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Strategies for Smart Shopping on Black Friday

By November 4, 2023Education, Stocktrade

It’s that time of the year again! You definitely need the strategies for smart shopping on Black Friday! You know why? Your inbox is currently being flooded with daily SMS messages, and your email isn’t spared either. Even if you close your eyes, you can’t escape the posters and ads proclaiming irresistible deals:

“End of year deal, buy 2 get 1 free!” “Black Friday sales, Cyber Monday giveaways” “Christmas sales, 30% off!” “Earn as you spend” – the lines are always catchy, and the offers seem endless. While some of these offers are golden opportunities, others are cleverly disguised traps that could lead you into impulse buying and accumulating debt.

How do you distinguish a genuine deal from a potential pitfall? When should you take an offer seriously? To steer yourself in the right direction, consider the following questions:

Do I need it?

If you can’t identify the problem it will solve or a genuine need it fulfils, that deal is not meant for you. It’s not smart shopping, but a trap set to deplete your resources and clutter your living space with unnecessary items.

Was it already on my shopping list?
If the item was already on your “to-buy” list, then it’s a genuine deal. You get to save money on something you intended to purchase anyway.

How will this purchase impact my budget?

Having a budget is essential because it’s one of the key strategies for smart shopping on Black Friday, but sticking to it is even more crucial. If this item doesn’t align with your budget, and buying it will affect funds allocated to other essential items, it’s a trap. Move on and resist the temptation.

What will happen if I don’t buy it?

Consider the consequences of not making the purchase. Will you miss out on something vital, or will you have to pay more for it later? If there are no direct negative consequences to not buying it, it’s likely a trap. Don’t fall for it.

Is it rare or hard to find?

Some deals are genuinely unique, and some items are rare finds. If this item falls into either category and satisfies the criteria in question 1, then it’s a legitimate deal worth grabbing.

How much am I truly saving?

Calculate the actual savings you’ll enjoy by making this purchase right now. If the savings aren’t substantial, it’s hardly a deal worth your attention.

Financial maturity calls for deliberate spending. Don’t be swayed by every “sale” you come across. Consider making deliberate purchases and stick to your budget. Keep in mind that if you buy a pair of shoes for N20,000 that you don’t need, even if it’s marked down to N10,000, you haven’t saved N10,000 – you’ve spent N10,000.

Imagine what could happen if you invested that N10,000 in stocks of your favourite companies at and earn dividend payouts. Now, that’s a deal worth considering. If you’ve never traded stocks, this is the time to begin.

Have you ever fallen into a trap disguised as a deal? Share your experiences in the comments.

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