A 61-year-old pharmacist with a history of heart problems was trampled to death during the Black Friday 2011 Sale shortly after Target’s midnight opening to buy more Christmas decorations for his store. Sales like Black Friday have been well known to bring out the greedy side of consumers. It almost feels like a crime to not take advantage of the lower prices, promotion deals, and BOGO offers.
It's common practice to overestimate our necessities and neglect our current financial situation when that attractive "70%" discount stands between you and the phone you think you need.
But hey, this doesn't mean you just turn your head and ignore the sale. It IS an opportunity for you to spend less on the things you want. But before you do that here are 7 things you NEED to know.
1. Can you pay for it in full?
Almost ALWAYS, it is better to pay for an item in full.
- You aren’t paying interest.
- You are less likely to be overpaying for the item.
- You aren’t risking your credit rating, subjecting yourself to credit checks.
- It reduces the chance you’ll buy something on impulse.
So before you go for a 'No Cost EMI' you should prioritize those items you can pay completely during purchase. In case you do want to go for an EMI, we've covered that too.
2. Make a list
You know what you want. It's already sitting in the back of your head. Ask yourself what you've been holding off from buying because of how expensive it usually is. That's the first category of items you should look for. It might also help to set aside a budget for your entire list.
Calculate how much you have available to spend, then list down the items you've been wanting to purchase at a lower price. Prioritize the items within the list by ranking them. When you find the items during the sale and you still have some money remaining to spend somehow, treat yourself with something off the list!
3. Clear your wishlist
Sort of like the last point, maybe you already have a list and that could be the wishlist you have in the store. Not only is this a smart thing to do now, but also it's good practice to maintain a wishlist of items that would poke a hole in your finance if you bought them right now.
4. Be wary of attractive offers
Stores put more profitable items in sight. Don't give into FOMO and believe that everyone is buying these items. Stores often put items with the best price margins first so you see the products easily. Items that are better buys for the customer — and therefore not as profitable for the retailer — are more likely to be found underneath tucked away in some category on the site.
Also, don't believe the 'slash' price technique. Just because an item has been cut down by 70% in price, doesn't mean you NEED to buy it.
5. No-Cost EMIs do cost you, sometimes
Sometimes retailers build the interest component into the actual price of the product and present a no-cost EMI for customers to take advantage of the flexible payment option.
For example, the retailer is willing to sell a mobile phone for ₹15,000 and provides the option of no-cost EMI to a customer. Depending on the interest charges levied by the bank on this amount (in this case, it is ₹1,500) the retailer will add this amount to the selling price and present the retail price as ₹16,500 ( ₹15,000 + ₹1,500). Thus, the customer gets to purchase the same item at ₹16,500 under the tag of no-cost EMI even though there is a charge levied by the bank.
6. Use Incognito Mode
There's a good chance your browser is collecting data. More so, your account logged into the e-commerce website has enough information based on your order history, wishlists, and searches that they are aware of what kind of products you can be tricked into buying before even you think you need them. This is how browsing deals in incognito mode on your browser can give you an unbiased overview of all the offers available.
7. Think outside the sale
What would your life be like if you DIDN'T purchase that 30% off wireless premium sound quality earbuds? Would your daily routine be affected? Would you be unsatisfied with the earphones you currently use? These are the questions you should ask yourself before you add a product to your cart. There must be some value to your purchase. Would your life be better with it or just the same without it? Those are the two scenarios to consider.
