South African’s are facing a festive hype whilst waiting for brochures for this year’s Black Friday deals in preparation for the 25th of November 2022. Consumers had been financially planning for this event of special deals and picking up great bargains just before Xmas. The reality is that many consumers could face overspending on the last upcoming weeks just before the end of the year. Black Friday has grown by 76% and is becoming more popular over the years since shoppers book this date for the last Friday of November is known as ‘BIG spending ‘on bargains.
Consumers need to stick to their budget in order to survive financially
Consumers must apply discipline, be aware of their budget and cash flow spending to prevent over-spending on bargains this 25th.
While cash strapped consumers are applying for new credit and waiting to be approved for personal loans and credit cards. Others with bad credit records are desperate to find companies or unregistered credit providers to grant micro lending loans so they may also take part in the big BLACK FRIDAY deals taking place this Friday. Already over-indebted shoppers must take extra caution not to get themselves into a situation where they can’t afford their debt repayments due at their next salary date.
The real threat to millions of shoppers is the risk of overspending just before the festive Season and may be the actual cause to put them into further debt burdens.
Shops are prepared with various products on sale BLACK FRIDAY
There is an expectation by the store owners’ that consumers have a big appetite for electronics and most likely TV sets, laptops, mobile phones, smart watches and camping equipment for outdoor breakaways and more on their list for grabbing up discount bargains.
Food produce with a long shelf life consumables for many households, such as Luxury goods, and other basic foods that are perishable and non-perishable is expected to increase on shoppers shopping lists.
Consumers must budget their spending
Consumers must budget for this year’s Black Friday spending and apply discipline to prevent overspending. South Africa is currently facing more interest rate increases, with a growing inflation and the price hikes of food prices that are catching up with everyone.
BLACK FRIDAY
Hey consumer, have you recently taken the time to ask yourself whether you really need the items that you are planning on buying on this Black Friday?
We, here at Consumer Debt Support, therefore, share our advice for all shoppers to plan their spending and to stick to a strict budget. Our advice is to not go to the shops with credit or debit cards, rather use cash and have a max limit for spending. Be sure to make a list of the items that you really need and see whether these are at a discounted price and remember (priority first). When purchasing electronics, one must ask themselves outright if they really need that new phone, tv or iPad?
Plan your shopping
Keep in mind that many stores will extend The Black Friday sales well into the month of December to ensure that they collect their share cut of your hard-earned income and savings for their goods and services rendered.
Connect with Consumer Debt Support for assistance to reduce debt repayments and approve cash flow for household spending. Start sooner than later to address a debt problem and invest into becoming debt free with benefits for the over-indebted in the debt counselling program.
In conclusion:
We eagerly encourage all consumers nationwide to ask themselves, are you mentally prepared for the burdens of spending recklessly this time of the year or are you going to be responsible and prevent money and cash flow hardships before the new year.
Save your Rand’s and cents and stay financially true to yourself and get through this time financially as January has 45 days.
