Black Friday and Cyber Monday are now some of the biggest sales in the country and where thousands of us splurge on everything from new phones to TVs.
It’s also a time when it’s incredible easy to overspend and get yourself into financial trouble.
The good news is, if you approach it right, Black Friday and Cyber Monday can be a very good time to make purchases.
I’m going to share some actionable money saving tips for Black Friday and Cyber Monday.
Remember who Black Friday and Cyber Monday is for
The first tip I want to share is to remember who Black Friday and Cyber Monday is for.
You may think it’s all about you and saving money.
It’s not.
It’s about retailers clearing space for Christmas and boosting profits before the main event.
While there are great discounts to be found, retailers aren’t shy of misleading, making out a deal is better than it is, or encouraging you to spend as much money as possible.
If you only remember that Black Friday and Cyber Monday is about the retailer and their needs and not yours, you’ll approach the whole thing very differently.
Be wary, be cynical and question every discount you see.
You’ll be amazed at just how many special offers aren’t quite as special as they are being made out to be!
Separate needs from wants on Black Friday and Cyber Monday
You only save money in a sale if you need what’s on sale. If something is 50% off and you were going to buy it anyway, you really have saved 50%.
If you weren’t planning on buying the item, you haven’t saved 50% at all. You have spent an extra 50%.
There’s nothing wrong with treating yourself on Black Friday and Cyber Monday. Just make sure you can afford it and it won’t leave you short for other things.
Create a needs and wants list. Have a column of things you really need to buy and prioritise those during the sales.
If you can get all your needs and still have spare money left over, buy something from the wants column.
Create a shopping list ahead of time
I use this trick all the time. It helps focus the mind and lets me check that sale prices really are sale prices.
If I know I need something ahead of Black Friday and Cyber Monday, I’ll make a note of it.
I’ll check the current price and take a screenshot of the product description from a retailer I trust.
Then, on the day, I’ll compare the Black Friday and Cyber Monday price against what I recorded before.
You’d be amazed at how many retailers will tell you something is discounted when it actually isn’t, or not at the claimed rate.
Some retailers will bump the price just before Black Friday so they can discount it on the day. Others won’t even go that far.
If you know the standard retail price, you can make an informed decision about who is offering a genuine bargain.
The screenshot is to check the stats and features are the same.
We all know about shrinkflation and the ‘special edition’ products retailers sell on Black Friday and Cyber Monday.
Not all of those products will be the same size, shape or have the same features as the standard product.
That’s why I have the screenshot.
If it’s the same product at a genuinely lower price, I’ll buy it. If the discount isn’t what’s being advertised of the product isn’t the standard model, I won’t.
Use price tracking websites
Price tracking is the easy way to do what I just described. It’s useful if you don’t know until the time whether you’ll need something or not and won’t have the opportunity to check pre-sale prices.
Use price tracking websites like Alertr, PriceSpy and CamelCamelCamel to identify the best deals and check historical prices.
Set up store accounts in advance
If you know you’ll be buying something from a particular retailer ahead of Black Friday and Cyber Monday, create an account ahead of time.
If somewhere doesn’t have guest checkout, you’ll need an account to buy something. If you leave it until Black Friday, chances are it will be a slow and painful process.
Doing it in advance can save that hassle.
Buy on your credit card
If you’re planning to buy online during Black Friday and Cyber Monday, use your credit card. You’ll get Section 75 protection on purchases over £100 and extra security too.
Use a 0% credit card or pay off the balance by the end of the month to avoid paying interest.
Use willpower though.
It’s incredibly easy to get caught up in the sales and spend money you don’t have. Use your needs wants list and a price tracker to ensure you get the best deal.
Use cashback websites on Black Friday and Cyber Monday
Cashback websites can be very useful if you’re planning to make purchases. While they don’t always pay much, every little helps.
TopCashback and Quidco are probably the biggest names right now and cover many popular retailers, both online and offline.
Double check the retailer
Black Friday and Cyber Monday are also times for scams as well as savings. You may be tempted to use a retailer you haven’t used before and that’s fine as long as you perform your due diligence.
Do a little research, check reviews, search the retailer’s name and you should be able to see whether they are legitimate or not.
Make the purchase with a credit card for Section 75 protection and you should be good.
Don’t buy now and pay later
The rise of buy now pay later (BNPL) schemes is alarming. There are some very big names out there offering this facility and I strong urge you to avoid them.
If you cannot afford to buy what you want, don’t buy it.
I know it’s tough and may mean going without and paying a higher price later, but it’s worth it.
BNPL schemes can work out very expensive. You’ll begin with a shiny new 0% period but that will soon run out and you’ll end up paying quite high interest rates.
BNPL schemes are designed for people who can’t afford what they buy. While I won’t call them predatory, they know their audience will rarely be able to pay everything back within the 0% period.
If you can’t afford it, don’t buy it. It’s harsh advice perhaps, but it’s good advice.
