Black Friday has become a major event in the retail calendar, tempting you to pick up everything from the latest tech, gadgets and household items to fashion items and beauty products.
The problem? While they’re sold as the perfect opportunity to save, they can easily lead to impulsive purchases, overspending and unnecessary debt. A report by Finder revealed that Black Friday spending is expected to increase £800 million in 2024. The average shopper is expected to spend around £122, up from £113 last year.
With ads, notifications and emails filling your inbox, it’s easy to get tempted. But the question is this: do you really need to make that purchase? And can you even afford to?
Here are our top 7 tips on how you can prioritise what you want, without overspending or buying products that you don’t need this Black Friday.
1. Set a budget… and stick to it
Set a budget before you start shopping. Take a look at how much money you have in your account, and subtract any upcoming essential bills or costs. This will give you a clear picture of how much you can realistically afford to spend.
By setting a budget beforehand, you’ll be able to make informed decisions and avoid impulsive purchases. But remember – for this to work, you need to stick to it. This means keeping a close eye on your budget and bank account on the day itself.
2. Think about what you really need
You should also create a shopping list of the items you want or need to buy, as this can help you stay focused and avoid any impulse buying.
So, think about what you really need before you start shopping. Are there any specific items you’re looking for? By taking a moment to consider what you actually need, you can create a focused shopping list that will help you stay on track and avoid impulse purchases.
Remember, if you won’t actually use or need an item, even if it’s cheap, it’s ultimately a waste of money.
3. Research, research, research
Always remember to do your research ahead of Black Friday to make sure that you’re getting a good deal, especially if you have your eye on a specific product.
Keep an eye out for any deals in advance and compare prices across multiple retailers too. Most importantly, consider whether you’re actually saving money or not. Some retailers will increase the price just before Black Friday, so when they drop it, it looks like a good saving. But in reality, most research suggests that many deals are the same price, or cheaper, at other times of the year.
If you’re aware of the price history of the item, regularly check reviews and compare prices, then you’ll know when it comes to Black Friday whether it’s a legitimate bargain or just a clever sales trick.
4. Sign up for your favourite retailers
Some retailers will offer exclusive discounts and better prices to members, so it’s worth signing up for any membership schemes ahead of black Friday.
You could also sign up for the newsletters, follow them on social media or turn notifications on via their social media accounts.
This means that you’ll be the first to hear about any deals they may have on and you also may have access to additional exclusive discounts and offers.
5. Take advantage of AI
Why not use AI to power up your Black Friday shopping experience? If you’re unsure about the best brand, model or retailer for the items on your list, AI tools like ChatGPT or Google Gemini can help you conduct thorough research and identify the best deals.
By comparing prices, reading reviews, and analysing product specifications, AI will help you to make informed purchasing decisions and avoid impulsive buys, saving you money and maximising the value of your Black Friday shopping spree.
6. Check return policies
Black Friday can often result in impulse buying due to the way that deals are presented, meaning you may be pressured into buying things you don’t really need or like.
Your silver lining? Returns. Always check the retailer’s return policy before you make a purchase, to make sure that you’re not stuck with something you don’t like once Black Friday is over.
7. Use the 24-hour rule
To combat impulsive spending, implement the 24-hour rule. When you come across a tempting deal, pause and reflect for a full 24 hours before making the purchase. This delay allows you to think about whether you really need item and avoid hasty decisions. Often, the initial urge to buy will subside, and you’ll realise the item isn’t essential.
