We have a new shopping tradition in November – sale signs go up and willpower goes down. Black Friday and Cyber Monday have become an annual excuse to overspend in the name of ‘saving’. But they don’t have to be.

If you learn the pitfalls to avoid and budget cleverly, those special week-long (sometimes even month-long) offers do have their perks. You can make some savvy buys that will save you money over the long term.

Let’s consider some of the ways that you can make Black Friday and Cyber Monday work for you, without leaving you with buyer’s remorse once the frenzy has died down.

Needs versus wants

Big discount sales are always welcome, unless they lead you into overconsumption – you can get into the habit of buying things not because you truly need them, but because ‘that price is such a saving!’ Remember, if you didn’t need to buy it in the first place, you’re not saving money, no matter how cheap it is.

A need is something essential. You need these items to go about your life – like groceries, equipment or supplies that you must have to do your job, or a new cellphone because your current one is too old for software updates. Some might consider upgrading phone software a want, not a need – but when you consider how much we now rely on digital banking, digital services like prepaid water and electricity, and digital booking for transport and events, a working smartphone is essential.

A want, on the other hand, is a nice-to-have, but one that won’t affect your life if you don’t have it. It’s fine to spoil yourself and splash out on wants occasionally, but making sure that you’ve covered all your needs first is the essence of good budgeting.
 

Buying in bulk can be a hedge against inflation

If you shop smart, Black Friday and Cyber Monday can help you save a lot on things that you really need. If your fridge or other kitchen appliances need replacing, look out for good deals being advertised on electronics. You might need a new computer for work, or your child might need a laptop for school – these sales often offer a range of devices at great discounts.

If retail chains are offering bulk specials on non-perishables like laundry detergent, cleaning and bathroom supplies, or canned foods, you might be able to afford enough for 6 months or a year. As inflation raises the price of these items through the year, you’ll be spared the increased costs.

Plan your Black Friday shopping. Take stock of what you have and make a list of the things you need. Stay focused on the essentials and stick to your list when you shop for bargains.
 

De-influence your Black Friday spending

As companies adopt more aggressive marketing strategies, the line between a need and a want can become blurred. Every cut-price item can seem like a ‘must-have’. Be conscious of your spending habits, separate wants from needs, and practise mindful spending.

Social media makes it easier to fall into the trap of buying things you don’t need. Influencers make everything look appealing, but that doesn’t mean you need it to be happy. The key is to de-influence yourself – step back from the hype and the noise, and focus on what really matters.

Save with Nedbank

Stretch your Black Friday budget with some of our Nedbank shopping hacks:

Pay with your credit card

Your Nedbank credit card comes with up to 55 days interest-free credit, so you can take advantage of Black Friday deals and pay them off before your next statement is due, without having to pay more. Discipline is key to making this hack work – spend only what you can afford to pay back within the interest-free period.

Shop at Avo SuperShop

Avo SuperShop is perfect for finding the best deals on everything from the latest tech to fashion, gifts, and groceries. With Avo’s daily deals, you don’t even have to wait for Black Friday to start saving.

Create a Black Friday pocket

Use a MyPocket linked to your Nedbank account to control exactly how much you spend this year. Set aside money for your Black Friday buys in a specific pocket, and you won’t risk overspending.

Use your American Express Card

Rack up Greenbacks, Membership Rewards or SAA Voyager Miles by swiping your rewards-linked Amex card this Black Friday. You can also spend your points on bargains at Avo.

Start planning for next year now

You don’t have to dip into your emergency fund to take advantage of Black Friday deals. Start saving a little every month in a notice account at the beginning of the year, and you can steadily build up a reserve for sales like Black Friday and Cyber Monday.

By focusing on mindful spending and including savings planning in your budget every year, you can make Black Friday an opportunity to save money. You’ll also buy things that you really need in your life, rather than what social media tries to convince you to want.