As the ‘Black Friday’ sales draw closer, you may be one of the millions of people eager to bag a bargain in the run up to the festive period. Whether you’re thinking of treating yourself or someone close to you, Black Friday can be the perfect opportunity to stock up on gifts and save money.
That said, the authenticity of some of the deals being offered has come into question. According to Which?, 92% of the Black Friday ‘deals’ available in 2023 were cheaper or the same price at other times of the year.
For this reason, getting caught up with the excitement of the ‘sales’ may cost you more than you think. Alongside this, unscrupulous criminals may use Black Friday to attract victims to their scams, by offering deals that seem ‘too good to miss’.
So how can you get the most from the annual retail bonanza and ensure you don’t end up spending more money than you need to? Read on to discover three clever tips that will help you be a savvier shopper during this year’s Black Friday, which takes place on 29 November.
1. Set a budget you’re comfortable with
Sitting down and creating a budget isn’t always about working out how much money you can afford to spend. If you have plenty of cash in the kitty, setting a budget can help you to avoid buyer’s remorse.
This is because it helps you to set a level of spending you feel comfortable with, which means you’re less likely to get carried away and make purchases you later regret. Once you have set your budget though, do your best to stick to it, as this will ensure you say ‘no’ to the offers that would otherwise be too tempting to miss.
Writing a list of things you need and another list of ‘nice to haves’ could be a very shrewd way of prioritising the items you want to buy, which could help you to keep your spending in check.
2. Look at the price, not the saving
It’s all too easy to assume you’re making a huge saving when a price tag shows a massive reduction. During Black Friday, it’s not uncommon to see items at half price or lower, however the saving can sometimes be exaggerated by the seller.
As the above research by Which? suggests, some retailers may hike the price of items in the weeks leading up to Black Friday, so they can claim dramatic savings during the sale. That’s why it’s better to consider the price you’re being asked to pay and whether you feel the item is worth it, instead of focusing on the saving you think you might make.
For that reason, it’s often a good idea to do your research so you know the current market value of the items you want to buy, and what really is a ‘bargain price’.
3. Be aware of potential scams
At a time when retailers are busy promoting offers, it’s important to remember that it’s also an opportunity for criminals to try to access your bank account by offering bogus deals. According to the media, data from the National Fraud Intelligence Bureau revealed that nearly £13m was lost to fraudsters during the 2023 Black Friday and Christmas sales period.
A common way criminals try to access your bank account is to use authentic looking emails and fake websites offering exclusive deals. While they will look as though they’re directing you to the retailer’s log in page, they will in fact take you to a convincing looking website that allows the fraudster to potentially capture your username and password.
One way you could protect yourself is to always go directly to the retailer’s website. It’s also important to remember that if a deal looks too good to be true, it probably is and could be a scammer trying to attract you to a bogus website.
Get in touch
We hope you found this blog useful, and it helps you to enjoy some great savings during Black Friday and keep your money safe from scammers. As one of the UK’s largest independent financial advice companies, we’re always on hand if you need help with your wealth.
Whether you want to discuss ways to be more tax-efficient, your pension or any investments that you have, we’re here to explain your options in an easy to understand way. Just give us a call 0333 010 0008, as we’d be happy to help.
Thursday 28 November 2024