Get ready Australia because this Black Friday Season the sales are back and better than ever! Here is our Black Friday and Cyber Monday Guide to help you get the most from this Sale Season.
According to the Australian Bureau of Statistics (ABS) November sales created a significant turnover of 1.4 per cent in 2022 which is a record high. The rise in turnover was driven by Black Friday sales which boosted spending on clothing, footwear, furniture, and electronic goods. Over the four day sales event, Australians spent more than an estimated $7.1billion.
Research, research, research! Before the big day (yes, Black Friday Sales are on Friday 24th November) ensure you have checked the websites of your favourite stores to see the latest offers. By planning ahead you can have a better idea of what you want to buy when the sales start!
To avoid overspending, set a budget for your black friday spending. Focus on the items need, or items you have been looking at for a while. This will help you prioritise those purchases and resist the temptation to go overboard. The WeMoney app has a Track page which allows you to see your income vs spending and it breaks down your spending into categories so you can see where you might be spending too much money.
If you want an item that is a best seller, subscribe to the email list! Most companies will email their subscribers for exclusive offers and promotions (early access) so you can shop the sale before it’s available to the public! Brands will utilise their own social channels to promote their online sales a couple days before so they become part of your consideration set. By staying updated, you’ll know about the latest offers and discounts. A sneaky saving tip, subscribe to the mailing list a week in before and after the sales, unsubscribe. This way, you won’t see the emails with things you don’t need.
Compare the prices across different retailers. This will allow you to get the best deals and lowest prices. The WeMoney app has a Community section which has a group that is for ‘Bargain Hunting’. This group is a forum where people share their best tips and tricks to find the sales, coupon codes and promotional offers.
When you're online shopping, they will try and ‘up-sell’ to you right before you hit the check out. This is often presented as ‘similar to your purchase’ or ‘you might also like’ messages that suggest you add something else to your cart. By avoiding unnecessary purchases you can stick to your budget.
Although we promote how to save money, we also want our community to reward themselves on their achievements and hard work- there is nothing wrong with a little treat.. just don't let it make you broke.
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Disclaimer: The author is not a financial advisor, and the information provided is general in nature and was prepared for information purposes only. This article should not be considered to constitute financial advice. Accordingly, reliance should not be placed on this article as the basis for making an investment, financial or other decision. This information does not take into account your investment objectives, particular needs, or financial situation.