Consumers must avoid Black Friday temptations

Consumers have been urged to be disciplined with their spending, especially on Black Friday.

FNB consumer education programmes manager Dhashni Naidoo believes Black Friday can easily lead to financial woes, especially in these times of financial uncertainty.

‘People can avoid getting into financial distress by planning their budget and being honest with themselves on what they can afford.

‘Avoid spending on goods not budgeted for.

‘Do research ahead of time to determine exactly what you want to buy, and the prices upfront.

‘Compare the current price of the item to establish if the discounted price on Black Friday is still favourable enough. ‘Only buy what you need and not because something is on sale,’ Naidoo said.

He added consumers must not use debt to buy non-essential or luxury goods.

‘Credit incurs interest, and tapping into long-term savings or emergency saving funds clearly suggests consumers may not be able to afford spending on Black Friday.

‘Sometimes we are lured by the excitement and appealing marketing noise simply because we are told prices have been drastically reduced.

‘Consumers are advised to do their homework and verify the price reduction claims. ‘Track the prices over some time,’ said Naidoo.