It sounds like a saving. But is it?
If you didn't need the item, weren't planning to buy it or could find it cheaper somewhere else, you might not have saved anything at all. You simply spent money because the discount made the purchase feel like a good idea.
That's one of the tricks of Black Friday. A big percentage, a crossed-out price and a countdown clock can make almost anything look like a bargain. But a good deal isn't just about how much the retailer takes off the price. It's about how much value you get for the money you spend.
So, before you click “buy” this Black Friday, ask yourself a few simple questions.
1. Do I actually need it?
Start here.
You see a pair of shoes marked down from R1,500 to R900. You weren't looking for shoes, but suddenly the R600 “saving” makes them hard to resist. But if you leave the shop without buying them, you keep R900. That's why “How much will I save?” shouldn't always be your first question.
Try “Was I going to buy this anyway?”
If you already needed it, a genuine discount can help you stretch your money. If you didn't, the discount might simply encourage you to spend.
That doesn't mean you can't buy something you want. Black Friday can be a great time to treat yourself. Just make sure you're buying because you want the item, not because the sale makes you feel like you can't afford to miss it.
2. Would I buy it without the discount?
Here's an easy test. Imagine the same product had no red sale sticker on it. Would you still want it? If the answer is no, take a moment before you buy.
Black Friday deals create a sense of urgency. “Today only” and “last chance” can make you feel as though you need to decide immediately.
You don't always have to.
If you're shopping online, add the item to your basket and come back to it later. That little pause can help you decide whether you really want it or simply don't want to miss the deal.
3. Did I check the price elsewhere?
Don't let the percentage off do all the talking. A product marked “40% off” isn't necessarily cheaper than the same product somewhere else.
Before you buy, search for the same item at a few different retailers. Check the actual selling price, not just the advertised saving. For example, a jacket might be marked down from R2,000 to R1,200. That looks like a R800 saving. But if you can get the same jacket for R1,000 somewhere else, you've found a better deal.
The price you pay matters more than the percentage on the sticker.
Our Black Friday advice? Compare prices and look at the actual saving rather than getting caught up in the hype.
4. Will I use it?
Sometimes a deal really is a deal, but only if you use what you buy. This matters even more with multi-buy specials.
Buy one, get one free.
Two for R500.
Three for the price of two.
These offers can save you money when you already planned to buy the items. But if you only need one, buying three doesn't automatically make you better off. Before you take the deal, ask:
Will I actually use all of it?
If the answer is yes, go for it. If not, don't let the word “free” convince you to spend more.
5. Could I spend the money another way?
Black Friday doesn't have to mean choosing between spending everything and spending nothing. You might have R1,000 set aside for festive-season spending. You could spend all R1,000 on one discounted item. Or you could find a cheaper option and use the money you save towards gifts, a family outing or something else you've been looking forward to.
The same applies to festive celebrations.
Instead of cancelling the things you enjoy, look for cheaper ways to enjoy them. Share the cost of a meal with family. Compare prices before buying gifts. Look for two-for-one offers on activities. Choose one special experience instead of several smaller ones.
The goal isn't to make December one long exercise in saying “no”. It's to make your money go further.
6. Use rewards on things you were going to buy anyway
Discounts and rewards can also help you stretch your money. That's where JustMoney MyMoney Saver can help. MyMoney Saver gives you access to a range of discounts, vouchers and other benefits for just R149pm. The programme currently includes benefits on things most people spend money on regularly, like 15% discount at Edgars, Style or Legit (capped at R500), 50%off Nu Metro movie tickets and snacks, up to R1,000 cashback per month when dining at Mugg & Bean, Wimpy, Steers or Nando, discounts at Shoprite, Checkers or Dischem, and so much more.
The important thing is how you use those rewards. Don't buy something just because you can get a discount on it. Instead, check whether you can use a MyMoney Saver benefit on something you were already planning to buy by registering on the JustMoney MyMoney Saver site. That way, the discount can actually help you keep more money in your pocket.
So, before you grab that Black Friday bargain, ask yourself:
Do I need it?
Would I buy it without the discount?
Did I check the price elsewhere?
Will I actually use it?
Could I get a discount or reward another way?
If the deal passes those checks, go for it. And if it doesn't? Walking away isn't missing out.
Because getting a good deal isn't about spending less for the sake of it. It's about making the money you have go further.
More from the JustMoney Newsletter
Is that Black Friday deal real?
Your cupboard hides money
Know what you’ll pay
Don’t let December follow you