Black Friday 2024: I'm a personal finance expert - here are my 7 savvy tips to shop smart this Black Friday

• Black Friday is approaching, bringing a flurry of discounts and shopping excitement
• But shoppers are often tempted to make impulsive purchases, leading to buyer's remorse
• Personal finance expert Amy Knight emphasises the importance of mindful shopping
• Preparation and a solid budget are essential to avoid overspending during the sales
• The article explores how to navigate Black Friday effectively and maximize savings

As Black Friday approaches, the anticipation for incredible deals and discounts fills the air.

It’s a time when shoppers are eager to find the best bargains, but amid the excitement, it’s easy to make impulsive purchases that can lead to buyer’s remorse.

To help navigate this shopping frenzy wisely, Amy Knight, personal finance expert at NerdWallet UK, shares her insights on how to shop smartly this Black Friday.

With years of experience in financial planning, Amy emphasises the importance of preparation and mindfulness in maximising savings while avoiding common pitfalls.

From setting a budget to prioritising needs over wants, her expert tips aim to empower shoppers to make informed decisions.

Whether you’re hunting for electronics, clothing or holiday gifts, following Amy’s advice can turn your Black Friday into a rewarding experience, ensuring you score the best deals without the stress of overspending.

Stick to your list

“Savvy spenders don’t purchase things just because they’re cheap – it’s only a deal worth having if the item was genuinely on your shopping list.

“This principle applies all year round but can be easily forgotten in the frantic run-up to Christmas. No matter how much an item is discounted, making random purchases could mean you run out of funds for the gifts that really matter.”

Plan sales shopping around your paydays

“Black Friday falls late this year on 29 November – for many, the penultimate payday of the year.

“With employers often paying December’s wages early, your bank balance could be artificially inflated in the weeks leading up to Christmas, but don’t let that lull you into a false sense of financial security.

“Review your household budget before piling items into your basket on Black Friday. Then, calculate your essential outgoings between your December payday and the first payday of 2025 and stash that cash now.”

Look for pre-loved items first

“Shopping secondhand can help stretch your Christmas shopping budget much further.

“Before going online, explore platforms like eBay, Vinted or local charity shops for high-quality pre-loved items at a fraction of the original price, saving you money while reducing the environmental impact of your spending spree.”

Black Friday prices aren’t necessarily bargains

“Only a small minority of products are at their lowest price on Black Friday. Price checker platforms, such as Price Runner and Price Spy let you see the price history of an item over the past year, including Black Week last year.

“For example, a box of silk scrunchies from John Lewis was £44 in Black Week 2023. After Christmas (27 December) it dropped to £38.50 with the same retailer, but both of those ‘sale’ prices are more expensive than its current price of £32.99.

“Check how the product price has varied over the year. If Black Friday was previously the cheapest, it might be worth holding out. If not, you might be better off buying it now or waiting to see whether the price drops further in January.”

Shop for tech IRL

“When it comes to gadgets and electrical products, new models often mean you can get a great price on the previous version.

“Go to a department store in person and ask the staff whether there are any ex-display items or products that have been returned unused by other customers.

“I saved hundreds on my Samsung Frame TV this way: instead of a 2024 model for £1149, we picked up a 2023 model that had been returned (in its original packaging) for £812.”

“Browsing tech in real life also allows you to ask what the difference is between the newest version and the one that came before. It can be trickier to understand what features you’re paying more for when buying tech online.”

Take your time

“Marketers use time-limited sales to create a sense of urgency, but you needn’t put pressure on yourself to do all your Christmas shopping in Black Week.

“Even when brands are bombarding you with offers, remember you’re in charge: pause and think through each purchase, as impulse buying can lead to regrets, especially if it pushes you into debt.

“Take the time to check Best Buy ratings in independent bodies, such as magazines, and factor in the loyalty points you could earn when choosing which retailer to buy from.”

Beware ‘spaving’ in Black Week

“Discounts can tempt you into upgrading pre-planned purchases or adding more to your basket that you need. ‘Spaving’ is where you feel like you’re saving money, but you’re actually spending more.

“Blowing your Christmas budget before you’ve made it to December could lead you to eat into your savings, so keep your emergency fund in a separate account where you’ll be less likely to touch it.”

Amy Knight is a personal finance expert at NerdWallet UK.

We want to hear from you! Share your own tips and experiences in the comments section - what strategies do you use to stay mindful while shopping during Black Friday?