2020 Savings Tips for Black Friday

by | Nov 5, 2020 | Personal Finance

Almost nothing about 2020 has been normal. Nearly everything in 2020 has been different. Yet, our advice around Black Friday shopping remains the same – specifically because of all the upheaval we have experienced this year.

Lockdown hit our pockets hard! Jobs were lost and incomes were affected. We were definitely unprepared for Covid-19 and its financial consequences.
Most people are still recovering from hard lockdown. So, it makes sense to go and spend money on Black Friday items only if you really need it.

  • Decide in advance how much you are able to spend on Black Friday specials. And stick to that amount when it comes around.
  • Work backwards from this amount. Make a list of those you wish to buy holiday gifts for and determine how much you can spend on each person. I am positive that family and friends will understand you scaling down on gifts this year – as most of them will probably be doing the same.
  • Black Friday is not only for luxury items. Look around for essential items (like food and toiletries) that you can save money on, especially when buying in bulk. Add it to your list and include it in your budget.
  • On the day, if you add a purchase/top-up amount to your list – make sure that something comes off your list. But stick to your plan and your budget.
  • Avoid impulse buys of items not on your list.
  • Start checking prices for identified products ahead of time so that you are sure that you are really getting a bargain when Black Friday comes around.
  • If you start planning early enough, it will obviously be better to save cash for your Black Friday purchases as opposed to maxing out a credit card or taking out a personal loan to accommodate your Black Friday spend.
  • Start looking for stores and online shopping platforms that use the rewards system of your debit/ credit/ store cards
  • When buying on your credit card or using funds from an overdraft or personal loan, take the interest rate and repayment amounts into account. Weigh it up against the “saving” you are getting on an item.


Things look pretty bleak for South Africa. So we do need to spend to stimulate the economy, but we should not be doing at the expense of our financial well-being.

Whether you are under debt review or not – consider taking any additional cash that you may have and putting it towards your debt repayments. In these turbulent, uncertain times – the quicker you eradicate your debt, the better.

Times are tough and the struggle is real. Undoubtedly, every rand saved helps – but be careful to not succumb to the retail advertising hype and madness and end up spending money on frivolous items.

The rule is simple – if you didn’t need it before it went on sale, you don’t need it when it goes on sale.

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