Be financially savvy this Black Friday

26 November 2020 | Banking

With Black Friday tomorrow, it’s important for consumers to exercise caution and self-discipline when managing their money over this period. Lack of financial discipline around Black Friday can easily lead to financial woes especially in these trying times.
Elzita Beukes, FNB Communication Manager, says that you can avoid getting into financial distress over Black Friday by doing the following:
• Plan your budget and be honest with yourself on what you can afford.
• Do your research ahead of time. You need to know exactly what you want to buy and determine the price of those goods upfront. Buy only what you need and not because something is on sale.
• Don’t use a credit card to buy non-essential or luxury goods. Consumers should also remember that credit incurs interest.
• If you’re tapping into your long-term savings or emergency saving funds, this also suggests that you cannot afford to be spending on Black Friday.
“Sometimes we are lured by the excitement, appealing marketing and are tempted to buy goods simply because we are told that the prices have been reduced. However, it’s important to understand whether there has been any substantial reduction in the price of the item you wish to buy.
“The easiest way to determine if there has been a decrease is to track the price over a period of time. Do not be tempted to spend excessively, and if you have a list of what you want to buy and a budget, stick to it.
“In these tough economic times, we need to be more prudent and stricter about our spending habits. Just because something is labelled cheaper on Black Friday doesn’t always mean that you must buy it,” Beukes concludes.

Similar News

 

Another accolade for local bank

5 days ago - 14 January 2021 | Banking

For the second consecutive year, Bank Windhoek has been rank the Best Bank in the country by PSG Namibia’s 2020 Banking Review.The PSG Banking Review...

Financial relief for SMEs

6 days ago - 14 January 2021 | Banking

The Development Bank of Namibia (DBN) will launch business relief loans on 18 January, providing finance equivalent to between 3 and 6 months' working capital...

A round for the motor vehicle industry

1 month - 08 December 2020 | Banking

Dealerships and salespeople in the motor vehicle industry were awarded at Bank Windhoek’s annual Selekt Sales Awards ceremony hosted in Windhoek recently.The awards recognised dealerships...

Big win for local bank

1 month - 08 December 2020 | Banking

Bank Windhoek was named the Best Retail Bank in Namibia by the London-based Global Banking and Finance Review, a leading international financial portal and print...

Avoid overspending this season

1 month - 03 December 2020 | Banking

As the holiday cheer takes hold, we’re bound to be tempted to spend more than we should, but having fun shouldn’t mean overspending. Budgets may...

New campaign ignites patriotism

2 months ago - 27 October 2020 | Banking

Get Local #GoBeyond – this is Bank Windhoek’s new swipe campaign that is aimed at stimulating patriotism in light of the global pandemic challenges.According to...

Covid: The REAL impact on the Namibian economy

3 months ago - 14 October 2020 | Banking

Windhoek • Ruusa NandagoAfter the first outbreak was reported in December 2019, the World Health Organisation officially characterised Covid-19 as a pandemic on 11 March...

Cleaner cooking at Omaheke feeding scheme

3 months ago - 13 October 2020 | Banking

FNB Namibia handed over 260 aprons to community members who on a rotational basis volunteer to prepare and serve meals to learners in the Omaheke...

FNB is ‘Best in Namibia’

3 months ago - 08 October 2020 | Banking

Global Finance voted First National Bank (FNB) is the best bank in the country at the magazine’s 27th annual awards for the World’s Best Banks.FNB...

Eiman takes reigns of DBN’s SME Finance

3 months ago - 01 October 2020 | Banking

Seasoned veteran of business finance, Robert Eiman, has taken over the reigns of the Development Bank of Namibia (DBN) SME Finance department.This move follows the...

Latest News

Local accountants welcome Act Proposal

23 hours ago | Business

The Namibia Institute of Professional Accountants (NIPA) welcomed proposed amendments to the Public Accountants’ and Auditors’ Board (PAAB) Act, saying it will improve accountability and...

Convenient and cost-effective HIV care

1 day - 19 January 2021 | Health

January is often a time when people review their budgets, both personally and professionally. For government bodies, the financial year is drawing to a close,...

How is the property market...

1 day - 19 January 2021 | Life Style

Homebuyers, sellers, or those simply curious about real estate can benefit from chatting with a qualified real estate expert.To get the most out of this...

Stay vigilant when using free...

1 day - 19 January 2021 | Opinion

Windhoek • Desery van WykAs people look for diversity in working spaces from their “work from home” routine, such as coffee shops, the use of...

Calls to stop illegal sand...

1 day - 19 January 2021 | Environment

The City of Windhoek (CoW) has promised to focus on illegal sand mining at Groot Aub, which residents say is partly to blame for flooding...

Groundwater threatened by drilling

1 day - 19 January 2021 | Disasters

Windhoek • Frank SteffenIn 2011, a hydrological study dating back to 2001 was republished. Together with the Federal Institute for Geosciences and Natural Resources (BGR...

Christmas in quarantine

1 day - 19 January 2021 | Health

Windhoek • Maria KandjunguNo one sang. There were no cheers of “Happy new year!”. It was just “quiet and weird.”This is how 10-year-old Angel describes...

Cash for fish guards

1 day - 19 January 2021 | Environment

For the second consecutive year, FNB through the FirstRand Namibia Foundation, donated N$300 000 towards the Gondwana Care Trust/Sikunga Fish Guards’ vital work, which targets...

NamBTS needs your blood

1 day - 18 January 2021 | Health

Swakopmund • [email protected] Namibia Blood Transfusion Service (NamBTS) announced an extreme blood shortage at the end of 2020, and pleads with Namibians to donate blood....

Load More