This Black Friday, resist the urge to “spave” – spending to save on deals you might not need.
With enticing offers like “buy-one-get-one”, it’s easy to fall into the trap of overspending in the name of a bargain. Ayanda Ndimande, Strategic Business Development Manager at Sanlam Credit Solutions, warns, “Spaving feels good in the moment, but it can lead to unnecessary expenses and financial stress.
The sense of scoring a bargain often overshadows whether the purchase adds real value to your life – or not.”Black Friday deals tap into behavioural bias, making them hard to resist. Scarcity , loss aversion , and the transaction utility effect drive many of our impulsive purchases. Adding to this, Buy Now Pay Later services increase the temptation to overspend by deferring the immediate financial impact.This framing makes it easy to justify purchases as ‘savings’, but it’s crucial to stay disciplined to avoid a credit hangover in January.”To shop responsibly and maximise the value of your purchases, consider these tips from Ndimande:Know your spending budget before you start shopping.
If you’re feeling uncertain, Sanlam Credit Solutions’ AI-powered credit tool and credit coaching services are here to guide you. “Our goal is to help South Africans make empowered choices,” says Ndimande. “This Black Friday, pause before you purchase.
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