
Take advantage of Ancoria Bank’s Digital Loans
If you are thinking of making larger purchases on Black Friday, such as furniture, laptops, or a TV set, explore Ancoria Bank’s Digital Loans.
- Convenience: Apply for a Digital Loan online with myAncoria through the app or on a personal computer, without visiting a Banking Centre, not even for signing the contracts in case of approval.
- Flexibility: Choose between myLo@n (personal unsecure loan) and myOverdr@ft (overdraft) according to your needs.
- Transparency: With Ancoria Bank there are no hidden fees, you know exactly what you are signing up to.
A digital loan can be a great tool for spreading the cost of purchases, without draining your savings.
Black Friday tips for smart shopping
- Shop early: Keep an eye out for early discounts. Some shops have their best deals right before Black Friday.
- Wish list: Many websites allow you to save items in a wish list so you can track their availability and price, and buy them as soon as the price drops.
- Cyber Monday: Don’t forget about Cyber Monday. If you miss a Black Friday deal, you might find it again on Cyber Monday. This applies only for online shopping.
Black Friday is the best time to find super deals. However, spending extra money and falling victim to scams can ruin your experience. By making a wise budget, shopping safely and smartly, you can make the most out of your Black Friday shopping spree. Ancoria Bank can help you achieve your goals with services and products, like budgeting, savings and digital lending, tailored to your needs. This Black Friday shop smart!
Frequently asked questions:
What is Black Friday?
Black Friday originates in the United States of America and it’s the Friday after Thanksgiving. On this day many stores offer discounts and deals marking the beginning of the shopping season.
How long does Black Friday last?
Black Friday lasts throughout the day, however some stores offer deals before as well as after the day.
What day is Black Friday every year?
Black Friday is always the day after Thanksgiving, a holiday in the United States of America. However, Thanksgiving is a mobile holiday, therefore the date varies from year to year.
