Getting Into the ‘Let It Go’ Mindset
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Getting Into the ‘Let It Go’ Mindset This Black Friday

27 November 2023

This Black Friday, it’s easy to find yourself justifying myriad reasons to splurge on specials. Ayanda Ndimande, Strategic Business Development at Sanlam Retail Credit, urges South Africans to keep their credit score top of mind and stick to an ‘if I can’t afford it, it’s not my bargain’ mindset.

Ndimande says, “It’s extremely easy to get caught up in the Black Friday frenzy. We strongly suggest setting up a vision board beforehand to stay future-focused. Sanlam Credit Solutions offers a free dashboard where you can set savvy financial goals to build a healthy credit score. Consider setting these before the big day, so you are intentional in the way you spend and don’t set yourself back. If you cannot afford it, try to let it go as ‘not my bargain right now’. If it’s something you really want, start saving up for it.”

Here are Ndimande’s tips for doing the real maths on one of the biggest spending days of the year.

  • Ditch the debt but score the points: Beware of signing up for multiple lines of credit in a short period as this can negatively impact your credit score. Transfer your salary to your credit card and only spend the money that is yours. That way, you ditch the debt, but you still get the points.
  • Prioritise your wish list: Your bank statements tell the truth about what you can afford to spend. The starting point is honesty, so create a budget based on that, and stick it up somewhere prominent to remind yourself of your financial realities. Now you’re set to start compiling your wish lists. (Note to self: Develop your wish list in advance to avoid the Black Friday hype and to gain perspective on ‘must haves’.)
  • Get real about sales prices: There are plenty of pricing ploys which see the base price of items inflated before the sale, so the deal seems better than it is. Consider downloading a free Chrome extension like Scrapy which gives you the price history of products in many major South African stores. This can help you track the average price of your ‘must haves’, decide what a fair sales discount should be, and ensure you’re bagging the best deals on the day.
  • Credit caution – Purchase with discretion: As soon as you use a loan or credit to purchase an item, you’ll be paying interest on that amount. While it may seem like small sums coming off each month, in the long run, it could cost you a lot more than buying the item upfront. Buying on lay-by is often better as it’s frequently interest-free and the seller cannot increase the price of the item that you're paying off.
  • Know your returns rights: Understand the purchasing and returns policies before you buy, so you know whether it’s possible to send an item back. Keep all your receipts and proof of payments – email virtual copies to yourself for safekeeping.
  • Not all halos are golden: See through the ‘halo effect’. Retailers often offer a few truly exceptional deals to make it seem like all their bargains are brilliant. (Spoiler alert: Not all deals are created equal. Many of the so-called ‘limited’ or ‘exclusive’ deals have been available during other sales throughout the year. This tactic is called the scarcity effect.)
  • Unsubscribe: Consider unsubscribing from some marketing emails to avoid being tempted to buy things you probably don’t need.

Ndimande concludes, “Stay focused, stick to your budget, and keep your vision board in mind. It’s great to work toward buying one or two worthy items on sale while trying hard to avoid debt and continuing to work toward the future. That’s how you can shop with confidence this Black Friday.”

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