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Black Friday frenzy, tread carefully not to over indulge

ALREADY BLACK Friday has come with its unfortunate incidents.

Black Friday frenzy, tread carefully not to over indulge

Dangerous Black Friday. Shoppers worldwide will be vying for products at lower prices. But at the same time violence could erupt, so be careful.

At some retail shops glass doors were broken and alarm triggered prompting the security to be on high alert.

Although no serious incidents have been reported or experienced thus far, shoppers have been warned not to splurge unnecessary considering the economical decline.

On Thursday, one of the rating agency’s pointed a bleak future ahead. So, tread carefully…

What is Black Friday and where does it originates from, you may ask?

Traditionally, Black Friday is the day after Thanksgiving – an American holiday which falls on the fourth Thursday in November.

On Black Friday, shops’ prices plummet for 24 hours in an attempt to get people splashing the cash in the run-up to Christmas.

The day earned its name as it’s often the day shops ‘move into the black’ – meaning they have enough money to cover their costs.

And it works – as customers often queue for hours, even days, to get their hands on the best bargains.

Unfortunately, the shopping mania can sometimes descend into violence, as people argue over discounted gadgets and appliances.

Many shops release details of their sale items before the day, so there are plenty of ways to bag the best deals.

The trick is to be prepared and organised and to always know what you want before the sales start – to avoid unnecessary spending.

But the bottom line is: avoid reckless spending and don’t do what you will regret later.

“Temptation is real and consumers often struggle with saying no to sales items and end up splurging huge amounts of money on items they don’t need,” John Manyike, head of financial education at Old Mutual, says.

The mistake that consumers often make is to overspend on unplanned purchases, Eunice Sibiya, head of consumer education at FNB, says.

Remember your best option is not to spend any additional income you may have had the fortune to get at this time of the year on Black Friday and Christmas shopping, but rather to allocate more money to pay off debt or towards savings and investments, Sibiya advises bargain hunters.

The upsurge in credit card purchases over Black Friday may be good for banks, but you must always remember that whenever you use credit, you will pay for the same product over a period of four to five years, which effectively means that you will pay for the same product a number of times over, Thabani Ndwandwe, head of credit risk at Standard Bank, says.

Am I on Black Friday frenzy, me thinks not, finish & klaar!

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