As retailers bombard us with email reminders and TV ads, it’s hard to resist the allure of Black Friday deals. However, falling prey to the sales frenzy can lead to overspending and financial woes. Deidre Cross, founder of Ohh You Budget, shares her expert advice on how to shop smart during this period.
The Flashy Deal Trap
Don’t let flashy deals pressure you into buying things you wouldn’t have bought in the first place. Cross emphasizes that just because it’s on sale doesn’t mean it’s a good deal for you.
Use Prepaid Cards or Cash
When shopping in person, using cash or prepaid credit cards can help prevent impulse buying and overspending. If you’re prone to impulse shopping, carrying a credit card will only set you up for failure. Cross suggests pulling out cash and setting a budget before heading to the mall.
Know Your Needs vs. Wants
Make a list of things you need and want rather than being swayed by every deal you see. Prioritize your needs over wants, and compare prices to ensure you’re getting a good deal. Cross sets a budget for herself each year and sticks to it, ensuring she doesn’t overspend.
Avoid Buy Now, Pay Later Schemes
While it may be tempting to pay for a pricey item over time, buy now, pay later schemes can hurt your budget in the future. These plans tie up future paycheques into items you might not need and can lead to financial difficulties if not planned well.
Think of the Post-Holiday Season
Consider what you want to do after Black Friday and the holiday season. Saving money now could allow you to take a vacation or book time off work in January, ensuring you don’t rob your future self of doing things you wanted to do and have.
Grocery Stores Can Offer Deals Too
Grocery stores like Walmart Canada and Loblaw Cos. Ltd.-owned Shoppers Drug Mart offer deals on personal care and holiday items during Black Friday sales. Cross suggests shopping for items you need during the holiday season, such as packs of sugar for baking, during these events.
Shopping Tips from a Budgeting Expert
- Shop off the flyers and base your meals on the flyer offers.
- Avoid buying unnecessary items just because they’re on sale.
- Prioritize your needs over wants.
- Set a budget and stick to it.
By following Cross’s expert advice, you can navigate Black Friday sales without breaking the bank. Remember, shopping smart is all about being mindful of your finances and making intentional purchasing decisions.
Additional Reading:
- GST Break Proving to be a ‘Nightmare’ for Businesses: Understand how GST breaks can impact businesses.
- Investors Pour into 7-Eleven Owner’s Stock as Takeover Race Grows: Stay up-to-date on the latest business news and trends.
