If you plan on braving the shops this Black Friday, then follow these five simple rules to ensure you don't waste your money.
Black Friday is just around the corner yet again, and for many shoppers, it’s a good time to score some unbeatable deals. Or is it?
With the excitement of discounts and limited-time offers, it’s easy to get swept up in the frenzy and end up spending more than intended. Or worse, purchasing items you don’t need at a price that's not actually that great.
But with a little planning you can avoid overspending and get deals that truly matter.
So here are our top tips to help you shop smarter this Black Friday!
1. Don’t get caught up in the hype
Try not get caught up in all the hype surrounding Black Friday, which is largely just a marketing stunt by retailers.
Don’t go shopping just for the sake of it or because you feel you should get something. Have a think about what it is you really need and make a list.
Do you have Christmas presents for friends and family to buy? Is there something for the gym or the office that you’ve been meaning to get? Are you and your partner expecting in the New Year and need things for the new arrival?
And if going clothes shopping, have a good look in your wardrobe beforehand to see what types of clothes you already have and which things you genuinely need so that you don’t come back with stuff you don’t want.
Finally, remember that it's only ever really a bargain if you were prepared to buy the item at the original, higher price.
2. Think about it for 24 hours
A good rule of thumb to help avoid impulse buying is to leave an item for at least 24 hours before buying it.
If after a day you still want the item, then get it.
Although it’s called Black Friday, the sales event now usually lasts the entire weekend. And will culminate in Cyber Monday. So you have plenty of time to think about your purchases.
And remember, the Christmas sales are only a few weeks away when the item might be on sale again at an even lower price!
3. Be wary of sales prices
Until recently there were no hard and fast rules on the use of sales prices.
Now, however, the sale price must be based on the lowest price a product was on sale for in the previous 30 days, and the discount based on this price alone.
But many retailers are flouting the law. Besides, there’s nothing to stop a retailer artificially increasing the price of an item for 30 days so that it can then 'reduce' it for a few days or weeks afterwards.
And don't get tricked by prices with "now'" or "now only" stuck on them without reference to any previous price. A laptop could retail for €1,000 and then have a sticker saying "now €1,200" on it a few weeks later.
So if you see something for "sale", do some research online to see what price the item usually retails at. Don’t be duped into automatically thinking the "reduced" sales price is offering good value.
4. Check the returns policy
Many retailers have different returns rules for items that are on sale.
If you buy something that’s not of merchantable quality, you're always still entitled to either a return, a refund, or a replacement for the item as per your statutory consumer rights. This doesn't change.
But if you simply change your mind and want to bring something back, you could find that the retailer won’t accept the return or may only offer a 14-day return period as opposed to the more standard 30-day rule.
So always check before buying.
5. Shop safely online
If shopping online, take basic precautions so that you're not the victim of fraud.
Always buy from a reputable site. And check to see where the site is located as you’ll have more protections if buying within the EU. And look for a secure connection (the padlock symbol) when paying.
And if you’re a customer of Revolut, remember that it offers a great service to help with shopping online safely - disposable virtual cards. At the click of a button you can create a brand new ‘virtual’ card within the Revolut app, which you can use for one-off purchases online
