Faizel Patel, Radio Islam News – 23-11-2017

While millions of shoppers count down the hours until the much awaited Black Friday sale on Friday, the National Credit Regulator (NCR) has urged consumers to avoid getting caught by sales gimmicks and approach Black Friday offers with a level head.

In a statement NCR says Black Friday may just trigger an overspending binge that could set consumers back financially in the New Year if they are not cautious.

The NCR’s Mpho Ramapala says people must ensure they prioritise necessary expenses like their rent and transport and other costs before they engage in the Black Friday mania.

“A sale does not necessarily mean that you must shop until you drop, certainly not if you haven’t budgeted for it and have more important commitments. Never fund your Black Friday or festive shopping spree by taking unnecessary loans/credit and getting into debt.”

Ramapala shares some advice on surviving Black Friday and Spending Wisely during the festive season:

•  If it is on sale and you buy it on credit, remember that interest and fees will push up the price. Therefore, cash is king for sale items.

• Don’t spend what you don’t have – this means do not live beyond your means and don’t buy if you haven’t budgeted;

• Set a realistic budget of what you can afford to spend at the beginning of your Black Friday/Christmas shopping and stick to it;

• Don’t shop in a hurry, without a plan and place everything on your credit/ store card;

• Plan carefully and pay particular attention to your budget, especially bearing in mind the additional expenses that come with the New Year;

• Have a shopping list to avoid buying unnecessary items – if you don’t need it now, chances are you may never need it. So avoid wasting your time and hard earned money;

• If you want to begin the New Year in a financially sound position, be aware of how you spend your money during this period and save for the New Year;

• Do a budget for the festive season which includes all debt, rent, electricity, water, insurance, transport, gifts, school uniform, stationery, entertainment etc.;

• Don’t blow your bonus on treats. Spend wisely and rather pay off your debts;

• Shop around for specials and compare prices;

Twitter: @FaizelPatel143