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11/11/2021

5 Tips To Avoid Overspending On Black Friday

5 Tips To Avoid Overspending On Black Friday banner

It's the biggest shopping event of the year, but make sure you're bagging a bargain and not debt with our five tips to avoid overspending on Black Friday.

What is Black Friday

Originating in America but now commonplace in the UK, Black Friday typically takes place on the Friday following Thanksgiving, although in recent years Black Friday has spread across the month of November. The shopping event sees retailers offering 'huge' discounts both online and in-store with Brits spending £8.6 billion across Black Friday weekend in 2019.

While many hail the shopping event as the perfect time to do your Christmas shopping, Black Friday can be a dangerous time for shoppers, with many spending beyond their means and consequently getting into problem debt. Therefore, we are running through five simple tips to help you avoid overspending on Black Friday.

How to avoid overspending on Black Friday

Is it really a deal?

If you follow us on Instagram, you'll have heard us repeat this time and time again. While many retailers may advertise their deals as the 'best ever', often products can either be found cheaper elsewhere or have been cheaper at other times during the year.

Therefore, if you are eyeing up an item this Black Friday be sure to shop around. It's never too early to start window shopping either; start checking out the prices of your item long before Black Friday so you can see whether it really is a must-have deal.

Do you really need it?

While it can be tempting to add everything to your bag this Black Friday, it's key to step back and ask yourself whether you really need that discounted air fryer. Impulse buying rockets around November with many of us being sucked in by must-have Black Friday buys.

We would normally recommend thinking whether you need a product for 30 days, but, we appreciate Black Friday offers don't stick around for long. Therefore, we'll give you 30 hours to have a long hard think whether you need to buy what's in your bag. Spoiler alert: you don't.

Don't let your outgoings exceed your incomings

Black Friday also coincides with payday weekend. While that may be good for retailers, it can be detrimental to your monthly budget.

When considering your Black Friday budget do a quick calculation to see whether it will dip you into the red financially, and, if it does then sadly it's time to put it back. Trust us, you don't want to spend the remainder of the month (or longer!) struggling with debts just for that one off purchase.

Say no to buy now, pay later

If you really want an item in the Black Friday sales but can't afford it, it can be tempting to use a buy now, pay later scheme such as Klarna or ClearPay. But, these schemes are unregulated and are known for causing financial risks, with some users falling into debt as a consequence. Therefore, if you can't afford it outright, put it back on the shelf.

Read more on the risks of buy now, pay later schemes in our previous article.

Set a Black Friday budget

Whether you are hitting the shops online or in-store this Black Friday, having a budget and sticking to it is a great way to avoid overspending.

Many use this shopping event for Christmas presents, and, if you can get some good savings why not? But, having a budget and shopping list that you stick to can make sure you just get those sought after items and don't get drawn in by those fantastic offers while out and about. This can also coincide with your Christmas budget to really make sure you don't have any unexpected outgoings.

For more help and advice on budgeting, read our guide.

Black Friday debt advice

These tips are intended to prevent overspending on Black Friday. However, if you find yourself in financial distress it is vital that you seek debt advice. Use our online debt advice tool to receive free, no obligation debt advice to help you get back on track.

Black Friday can be a great time to pick up some bargains and make some real savings, especially in the run up to Christmas. However, it can also lead to a day, weekend and month of overspending. Follow these tips to help you avoid overspending on Black Friday. All that's left to say is happy, and savvy, shopping!

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