Held on 24 November , Black Friday may be excellent news for retailers as they aim to increase their sales.

If you’re planning to spend your hard-earned money on Black Friday instead of saving it for long-term investments or rainy days, then you could learn a thing or two. Our sister Caxton publication, Bona Magazine gives you five tips to keep in mind:

Ignore the marketing propaganda
Don’t get sucked into the hype. Do you really need to spend your savings and pay cheque on things that you may not need? Keep calm and think things through, carefully instead of just going with the current.

Budget in advance
Set aside a particular amount for all the necessities you want to buy on the day. Once you’ve reached your limit, stop shopping! Don’t be tempted to overspend. This will help you to avoid getting in debt over products and things you didn’t have to buy in the first place.

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Plastic is not fantastic
Whatever you do, don’t use your credit card! If you somehow end up using it, then make sure you pay it all back by the end of the following month.

Learn from the past
Have you used all the products that you bought at previous Black Friday sales? Have you also done sufficient research to see whether shopping on the day results in a gain or loss? This should help you to make an informed decision.

Think about the future
Ask yourself, “Once I spent my hard-earned cash on Black Friday specials, how will I get through the rest of the month?” If you do not have multiple streams of income, then it is advisable not to take part in Black Friday. It’s better to be safe than sorry.

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