With Black Friday looming this week, we have to stop to ask ourselves if this Americanised tradition really worth all of the hype it gets. Or is it just a quick cash grab by retailers? Black Friday and its sister Cyber Monday, have become bigger in the United Kingdom every year. With Brits expected to spend a massive £3 billion on deals this year.
Our top tips to look out for on Black Friday:
- Price Increase. Check the prices of the items you want to purchase, in the weeks leading up to Black Friday. Companies can increase the prices, to make the discount look better. If it seems to good too be true, it probably is!
- Be Careful. If you are braving the high streets, stay safe from the hustle and bustle. Consumers could become aggressive. People have been seriously hurt trying to get a bargain.
- Overspending. This can lead to buying things you don’t need, just because it seems to be a good ‘deal’. Overspending can lead to increased debt later on. Ask yourself if you really need this item.
- Avoid ‘Buy now, pay later’. BNPL can lead people down a rabbit hole of debt and have devastating effects on your credit score. Don’t be enticed in when you see pay with ‘Klarna’ or ‘Clear Pay’. By now pay later can be great for paying off large payments in instalments. However, small and unnecessary purchases look like you don’t have control of your spending.
If you are planning to hit the shops or the online sales, remember to be safe. You can refer back to our blog about staying safe when online shopping Stay Safe When Shopping Online – SMG Business Solutions Ltd (smg-business.com)
