A Property Strategist's Approach To Black Friday Shopping: Stay Smart, Stay Strategic

With Black Friday just around the corner, the excitement is building. The countdown has begun, and we’re all tempted by the endless “limited-time offers” and the promise of discounts that seem too good to pass up. But as a property strategist, I urge you to approach Black Friday with the same level of caution and strategic thinking you’d use when making any major investment—because, let’s face it,?impulse purchases can end up costing you more than you think.

Instead of being swept away by the frenzy, here’s how you can adopt a smarter, more strategic approach to your Black Friday shopping:

1.?Set a Budget (And Stick to It)

Just as we create budgets for property investments,?setting a budget for your Black Friday shopping is key. It’s easy to get caught up in the hype of "deals" and spend more than intended.

• List Your Essentials: Write down the items you genuinely need. Whether it’s upgrading your phone, a new pair of sunnies, or getting a good deal on home appliances,?identify exactly what you’re shopping for.
• Stick to Your Limit: Determine a spending cap that aligns with your finances, and avoid the temptation to overspend, even if the deal looks too good to miss.

2.?Do Your Research Beforehand

In the property world, doing your homework is essential. The same applies to shopping. Research the products you're interested in ahead of time, and compare prices.?Understand the true value of the items you want to buy, so you can be sure that the discount is legitimate and not just a marketing gimmick.

• Check Prices: Look up prices across different platforms. You’ll quickly spot whether the deal is really a bargain or just a marketing tactic.
• Read Reviews: Ensure the product quality meets your expectations. A great price is useless if the item breaks after a few uses.

3.?Avoid FOMO (Fear of Missing Out)

One of the most common pitfalls of Black Friday shopping is FOMO—the fear of missing out on a deal. Marketers know how to trigger this emotion, making you feel like you’re about to lose the opportunity of a lifetime.?But remember, just because something is discounted doesn’t mean you need it.

• Is It Really Necessary?: Before pulling the trigger on any purchase, ask yourself, “Do I really need this?” If it’s not an item you truly use or need,?skip it.
• Focus on Long-Term Value: Just like with property, Black Friday purchases should offer lasting value. Avoid buying things just because they’re on sale if they don’t align with your long-term needs.

4.?Evaluate the Cost of Ownership

Sometimes, the “deal” isn’t as good as it seems. Consider the?total cost of ownership—the maintenance, warranties, and potential hidden fees associated with a product. In the property world, we know that ongoing costs (like repairs, insurance, and taxes) are just as important as the initial price tag. The same goes for the products you’re eyeing this Black Friday.

• Factor in Extra Costs: If you're buying electronics, for instance, do you need additional accessories, extended warranties, or installation fees?
• Don’t Overbuy: Sometimes, a sale is just a way to get you to buy more than you need. Stay focused on getting only what you truly require.

5.?Plan for the Long Term

Just like property, Black Friday shopping shouldn’t be a short-term, reactionary decision. It’s important to think about how your purchases fit into your?long-term financial goals?and lifestyle.

• Are You Building Value?: When buying a product, ask if it will improve your life in a meaningful way, just like an investment in property should.
• Invest in Quality: Rather than grabbing the cheapest item on the shelf,?focus on quality. A more expensive, durable item can be a better investment than something cheap that will need replacing soon after.

Black Friday can be a great opportunity to pick up some quality items at a discount—but only if you approach it with the same care and strategy you would a property investment. By setting a budget, doing your research, and thinking long term, you can avoid falling for impulse buys and make purchases that truly add value to your life.

Remember, a true bargain isn’t about getting the lowest price—it’s about making the right investment for your needs. What have you got your eyes on for this Friday?