How to cover the cost of Black Friday

How will you cover the cost of Black Friday and Cyber Monday?

With the cost-of-living crisis crippling household finances, we all need to be cautious when it come to overspending.

But both days are probably the best time of year to stock up on basically anything you need – from beauty care to a new vacuum cleaner.

The question is whether you can afford it?

Every year it gets bigger with thousands of discounts available as more and more retailers join the bargain festivities.

Although many shoppers have prepared for Christmas earlier this year for fear of last-minute shortages and whispers of another lockdown, there’s no doubt that many more are holding back for the deals.

In fact many retailers have already started to slash their prices

Whether you hit the shops of Black Friday (November 25) or surf the net on Cyber Monday (November 28, have you got enough money in your account to actually cover the cost?

Consumers are expected to spend a total of £8.71 billion over the course of the Black Friday weekend in 2022, £3.9 billion of which will be spent that in stores.

The news comes with a back drop of a Credit Unions of Wales survey shows the stark reality of the cost-of-living crisis this winter for people in Wales with almost half of respondents expecting to borrow to pay their essential bills.

The survey of 780 people, found that 48 per cent expected to have to borrow to pay essential bills such as food, utilities and clothing this winter.

Meanwhile 60 per cent expected the cost of Christmas to impact their ability to pay essential bills, double the proportion seen in previous years.

So if Christmas 2022 is beyond your budget, , then you need to consider taking out a loan.

Credit unions offer loans from just £100 up to £15,000, so lower value loans can be perfect to spread the cost of Christmas.
Key advantages of borrowing with a credit union include:

•  Affordable loans from as little as £100.
• No early repayment charges.
• Actual interest rates, so the rate advertised is the one you will get if accepted for a loan.
• Interest is charged on the depreciating balance of the loan – saving you money.
• Loan decisions are based on affordability not just a credit score.
• Life insurance often included with a loan.*
• What’s more, if you opt to save while you borrow, then the money you put aside could pay for Christmas 2022!

Contact your nearest credit union for a loan today – www.creditunionsofwales.co.uk/loans/

Are you looking to spend on Black Friday? Here’s a few helpful tips before you part with your money

1. Research the products you want beforehand because it’s no use grabbing a bargain if the item doesn’t perform

2. Be wary of unusual brands as cheap deals are everywhere, but check the reviews online

3. Open online accounts, pre-enter your payment and shipping details, and save them to your account so you can complete purchases quickly once the deals are live.

4. Create a wishlist on the retailer website for all the things you want to buy.

5. If you’re splashing out on a big item then check whether you could be getting something back in the process. Cashback sites Quidco and Topcashback both offer deals at more than 4,000 retailers – and it’s free to sign up.

6. Research your favourite products’ price history by using web tools to check if the sale price really is good value

7. Know the lifecycles of smartphones, TVs and tablets because within a year they may be outdated by a new device

8. Make a list of different retailers selling the same product and compare prices