7 strategic ways to navigate Black Friday without overspending

While you want to make the most of Black Friday savings, you want to do so without getting further into the red.

“The best solution is having a strategy in place to help you navigate Black Friday without overspending,” says Derek Cikes, Commercial Director at Payflex, the South African shop-now, pay-later payment fintech.

Cikes provides 7 top insights on maximising Black Friday without incurring debt.

1. Have a plan of action
When it comes to maximising Black Friday you need to know what you want and where to get it. Do your research to discover the best deals. Check the ads to know what’s out there. 
“Plan your shopping so that you get what you want at the price that suits your budget,” says Cikes.  “That way you make conscious shopping decisions rather than being swept up in the spirit of a “great deal.”

2. Have a Budget 
Be realistic.  Know what you can afford. 

“It’s fantastic to get great deals, but it’s even better if those deals don’t incur debt,” says Cikes.  
Work out what is affordable.  Decide on the maximum amount you’re going to spend and allocate a spend for must-have items and then a small amount to use freely to treat yourself to something special.

3. Shop around for a spending plan
If you max out your credit card, you end up defeating the purpose of getting that ‘great deal’ in the first place.  Credit is expensive. Shop around, not just for the best deals, but also for a payment plan that won’t add additional cost to that great price you just secured.

Look out for alternative payment solutions that offer an interest-free spending plan, such as the Payflex, where you pay 25% upfront and spread the rest of the amount over 6-weeks at no additional cost. No costly interest or fees or additional debt – and you still get what you want today.

4. The big question
“Do I want this or do I really need it?”

“Differentiate between what you really need versus what’s nice to have,” says Cikes.  “The idea is to maximise the value of your spend so that you get the best deal on the items that will have the most impact on your life, and your pocket!”

5. Make a shopping list
Resist the need for immediate gratification by writing down exactly what you’re going to buy before you shop.  While there may still be temptations, a shopping list will keep you focused. 

6. Join the inner circle
Sign up for retailer newsletters to get firsthand information on the deals.  Start following select retailers on the various social media platforms so that you know exactly what’s on offer and where.

7. Shop Online
Exhausted at the thought of long queues?  Then online shopping is the way to go.  Just thumb your way through a catalogue of your favourite items together with a few clicks, and voila – the item is yours, at a great price with no need to queue. 

“Start planning today for Black Friday so that you can research the best deals and spending plans to get what you want on the big day without getting into costly debt,” says Cikes.
“In this way you can enjoy a guilt-free experience without overspending, giving yourself peace of mind to make the most of the day, crowned by the enjoyment of your well-deserved bargains,” concludes Cikes.