Five tips to take advantage of Black Friday and avoid financial risks

Today, November 29, is celebrated Black Fridayan event originating in the USA, which is celebrated on the first Friday after Thanksgiving and which in recent years This date became key for world trade. On the occasion of consolidating Black Friday in Spain, EFPA Spain has prepared a document that includes some tips on how to protect your finances given the risk of compulsive buying that could jeopardize people’s financial stability.

Set a specific budget for Black Friday shopping based on your purchasing power.

“If we know exactly what we want to buy during Black Friday, it’s important to set a maximum spending limit and stay within that budget. In any circumstance, it is important to analyze our monthly fixed expenses and regular income in order to reserve a fixed item for emergency expenses, savings and investments in financial products, as well as to have a balance for unforeseen events,” the company emphasizes.

Before making a purchase, carefully analyze your needs.

According to EFPA Spain, ahead of Black Friday, it’s important to think about what we really need and choose products that best suit our budget. They offer make a wish list in which we include exclusively those items that we consider to be priorities, as well as an estimate of the costs that we can assume. In addition, it is advisable to determine our long-term financial goals, including those obligations or ongoing expenses that we cannot or do not want to avoid.

Financial institutions sign up for Black Friday, be careful with credit cards

Black Friday has reached financial institutions that offer promotions on products such as personal loans, mortgages, bank accounts and credit cards. While these offers may be interesting, it is important to analyze in detail whether they actually meet our needs and financial goals.

“For example, with personal loans, it is important to consider the total cost of the product, and not just the advertised interest. You should also consider possible origination fees, repayment periods and other terms that could make the loan more expensive or less flexible. Another important aspect is that some organizations promote credit cards with benefits such as discounts or savings points, but these offers can entail high costs if payments are not managed properly, especially in the case of financing purchases,” the company adds. .

For this reason, EFPA warns that if you decide to enter into a contract for a financial product on these dates, It is very important to compare different objects, Please read the terms and conditions carefully and understand all the terms associated with them to ensure that this is truly a good opportunity.

Check prices at different establishments and use a financial product comparator.

“When we buy any product from a physical or online store, it is advisable to spend some time searching for the best price as sometimes there is a significant difference in price for the same product. The goal is to select the most economical option. Likewise, when we try to enter into a contract for a savings or investment product, it is advisable to make a comparison between different alternatives, for example, when concluding a mortgage contract,” the company explains.

Buy only from reliable pages and use the help of a qualified consultant.

How and when we decide to enter into a savings or investment product, it is important to obtain professional advice and carry out the transaction through the platforms of registered and regulated entities, depending on the entity. Likewise, when purchasing discounted products online, we must ensure that payments are made through a secure platform.