Black Friday tips: how to shop smart and stay financially safe

Black Friday, one of the most eventful days of November for many folks, is coming. It is a truly special occasion for many: many retailers try to sell the remnants of goods, while people buy products for a decent price and stock up for Christmas.

While it sounds like a great time for retailers and clients, some of the more worrisome aspects of Black Friday shopping can get overlooked. Mainly due to overconsumption, uncontrolled spending, and security threats. 

Our team gathered some expert tips to go through Black Friday and Cyber Monday stress-free. Read on to be ready for your next online or in-store Black Friday shopping on the high street. 

Why financial safety matters on Black Friday

Because of significant discounts during the season, customers may feel like some deals are just too good to miss out on, leading to, ironically enough, huge overspending.

For instance, American customers have recently hit a new record by spending $9,8 billion on Black Friday purchases in 2023. To paint an even clearer picture of the spending issue, consider this: 88% of customers have previously overspent money while shopping during Black Friday, going over their budget an average of £511.90 ($644.99). 

It doesn’t help that the sales usually start a week or two before the actual Black Friday shopping commences, making customers experience FoMO. And, of course, then Cyber Monday, Christmas, and Boxing Day follow, with even more sales deals to attract new customers.   

Not to mention that increasing scammers’ activity naturally skyrockets during Black Friday or similar pre-celebration periods. After all, people in a rush lower their guard down, leading to them not noticing the warning signs of fraud. For example, British citizens lost a total of £10,6 million to online scammers between November 2022 and January 2023. An average loss among shoppers amounted to £639.

7 best Black Friday shopping tips

A Black Friday sale may be a very exciting time to get the best deals on merchandise you’ve been eyeing for a long time. But it’s also important to stay mindful. 

Here are seven tips to help potential customers keep their shopping safe and be responsible with their spending habits. 

1. Plan your Black Friday budget in advance

Focus on purchases you’re looking forward to and are worth buying. It would be a good idea to create a list of products you plan to buy and add them to the cart before Black Friday. So, when the day comes, you’re in for a good deal because you already had a sneak peek. You can compare the retailers’ prices of discounted goods, track the price history, detect price drops, and buy things you need at the most beneficial prices.

Setting spending limits to prevent a shopping frenzy at your favorite retailer will also be helpful. You should figure out the approximate cost of goods, determine how much money you are ready to spend on Black Friday and set an appropriate limit for payments or ATM withdrawals. 

For instance, you can easily do so with your virtual or physical Genome card. All you need to start shopping is to select a card you’re planning to use for purchases, go to the Limits tab, and set your preferred limits. Make in-store and online purchases with ease using your mobile phone. 

To do so, start multi-currency online accounts inside Genome and link your accounts in EUR, USD, and GBP to cards for beneficial currency exchange.  

2. Use secure payment methods to shop online

Because the holiday season has become so over-saturated with online scams, it is especially important to use secure payment methods when shopping online. 

For instance, your credit card provider can offer purchase protection, including extended warranties, anti-fraud tools, and the ability to dispute charges for faulty or undelivered goods bought with a credit card. 

You can also use digital wallets like Apple Pay or Google Pay for Black Friday offers, as they keep your payment information safe by encrypting it. A Genome Visa debit card is contactless. This means that it’s compatible with both Apple Pay and Google Pay, allowing you to shop online securely with just a few taps. Additionally, you can use your phones with a contactless feature enabled to make purchases in-store.  

It is also crucial for online shoppers to only use websites that demand multi-factor authentication when they complete the purchase. 

Last but certainly not least, avoid making purchases via public WI-FI, as these networks aren’t usually protected well enough, and your information can get stolen. 

3. Be aware of common Black Friday scams

Unfortunately, phishing links and fake websites are currently very common. Your best bet is not to open suspicious emails and especially not to click any links inside them. Social media may be involved in scammers’ malicious operations – double-check offers from advertising.

The rules for detecting fraudulent emails and messages are simple as always – if you see misspellings, limited contact information, or strange URLs, it is a massive red flag.

It is best that you shop at well-trusted websites you have used previously and avoid other retailers that you’ve never heard of. Also, be aware of the most common scams used currently. 

