With discounts on everything from tech to fashion, Black Friday is a big day in the retail calendar. Taking place on 29 November this year, an increasing amount of retailers are offering discounts on a range of goods.
To make the most of the Black Friday sales, it’s important to be prepared.
5 tips for preparing for Black Friday
1. Plan a budget
Black Friday can be the perfect time to snap up some purchases you know you’ll have to make in the future – such as Christmas presents. But before you start spending, take some time to work out what you can afford. Look at your incomings, outgoings and anything you have left over. You should be able to work out what you can afford to spend from this.
If you decide to use a credit card for any purchases, keep in mind that you'll have to repay anything you spend. You may also be charged interest if you carry a debt from month to month.
Explore more: How to create a budget
2. Decide what you need beforehand
After you’ve worked out what you can afford to spend, look at what you actually need. It’s easy to get swept up in all the offers, so deciding what you want to buy beforehand and creating a wish list can help stop you needlessly spending.
To make the most of your money, you may want to try setting spending limits on certain items. Or you could look to prioritise what you need. That way, you’ll buy the most important things first before you blow your budget.
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3. Look at who’s participating in Black Friday
Not every shop will be holding a Black Friday sale. So if you can, do some research before about who'll be participating and what discounts to expect.
You might also find it useful to look at where you can get your wish list items. Knowing where they are may give you a better chance of purchasing them before they run out of stock.
4. Research online retailers
Before you buy anything online, make sure to do your research – especially if you’re unfamiliar with the retailer.
Look for things like a physical address and contact details, and check privacy and returns policies. Make sure sites are authentic by checking the web address for subtle misspellings, added words, characters and other irregularities.
5. Keep your money safe while you shop
Before entering payment details on a website, make sure your connection is secure. You can do this in two ways:
- look for a padlock symbol in the browser window frame - which appears when you attempt to log on or register
- check the web address begins with ‘https://’ - the ‘s’ stands for ‘secure’
Paying by credit card offers greater protection than other payment methods for fraud, guarantees and non-delivery. If you spend more than £100 on your credit card, your purchases will be protected under Section 75 of the Consumer Credit Act 1974.
Section 75 protects credit card purchases between £100 and £30,000 and means if you’re sent faulty goods, they don’t arrive or there are any other issues which you’re unable to resolve with the retailer, the credit card company will refund you.
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Managing your money beforehand can help you make the most of Black Friday. Plus, prepping early can help you stay on top of your finances and minimise any unnecessary spending.