Black Friday has become an iconic date on the shopping calendar. A day of massive discounts that has expanded globally and allows consumers to purchase products at discounted prices.
A priori, it is a very positive opportunity for our pocket. However, among many discounts and promotions it is important to remember that, although Black Friday can be an ally, we must be cautious not to fall into the trap of excess, misleading offers, or fraud.
WHAT IS BLACK FRIDAY?
The expression was first coined in 1869 in connection with the devaluation of gold in the United States, but its current meaning originated in the 1950s. At that time, in Philadelphia, the tradition began when people, encouraged by a soccer game the day after Thanksgiving, came out in droves to do their Christmas shopping.
This triggered the stores to be overcrowded and the police to be overwhelmed, generating great chaos that gave rise to the nickname “Black Friday”. Over time, this term has evolved to represent a day of commercial offers, although increasingly, it is becoming a whole week and even a whole month of promotions.
WHEN IS BLACK FRIDAY?
Black Friday is celebrated on the last Friday in November. In 2023, it falls on the 24th, marking the official start of the holiday season. Although as you read a few lines above, in some stores, especially online sales, the period of offers is likely understood for more days.
If you want to do Christmas shopping and you are planning it, it is essential to have this date highlighted in your calendar. Marking Black Friday is key to evaluating if the products you want to buy offer significant discounts during these days of promotions.
TIPS FOR MANAGING YOUR FINANCES ON BLACK FRIDAY
Establish a clear budget
Before you start shopping, decide how much you are willing to spend, and don’t go over that limit.
Create a wish list
Before shopping, prepare a list of the products you need or want to buy. This will help you avoid impulse purchases.
Compare prices
Don’t limit yourself to the first offer you find. Compare prices at various stores to ensure you’re spending your money on the best deal.
Smart shopping
Take advantage of offers to buy products you were considering buying and avoid impulse purchases on products you don’t need. Sometimes, these small, unnecessary purchases make it all add up to a lot in the end.
Explore financing options
If you do not have the necessary money for your purchases and you are considering financing options, look at all the options, read the fine print, and prepare a budget and plan to see if you will be able to meet this expense in the future.
9 TIPS TO TAKE ADVANTAGE OF BLACK FRIDAY AND AVOID SCAMS
1. Research ahead of time
Don’t wait until the last minute to look for deals. Do your research ahead of time and compare prices in different stores or online. And to avoid scams, make sure you know the normal prices of the products you are interested in, before Black Friday, to evaluate if the offer has been applied and assess whether it is worth it.
2. Check reviews
Before making a purchase, search for and read product reviews. The experiences of other buyers can provide information to consider about the quality and performance of the product.
3. Verify the authenticity of online stores
If you plan to buy from online stores, make sure the website is legitimate. Check the web address, look for reviews of the store, and verify if they have a physical address, a tax ID, or any information that confirms that it is a real store in the contact section.
4. Read the return policy
Be sure to look at the store’s return policies. Some offers may not give you the option to return the product or have restrictions, so it is important to know what your options are in case you are not satisfied with your purchase.
5. Beware of too-good-to-be-true offers
If an offer is so good that you don’t believe it can be real, you could be right. Be wary of extremely tempting offers and investigate, if it is an online merchant, and whether the merchant is reliable, as you read a few lines above (point 3).
6. Subscribe to trade newsletters
Many stores send exclusive offers through their email newsletters. Subscribing to these newsletters will allow you to access additional discounts or find out about all the promotions before Black Friday.
7. Be careful with your personal information
When shopping online, make sure the website is secure and use secure payment methods. Avoid providing personal information on websites that do not look good to you.
8. Be on the alert for online scams
During Black Friday, scammers may try to take advantage. Beware of suspicious emails or messages and always verify the authenticity of offers before clicking on links or providing personal information.
9. Know your rights as a consumer
Learn about your rights as a consumer, especially about warranties, returns, and complaints. This will help you in everything that may happen during and after the purchase.