Financial institutions usually work in close cooperation with retailers, especially during Black Friday. You can check out your bank’s cashback partners – these will certainly be legitimate stores.

4. Maximize rewards and cashback deals

Many banks offer special Black Friday promotions that reward purchases with points or cashback. You can make the most of such deals by combining cashback with Black Friday discounts.

Financial institutions also promote their credit cards by providing the best cashback, discount codes, and discount terms for the said cards, often with added perks such as extended interest-free periods or welcome bonuses. 

By strategically using these offers, you can save more money and even enjoy an additional discount or benefits like travel rewards or exclusive shopping deals to use online or on the high street at a regular physical store.   

Consider stacking different discounts to achieve the best potential bargain.

5. Monitor your bank account and credit statements

Enabling transaction notifications can seem like a small, unnecessary thing at first. However, such notifications are crucial for tracking all payments – as you will get instantly notified if someone else has made a payment with your card. 

Additionally, check your bank statements regularly. It will help you detect any suspicious activity. For instance, some fraudsters utilize the following technique: they steal your data and take over your account. They then start draining your bank account slowly by transferring small sums. 

If you have noticed any unusual activity, report it to your bank or payment provider immediately.

6. Consider alternative payment options

Consider using alternative payment options, such as Buy Now, Pay Later (BNPL): BNPL services offer flexibility, allowing you to spread out payments. However, be aware of the risks of accumulating debt if payments aren’t managed well.

Also, some financial institutions offer special financing plans for large purchases with early access to them. These may be worth considering for an expensive item or a big purchase.

If you are going to try to use some of these services, be cautious of impulse purchases during the Black Friday and Cyber Monday seasons. You need to plan your purchases ahead and resist the temptation to buy items you don’t truly need, even if you see the so-called once-in-a-lifetime deals.  

7. Plan for post-Black Friday financial health

First and foremost, settle any credit balances quickly. After the sales season is over, make it a priority to pay off any credit card debts. 

Also, it is important to analyze your Black Friday purchases. Maybe there is some pattern you can see and improve your budgeting skills for future shopping events.

The good thing you can do is start saving for Christmas shopping and next year: start saving and budgeting plans now so you can comfortably enjoy next year’s deals without financial stress. 

Conclusion: enjoy Black Friday sales safely and responsibly

By planning ahead, using secure payment methods, and monitoring your financial activity, shoppers can make the most of Black Friday and Cyber Monday sales and get the best bargains online and with retailers. Remember to shop smartly, consider the price carefully, and pick the best deals. Do not make mistakes of overspending and regretting later – spend time budgeting before the next sale. 

FAQs 

How can I avoid Black Friday overspending?

Set a strict budget and prioritize essential or desirable purchases. Use budgeting tools or apps to track your spending in real time, and avoid impulse buying by focusing on items you need. Plan ahead and compare deals to ensure you’re getting the best prices.

What are the safest payment methods for online shopping?

Credit cards are generally safer due to purchase protection and fraud detection features. Digital wallets like Apple Pay and Google Pay offer added security by encrypting payment details. 

Avoid shopping on not-trustworthy retailer websites, seek a website with encryption (look for “https” in the URL).

How do I recognize and avoid online shopping scams?

To avoid scams, verify website authenticity by checking URLs for misspellings or strange domains. Beware of the prices or deals that seem too good to be true, and avoid clicking on suspicious links in emails or social media ads. Shop only on trusted, reputable websites.

Can I dispute a fraudulent transaction made on Black Friday deals?

Yes, you can dispute fraudulent transactions by contacting your bank or credit card company, but you must do it immediately. Provide details of the transaction, and they will investigate and possibly reverse the charge. 

Many banks and credit cards offer fraud protection, ensuring you’re not liable for unauthorized purchases.

What should I do if I suspect my financial information has been compromised?

Immediately contact your bank or card issuer to freeze the account. Usually, you will have to issue a new card. So next time, try a stronger password, enable two-factor authentication, and monitor your statements for suspicious activity. Report the incident to the authorities if you think it necessary.