The American tradition of Black Friday has now been fully adopted by us Brits and it’s hard to ignore with adverts stating 30% off this, half-price that, up until the end of November. But are you getting the best deal and do you really need it?
1. Do you need it?
Do you need the latest 8K TV? Do you need the latest games console? Black Friday may seem like the perfect time to get all your desired high priced items. However, you could be putting yourself into unnecessary debt and taking on loans you don’t need, which trying to pay off can become a struggle especially just before Christmas. So before you make your purchases this Black Friday our advice is to question whether you need it and if so, can you afford it?
2. Is it honestly a good deal?
The shops are doing their best to make it seem like this Black Friday’s deal is an unmissable one and not available at any other time, or from anywhere else. But this may not be the case!
Take the time to shop around and check that other shops aren’t cheaper or have a better deal.
If you do find the product cheaper elsewhere, some stores will price match if you can show them proof of the cheaper item.
Some retailers will also show great deals on brands you’ve never heard of, which can sometimes result in a poor quality product that may need replacing by the time next Black Friday comes along. If a deal seems too good to be true it normally is.
3. Do your homework
Although a store may seem to be offering 50% off a certain item, check to see if this is from the RRP or the price they sell the product all year round. Research by Which? has shown that some products have already been priced cheaper several times this year.
If you want to be sure you are getting the best deal, take a look at pre-Black Friday prices, this will show you if it is a good deal or not.
4. Set a budget
Don’t get carried away, set yourself a limit on the amount that you can afford. Write a list of what you would like to buy and how much it normally costs to buy. Figure out what you can afford and stick to it!
Don’t forget to budget for delivery costs, interests rates if you are paying with a credit card and delivery times, you may be waiting until the new year to receive your product.
5. Know your consumer rights
The rules also include digital content like downloaded films, games or apps. So all products, whether physical, electrical, digital or even a car, must meet the following standards:
- Satisfactory quality Goods shouldn’t be faulty or damaged when you receive them. You should ask yourself what a reasonable person would consider satisfactory for the goods in question. For example, bargain-bucket products won’t be held to as high standards as luxury goods.
- Fit for purpose The goods should be fit for the purpose they are supplied for, as well as any specific purpose you made known to the retailer before you agreed to buy the goods.
- As described The goods supplied must match any description given to you, or any models or samples shown to you at the time of purchase.
You have 30 days after purchasing a product or the date of delivery to claim a refund if the product is faulty. Remember that if you are buying Christmas presents in the Black Friday sale then you will only have a few days after Christmas to return it. Although, some retailers extend their returns policy so double-check before you buy.
Here at LowerMyCharges, we are experienced financial services professionals. We can help with more than just investing and pensions, we can help you with your budgeting and spending. Because we believe that financial advice should be accessible for everybody, we have made it affordable, accessible and convenient. Get in touch via our website or call us on 0800 1404542.