How to enjoy Black Friday without breaking the bank

Reality after a heightened period of shopping and overspending can feel like a financial hangover, says Patricia Temba, executive head of FNB Retail Collections.

She says when the excitement of the season wears off, you might ask yourself, 'How did I spend so much money?' followed by feelings of guilt, self-blame, and even isolation brought on by the shame of being in further debt."

Temba says that these emotions, while common, should not lead to despair. Instead, they can catalyze change. "It's important to move to a space of self-empathy and, more importantly, take corrective measures to regain control of your finances as fast as possible," she says.

According to Temba, the 'so-called Black Friday debt trap' refers to the financial risk consumers face when they overspend during sales events, often relying on credit such as store cards or buy-now-pay-later options. The struggle to repay this debt typically surfaces in the new year, a time already burdened with school fees, uniforms, stationery, insurance renewals, and other financial obligations, leading to what many South Africans call "Januworry."

“That’s when we typically see a spike in missed payments and maxed-out credit cards. People often overextend themselves, and by January, the reality sets in. Our collections teams have noticed a growing trend of customers reaching out for help and asking for payment arrangements or advice on how to manage their debt," Temba says.

She says: "It’s not just about overspending, it’s also about emotional spending and trying to give generously or keep up with expectations".

FNB integrated advice product manager Lethukuthula Ngcobo highlights the importance of planning.

“Impulse purchases are the enemy of financial wellness. That’s why it’s important to plan and avoid buying items that aren't on your list," she says.

Ngcobo advises listing all expected expenses, gifts, travel, food, and entertainment, and including a buffer for unexpected costs. “This gives you a clear view of your financial landscape and helps you avoid financial shock in January," she says.

According to Ngcobo, if you can't afford it in cash, reconsider buying it. She says while credit cards and buy-now-pay-later options may seem convenient, they often carry hidden costs and high interest rates. Paying with cash or debit cards forces you to live within your means and protects your credit score by keeping your utilisation ratio low.

She says maximise loyalty programme benefits to stretch your budget. “Contrary to popular belief, prices can often surge during high-demand periods, and rewards and discounts can help you offset these costs and reduce how much you spend overall,” Ngcobo says. Cashback, points, and exclusive deals can free up funds for other priorities and build long-term savings.

Compare prices across retailers and beware of scams. Stick to trusted retailers with secure payment systems and clear return policies. Scammers often create fake websites to steal banking details, leaving consumers vulnerable. Trusted platforms reduce this risk and provide recourse if something goes wrong, she says.

Temba says if you anticipate difficulty meeting financial obligations after the festive season, don’t wait until the pressure mounts.  "Not talking to your creditor or financial institution can, in fact, lead to penalties and default listings," Temba says.

Proactive communication can open up options such as tailored payment plans or financial advice, says Temba.

"There's no shame in reaching out because we're here to offer solutions, not obstacles," Temba adds.

Temba says with careful planning and disciplined spending, South Africans can enjoy the festive season without the burden of debt. 

"The best deal this season is peace of mind. And facing your financial reality head-on can mean the difference between drowning in debt because of credit-fuelled impulse buying and coming out stronger and ready to take on the next financial year," she says.

PERSONAL FINANCE