Black Friday 2021 is fast approaching, and even though we can’t know for sure what deals are installed for us this year, now is the perfect time to start preparing. You either love it, or hate it, but Black Friday has become a crucial part of the UK’s shopping calendar, especially for those struggling financially.
Where did it start?
It’s the single biggest shopping day in the UK and yet it doesn’t even belong to us. Black Friday originated in the United States and falls on the Friday after Thanksgiving which is held on the fourth Thursday of November and is symbolically seen as the start of the critical holiday shopping season.
Some argue that the name stems from the old bookkeeping practice of recording profits in black ink and losses in red ink. The idea is that retailers will sell enough on this day to put them ‘in the black’ (in profit) for the rest of the year. The term is, however, said to have been coined in the 1950s by overworked Philadelphia police officers to describe overcrowding at the shops just after Thanksgiving.
Nowadays, Black Friday has turned into a worldwide craze with most retail stores offering large discounts on food, furniture, electronics and other big ticket items.
Generally, most people in the UK use Black Friday as an opportunity to:
- Stock up on essential food products as the discounts are often substantial.
- Get a head start on their Christmas shopping.
- Splurge on themselves.
Black Friday Tips
- Start saving early!
It’s important to start saving early (months before), so that you have sufficient capital to purchase the things you are needing, especially the big ticket items. You don’t want to be purchasing things on credit.
- Set yourself a budget and stick to it
It’s important to set yourself a budget before you go out shopping, or start online shopping on the day. You don’t want to land up overspending and putting yourself under financial pressure, that’s not what Black Friday is about. Don’t put yourself in debt if you don’t have to.
- Plan beforehand
Major retailers usually release adverts and brochures beforehand so that people know what specials they are offering. This gives you the opportunity to know beforehand if the store will be having a sale on an item you are looking at purchasing.
- Compare prices
If you’re planning on participating in Black Friday, you should do your research beforehand instead of just going out and buying the product. If you have a particular item in mind it’s best to compare prices between retailers so you can take advantage of the best deal.
- Shop online
Avoid the lengthy queues by shopping online. In the wake of the pandemic, it would be better to stay home and take part in Black Friday from the comfort and safety of your own home. If you are looking to shop online this Black Friday, and you are a first-time buyer, make sure you have signed up beforehand and have given yourself some time to get to grips with how the site works so you won’t be disappointed on the day.
If you do decide to participate in Black Friday, be sure not to get caught up in the moment, overspending is rife, especially on the largest shopping day of the year.
Try and avoid buying something that you can’t afford, you don’t want to put yourself under unnecessary financial pressure.
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