The “blackest” day of the year is approaching full of discounts and for years has become the ideal date to buy certain products at a more affordable price. For a week now, stores have been displaying their best offers making it possible to bring forward Christmas shopping. However, Black Friday can also end up being expensive.
“It is not about saying no to every whim, but we must bear in mind that this shopping season comes in a context of maximum uncertainty, with inflation running rampant and the specter of recession threatening Europe,” point out the experts of the financial comparator HelpMyCash.com. If some factors are not taken into account, Black Friday will no longer be profitable for the pockets of consumers. Here are the five key tips to enjoy the offers, spend wisely and manage your finances properly:
Organize your budget for Black Friday
Before you hit the streets on November 25th to scour your favorite stores or shop for prices on marketplaces, budget two to three months out with how much money you can afford to spend during Black Friday and the holiday season and how much you need to save for the steep January slope. “Calculate your net income and your fixed expenses,” they explain from the financial comparator, “the difference is the money you can use to save, pay for leisure and Black Friday shopping.
And to avoid financial surprises, you should write a Black Friday shopping list and stick to it, do not get carried away on whims. One recommendation is to ask yourself if it is worth paying 18% more for the product.
Verify that the Black Friday offers are real
Although stores quickly hang their dazzling discount posters in the windows, we should not be impressed by them. Before you buy, check that the offer is real. It is possible to check these price changes on different comparison sites to see if the discount they are trying to sell us is really a discount.
If you are going to get into debt, look for 0% financing
Although it is advisable to pay in full with the credit card at the end of the month, it is sometimes possible to finance purchases at 0%. “Today, there are credit cards that allow financing from 2 to 6 months interest-free, depending on the customer profile (although some may charge commissions), notes HelpMyCash.com. This is a good alternative for those necessary purchases that are complicated if you have to pay it all at once. For example, if we need a new computer for work and it costs 600 euros, it could be paid in six months without interest (six installments of one hundred euros each).
Avoid making the minimum payment
Credit cards have high interest rates of between 16% and 20%. For this reason, the recommendation is not to finance a purchase if the only thing you can pay each month is the minimum payment. “You could pay for years paying for a whim”, emphasize HelpMyCash.com. The ideal is to pay back the money as soon as possible, therefore, if you pay very little each month, it will take a long time to pay off the debt.
Do not finance long-term purchases
It is advisable to avoid financing card purchases in the long term. “We know that sometimes it is really necessary to make a purchase, which is not a whim,” they point out from HelpMyCash.com. For example, if the fridge has been damaged or you need to change your computer but you cannot afford the expense all at once, use your credit card and pay as soon as possible. If possible, that the financing with interest never exceeds six months.
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