With Black Friday around the corner, there are certain measures that consumers need to take in order to avoid overspending.
Financial service provider, PS Debt management has urged consumers to avoid making credit purchases in the name of Black Friday.
Debt Counsellor and Financial Planner Paulvia Shiburi said the latest consumer credit report data show lending activity is picking up, even as overall consumer sentiment points to a reduction in spending.
“Younger consumers are more willing to buy on credit, and the impact of debt may be a concern. You’ll have it by the end of the month,” said Shiburi.
PS Debt Management has shared tips to keep in mind for Black Friday and the upcoming holiday season:
Create a Budget and Stick to It: Make a List of All the Items You Want to Buy Do your
research by browsing different stores to get the best deals on those particular items.
Be vigilant: Be careful when shopping online. They use their enthusiasm to trick people into buying inferior or dangerous products. Apply the idea, “If it sounds too good, it probably does.”
Remember, Black Friday isn’t just about luxury and non-essentials. Pay attention to the essentials (such as groceries and toiletries) that can save you money, especially if you buy them in bulk. You can add these to your list and incorporate them into your monthly household budget.
Please avoid debt at all costs: If you cannot afford the item with your available funds, do not purchase it. Consumers often turn to credit, but end up paying much more than the
advertised price because of interest and debt service costs.
Shiburi added that the best way to avoid debt is to keep track of your spending and only buy what you can afford.
“Think Jan-Worry. The January Savings Pot will allow you to enter the New Year without
financial stress,” concluded the Debt Counsellor.
Meanwhile, the South African Police Services (SAPS) has also warned the public to be vigilant when doing online shopping, as there has been an increase in unsuspecting social media buyers falling victim to hijackings and robberies.
SAPS warned the public to refrain from looking for bargains on social media platforms. Those that utilise online shopping should only do so through reputable companies or applications and should be vigilant:
- Always approach a prospective online buyer or seller with caution;
- Verify the buyer or seller’s online profile;
- Do not disclose any personal information about yourself;
- Avoid meeting a prospective buyer or seller in secluded areas, rather than in public spaces;
- • If you have any doubts about the buyer or seller rather end your conversation online.
For more business news from Sunday World, click here.
Follow @SundayWorldZA on Twitter and @sundayworldza on Instagram, or like our Facebook Page, Sunday World, by clicking here for the latest breaking news in South Africa. To Subscribe to Sunday World, click here
