How to save money this Black Friday

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It’s easy to get carried away on Black Friday because you’re faced with tempting deals from top brands. When done correctly, Black Friday deals are a great way to save money on your must-have items. Here we are sharing our top tips for saving money this Black Friday.

Do your research

Before you get into the chaos of Black Friday, make sure you have a shopping plan in place. Wherever you shop, whether it’s physically in stores or online, make sure you know what you want. It also allows you to do your research ahead of time and make sure you’re looking for the most competitive deal.

Use cash back

Maximize your savings by using the cash back card options. This means that every time you make a purchase with the card, you get a percentage of your spending back. In the long run, this will result in a reduced credit card bill.

Plus, depending on the provider, you can get cash back rewards straight to your bank account or you can opt for points or vouchers to save more.

This service is generally free and can save you money in the long run. It also means that your Black Friday purchases are paid term.

Various cash back apps are also available and can be used for Black Friday online shopping. The app applies vouchers or coupons at checkouts and can also notify you when the products you have viewed have fallen in price. Some apps let you earn gift cards from many popular retailers or give you the opportunity to increase your income.

Buy now, pay later (BNPL)

BNPL is a growing industry and can help people manage payments and make big purchases much more affordable. This payment method divides your purchase into equal installments, the first of which is made upon purchase.

These can be a great option when shopping for Black Friday because, rather than paying large fees, you can manage your payments in more digestible amounts over time.

However, BNPL is only a good offer if it is of no interest. Consult with the provider in advance to avoid being hit by high interest charges.

Avoid high cost loans

Black Friday is a perfect opportunity for lenders to adjust their interest rates, which means borrowers are at the mercy of extreme APRs, especially for those with poor credit.

Taking out a payday loan to save in the short term for Black Friday sales can cost you much more in the long run than what you save in Black Friday deals, you will pay interest charges.

High cost loans like payday loans may look appealing due to the quick release of funds, but it is an expensive form of financing and can lead to financial hardship if you have trouble repaying. This type of product is also better suited for emergencies, rather than errands or occasional shopping.

Choose the right credit card

There are a range of credit cards that offer rewards and various benefits. These could include the absence of annual fees, travel rewards, and sign-up bonuses.

Signing up and activating a new credit card before Black Friday could mean you get certain perks like cash back, promotions at certain stores and outlets, and discounts on certain purchases.

Consider 0% credit cards

Another way to spend Black Friday deals is with a 0% credit card, which means you can avoid paying interest for a certain period of time. Often times with these cards you can also earn a signup bonus and other rewards.

One thing to watch out for is the high interest rates that are incurred if you are unable to pay the balance before the end of the introductory period. As long as you pay off the balance on time, this could be a good option for Black Friday savings.

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