Money Matters: Make the most of Black Friday without stretching your budget

Black Friday falls on November 27 this year – although in reality, it’s no longer just a day – with deals already being promoted by retailers across social media, TV adverts and email marketing.

In this week’s Money Matters column, Lois Alexander, Money Adviser at Housing Plus Group, shares her tips on how to shop strategically to make sure you’re securing some real savings, rather than getting swept up in the hype.

With the festive season fast approaching, it’s understandable that many of us will be looking out for a good deal. Whether it’s a toy that’s made an appearance on your little one’s Christmas list, a new appliance or a few stocking fillers, a little planning can help you make the most of the offers without spending more than you can afford.

Here are some practical tips to help you shop smart this Black Friday.

Set your budget before you start shopping

Before you get excited by what the retailers are teasing, take a look at your finances and work out how much you can realistically afford to spend. Think about your essential household costs first, including rent, energy bills, food and travel. Once these are covered, decided what you have available for Christmas shopping – and stick to it. It can help to set a spending limit for each person you’re buying for.

Make a list and do your research beforehand

Write down the gifts you’re wanting to buy and prioritise the things you’re hoping to find in the Black Friday sales. Getting caught up in all the buzz from social media often encourages you to buy things you don’t need just because it’s marketed as a ‘deal’ – but it’s only a deal if you were planning to buy it anyway.

Be mindful of how you pay

It’s easy to be tempted by buy now, pay later options, particularly when retailers advertise smaller instalments rather than the full purchase price. However, remember these payments will still need to be paid out of your future income. If you have a number of different repayments due, they quickly add up.

Compare prices

Never assume the first price you see is the best one. Always make sure to compare prices across different retailers before buying. You can try online tools like Google Shopping, PriceSpy, or PriceRunner to compare prices and discounts.

Stack up savings

Use cashback sites such as TopCashback and Rakuten, search for discount codes, and check if you’re eligible for any schemes such as the Blue Light Card for NHS and emergency service workers – which also extends to teaching staff, those working in the social care sector and the Armed Forces. Housing Plus Group customers can also benefit from discounts through the Housing Perks app.

Don’t panic – Black Friday isn’t the only time to grab a bargain

Black Friday isn’t the only opportunity to save some money, so don’t feel rushed into buying just because of the time of year that it is. Many retailers offer discounts and sales throughout the year – including in the run-up to Christmas beyond Black Friday.

Remember, you don’t have to spend more to make Christmas special. The festive season can bring added financial pressure, particularly at a time when household budgets are already stretched. Setting realistic expectations, planning ahead and making the most of what you have can help you enjoy Christmas without worrying about how you’ll pay for it afterwards.

If you’re a Housing Plus Group customer, our Money Advice team is here to provide confidential, practical and personalised support. Speak to your housing officer if you are in need of support, who can refer you to the team.