Ahead of Black Friday, premium African financial services and solutions company, Old Mutual Limited, has encouraged consumers in Malawi to shop within their means and stick to a game plan to avoid buying things they do not need.
Financial Education Specialist at Old Mutual Malawi Limited, Benard Chiluzi, has said this in a statement.
Black Friday is one of the few rare days when consumers have the opportunity to score big discounts on various household items.
A number of bigger shops in Malawi will, on Friday, sell out most of their items at almost half price in a special day of appreciating consumers contribution to their businesses.
However, Chiluzi warns that caution should be exercised to avoid buying things for the sake of buying because of what he describes as “Fear Of Missing Out” FOMO.
He notes that because of FOMO some consumers will be forced to borrow money which could lead to over indebtedness.
“Consumers would be better placed if they create a budget, stick to a shopping list and shop nearby for Black Friday because it is only through a well thought out game plan which is supported by a strict budget that they can make the most of the Black Friday Discounts,” says Chiluzi.
He adds that discipline is very important during Black Friday shopping.
“Just because the crowd is doing a scrum over a particular item does not mean you should also join in. Consumers must remain mindful of how they spend, whether there are large discounts or not.
“We should always remember that there is life after Black Friday if we consider that there are other priorities such as servicing debts and taking care of children’s long term needs such as education.
“There is a risk of being financially vulnerable over the long-term including the usual January financial pressures. It is prudent to reconsider how one intends to spend during Black Friday and to delay the gratification of unplanned purchases,” he says.
Continues Chiluzi, “Black Friday is a one-day event that happens once a year. This means you can save for whatever item you hope to buy especially money intended for buying big ticket items such as TVs or furniture.
“The benefit of saving for Black Friday purchases is not only the discounts but the peace of mind of knowing that your finances remain intact. If you do not have a budget, do not tempt yourself with window shopping on Black Friday”.
Chiluzi concludes by noting that Black Friday has created its own heightened attention in Malawi.
“Whilst this is good in general, I think it is important for consumers to plan ahead so that they can take full advantages of the day and not have to worry about any regrets or financial setbacks. The trick is in the planning,” he says.Follow and Subscribe Nyasa TV :