Warning ahead of Black Friday sales
With Black Friday sales set to hit our shores this week, RACQ Bank has issued a warning to Queenslanders to plan ahead and not get caught up in the hype.
RACQ Bank spokesperson Kirsty Clinton warned the sales could be a great way to get a good deal on something you needed but could also be a trap for impulse purchases.
“While the sales are a great way to get yourself a real bargain, thinking about what you need and how much you are prepared to spend well beforehand will help you navigate the sales and come out on top,” Ms Clinton said.
“Remember, if you’d planned to buy the item anyway and you find it on sale – that’s a great result – but think twice before making random purchases because what looks like a great saving can quickly turn into unwanted debt.”
Ms Clinton said the top tip for Queenslanders who planned to take advantage of the sales was to plan ahead.
“Before you begin, prioritise what you actually need – which may be different from what you want,” she said.
“Do some research before the sales begin. Most retailers will publish their sale items and prices well before the sales begin so you can be prepared.
“Make a list. If you have a list, you’re less likely to fall into the trap of impulse buying. If you’re doing the Christmas shopping, make a list of possible gifts and price range for each person you need to buy for.
“When the sales begin, start with the best deals on your list to ensure you don’t miss out. But don’t stress, with the inclusion of Cyber Monday, Black Friday really lasts for four or more days now.
“Lastly, make sure to apply the special discount code at checkout so you don’t miss out on the deal.”
Ms Clinton also reminded shoppers of the pros and cons of credit cards.
“While credit cards make online shopping easy, when using one it’s more important then ever to stick to your predetermined budget. If possible, budget to spend an amount you know you can pay off during the interest free period, so you don’t get hit with high interest repayments.”