Managing Black Friday

Black Friday this year is going to be different. There’s no escaping the fact that the events of 2020 will have an impact on the biggest shopping day of the year, not just for the shops but also for you.

Perhaps this time around, you’ll be on the lookout for a massive bargain to off-set any of 2020’s unexpected expenses. Maybe you’re simply in the mood to spoil yourself with a big-ticket item for getting through what has been a truly stressful year. Both are justifiable but before you reach for your wallet, it might be worthwhile to take a minute to think about that purchase. After all, given everything that has happened over the last few months, it would be reckless to splash out on 'too-good-to-be-true' deals before this year is through.

With that in mind, we’ve compiled this short list of tips that might help you get the most out of Black Friday this year and perhaps even set you up for a great new year too:

A 2021 Black Friday Checklist

1. 2020 isn’t done yet: After Black Friday there are still 2 months of bills to get through and December to January is the longest gap between pay cheques. Check your current financial status and be honest with yourself. If you have to let Black Friday slide to stay out of the red then perhaps it’s for the best. There’s always next year and if you put in the work, then you’ll be in an even better position to take advantage.

2. Protect your credit rating: Make sure you have money to cover your existing debts before you take on a big credit purchase. Before you even assign an amount though, it might be worth taking a look at your credit health as it stands now. DirectAxis Pulse is our free credit score rating toolthat will give you an up-to-the-moment summary of your financial status. It’ll also give you insights into where you can improve your credit score rating, and a free credit check for how much you qualify for when it comes to personal, car or home loans. Register for free here.

3. Online is an option: Stores may be operating a little differently this year so do your homework online before donning your mask and leaving your home. Lots of businesses are aware that shoppers may not be keen to actually venture in-store and will be advertising their Black Friday specials online ahead of time. Take a little time to fire up some robust searches and go beyond the first page of the results. You never know your luck but you might find a deal that you didn’t know existed. Extra tip: A lot of businesses have already gone live with their Black Friday offers so keep your eyes open.

4. Lock it in: Protect yourself from impulse-buying by setting a Black Friday budget and putting the rest of your money towards your existing debts. Don’t let this hyped-up event make you lose sight of your long-term financial goals. If you are struggling with your current financial obligations, a debt consolidation loan from DirectAxis might be the help you need. With one lower monthly repayment, you could free up to R1 500 in cash every month. Click here to find out more.

Final thoughts 

While Black Friday coinciding with payday-week may seem incredibly convenient, you should remember there’s a long road ahead until the end of January and it’s up to you how smooth that trip will be. If you must go into debt on Black Friday, please make sure you pay it off as soon as possible to avoid carrying it (along with the Festive Season debt) too far into the new year. With a little planning, you can get by without feeling a pinch at all.