Black Friday is fast approaching, which means shops will soon be preparing for their busiest day of the year. Black Friday is a day when retailers lower their prices to boost sales. It occurs on the last Friday in November, and it can be incredibly tempting for people to buy as much as they can due to the deals available.

Sadly, many retailers and shops take advantage of this by driving people to spend beyond their means. Not only is this bad for your bank balance, but it also encourages buying things that you don’t need, which isn’t very sustainable. Our blog will help you become savvier with your budgeting this Black Friday.
Be wary of retailers putting prices up before Black Friday.
A well known trick that retailers use to encourage spending is the use of sales, offers and discounts. But what most people don’t know is that many of them actually put their prices up before Black Friday before lowering them again for the sale.

This gives the illusion that you’re saving money and getting an amazing deal when you’re not. One way to notice retailers who do this is by regularly checking price comparison sites like Pricespy to see if you’re getting a fair price for products.

Stay safe online

In today’s technology-driven world, online shopping has never been easier. This also means that it’s never been easier for criminals to try and trick people out of their money with fake deals and scam websites. When browsing online, it’s important to keep in mind the phrase ‘stop, challenge, protect’ if you think something looks too good to be true.

Stop what you’re doing and take a moment to think before parting with any money or information.

Challenge the retailer offering the deal and ask yourself whether it seems fake. It’s okay to refuse requests, and only criminals will rush or panic you into spending money.

Protect yourself by contacting your bank immediately if you think you’ve been scammed.

Know your rights

If you have been shopping in the Black Friday sale and you’ve changed your mind about a purchase, it’s good to know your rights. When shopping online you have 14 days to return things for a refund, and if the item is faulty or broken you have 30 days to demand a replacement or a refund. Knowing this crucial information will help give you enough time to get your money back and avoid unwanted items being thrown away.

Be wary of ‘buy now pay later offers’

If money is tight it might seem like an ideal solution to use a ‘buy now pay later’ provider. These are companies that allow you to buy items and then pay for them in smaller chunks over a set amount of time.

Unfortunately, providers aren’t always clear about hidden costs and high-interest rates. This means that you run the risk of getting into debt and paying much more than the original price. Our recommendation is to thoroughly research whether companies are interest-free. If they’re not, and you can’t afford to buy something up front, then we’d say to avoid buying it completely.

It’s important to remember that if you’re struggling with debt and money troubles to reach out to the StepChange for free advice and guidance. Hopefully, our article has helped you to become more aware of the tricks retailers may use, and how to become savvier to them this Black Friday.

For more helpful tips about money saving and sustainable living, follow us on social media @ForHousing.