Many customers will be taking advantage of the deals on Black Friday, the biggest shopping day of the year. Students will be no exception on November 26th, when many companies across the fashion, technology and education industries offering major discounts on their bestselling products.
Students are typically renowned for being short of money, with 77% of American graduates having reported struggling financially during their studies in 2019. As a consequence, students looking to shop on Black Friday may see the deals as an opportunity to save money throughout the academic year, making their life a little easier.
Students may also be entitled to an additional discount on top of the products being offered at a reduced price, meaning that many will want to use this opportunity to bag themselves a bargain. Here are some top tips from TechRound on how to save money as a student on Black Friday:
Compare The Best Deals
The majority of major retailers will offer discounted products on Black Friday in the hope of attracting additional customers in the run up to Christmas. Retailers will also be competing with one another for custom, seeing who can offer the best deals on the most popular or pricey products on November 26th.
As a consequence, all customers should shop around for the best bargain if they are looking for a specific product that they know should be reduced in price. Students looking to buy technology, textbooks or additional resources to aid with school or universities are no exception, and should compare the prices for popular purchases from the top retailers to ensure they are getting the best deal.
In addition to this, students looking to buy technology items should also check if there is warranty or insurance included with the product they are buying. These items are expensive to purchase and can be even more costly to fix, so ensuring that they come with a guarantee reduces the risk of having to pay to repair them later. It is important not to be distracted by the low cost of the items and think about them as an investment, ensuring they can be repaired free of charge or for a small fee if damage is incurred.
Check For a Student Discount
One of the main advantages of being a student is the opportunity for a discount on a normal shopping day, let alone on Black Friday. Students can usually use applications such as Student Beans or Unidays or just their student ID card to gain an additional discount from all major retailers on popular items.
Whilst there may be some exceptions, some retailers may offer a student discount on top of any reductions made during Black Friday, providing students with the chance to gain quality items at a very discounted price. Some EdTech platforms may also use Black Friday as an opportunity to promote their products, offering students a discount on their educational resources. These can be particularly beneficial to students who learn well through the use of technology but do not want to pay full price to use the popular learning platforms.
Don’t Abuse The Overdraft
An overdraft can be both a blessing and a curse as a student. On the one hand, the overdraft is useful if students are struggling for money and need to borrow some, but do not have other means of borrowing money interest free. Most student bank accounts, such as those offered by Santander, will have an interest free overdraft capped at a specific amount which may change on a yearly basis to help students through tough times.
In spite of this, students should not see their overdraft as ‘free money’, and remember that all money borrowed will have to be repaid to the bank, usually just after the end of their studies. Students should not abuse their overdraft to make unnecessary Black Friday purchases after being entice by potential discounts, and only purchase what they really want or need which is within their budget.
Learn To Prioritise and Budget
Students have to learn quickly when moving away from home to live alone that budgeting is an important aspect of life, and that they will have to prioritise purchasing products that they need over items that they want.
Students living alone will have to factor in their rent, food, educational resources and various other costs when it comes to budgeting, even if they are allocated a student loan. If they do want to make purchases during the Black Friday period, they should prioritise the items which they truly need over items which do not provide many benefits. Budgeting throughout the year can provide students with the opportunity to spend a little extra in the run up to Christmas without the worry of being unable to afford it.
Textbooks and technology required to study can be expensive, so buying these second hand or prioritising their purchase can help students to save money in the long run, and selling them on after they have been used can help them to earn some of it back.