Beauty & Fashion
Don’t blow your budget on Black Friday
On Friday 24 November, millions of shoppers around the world will be going bonkers for Black Friday.
Although it is the perfect opportunity to get your Christmas shopping done, it’s also a gateway to overspending before the festive season even begins.
So to help you to avoid falling into the urge-to-spend trap this Black Friday, and throughout the festive season, Budget Insurance offers these helpful tips:
Setting a budget will help you to guide and limit your spending. If you’re planning to buy gifts, budget per person so that you know exactly what you can afford to spend on each of them.
Compare prices, pronto
During the year’s biggest promotional event, you may assume you’re getting the best prices but this isn’t always the case. So to avoid getting duped, do your research before making your purchase.
Shop smart with your smartphone
Download money saving and budgeting apps like Spending Tracker, which allows you to set your budget, log your transactions, and track your spending.
Shop online, not in-store
According to the International Council of Shopping Centres, 90 percent of holiday shoppers plan to spend in-store – a dangerous strategy for anyone on a budget. It’s also easier to avoid overspending online because you can jump from site to site instead of running from store to store to compare prices. In addition, you avoid frenzied shoppers and pumping holiday music, which can be a hidden spending trigger.
Curb you credit card enthusiasm
So you’ve spent your allotted Black Friday budget and then you see that something you can’t live without, but before you reach for your credit card, think about how you want to start the New Year – with a clean financial slate or looking at debt management and debt consolidation options?
Give those wish lists a reality check
Manage your kids’ expectations when it comes to their wish lists. According to a survey done by US asset company, T. Rowe, many parents found themselves dipping into their retirement or emergency funds after overspending on their kids’ gifts, with 53 percent of respondents agreeing with the statement.
Leave Woofles off the list
Yes, a dog dressed up as Santa Claus is truly adorable but since they generally don’t enjoy it and their outfit could set you back a few hundred bucks, skip dress up and give extra cuddles instead.
Opt for a gift card
If you’re not sure what someone wants, rather give them a gift card than something like clothes and shoes. A survey done by shopping site Splender, showed that these were the items most likely to be returned.
Secret Santa can be super
Many families have made this a tradition as it can drastically reduce your gifting budget. By each choosing one member of the family to buy for and agreeing to spend the same amount of money, you can put more thought and effort into your gift, which of course is in the real spirit of giving.
An expensive month is around the corner
Keep in mind on the month when many of us have the least to spare also happens to be a very expensive one, especially for parents who need to pay for school uniforms and school fees.