Think, before you splurge today

Is Black Friday a good or bad thing?

Do people actually benefit from the specials on the day, or does it lure the vulnerable to make purchases they ordinarily wouldn’t and set them spiralling into a debt trap they’ll struggle to get out of?

It’s a difficult one. There are certainly specials that can benefit the man in the street, but you probably should avoid impulse buying at all costs.

Simply put: if you are a wise shopper, there are definitely gains, but there are red herrings, so think before spending.

In today’s tough economic times, splurging is not an option for the majority of us, so buying essentials at good prices is the better option.

According to Absa, they see a 10% increase in Black Friday spending, with total transactions projected to “exceed R4.5 billion and nearly 9.75 million transactions processed”.

Elize Kruger, an independent economist said: “Various developments are likely to have a positive impact on this year’s Black Friday and Black November spending, including lower inflation, the return of real salary growth, two-pot retirement system withdrawals and a stronger rand that also supported consumer pricing.”

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The seven tips we offer on our news pages will stand you in good stead if you are disciplined.

Set a budget and stick to it; think ahead: gift now, save later; score school supplies early; beware of the debt trap; leverage cashback and rewards; avoid emotional spending; and combine discounts for maximum savings.

There are also scammers to watch out for. Fake websites and counterfeit goods spike during this time, luring you in with wonderful deals.

The bottom line is: if the deal is too good to be true, it probably is not real.

We’re certainly not saying don’t look for bargains, or spoil yourselves.

We are just asking consumers to think carefully before going all-in.

NOW READ: How to avoid a hangover from Black Friday and Christmas spending