Boost Your Black Friday Savings by Over £100
Shoppers hunting for the best Black Friday deals have a chance to earn an extra £133 through a clever savings strategy. As major retailers like Currys, Argos, and Amazon ramp up promotions for electronics, homeware, and cosmetics, a free app called Sprive offers a way to make those purchases work even harder by contributing to mortgage overpayments.
How the Cashback App Transforms Your Spending
Jinesh Vohra, CEO of Sprive, explained the significant potential for savings. "Black Friday is the perfect opportunity to make your money work harder," he said. The app allows users to earn cashback on their regular shopping at a wide range of retailers, including Boots, New Look, and Amazon, as well as grocery shopping at supermarkets like Asda, Morrisons, and Waitrose.
This cashback is then automatically directed towards overpaying the user's mortgage. Every pound overpaid reduces the mortgage balance immediately, slashing the interest accrued from that day forward.
The Real Impact on Your Finances
Sprive's calculations reveal the substantial long-term benefits. The average household with two adults is projected to spend around £602 during the Black Friday sales. By shopping through the Sprive app, this expenditure could generate £30.10 in cashback.
When this cashback is used for a mortgage overpayment, it ‘supercharges’ into £133.47 of total mortgage savings. Over a full year, the average family using Sprive for their regular food and clothes shopping could earn £268.11 in cashback, potentially saving £9,700 in mortgage interest and cutting a remarkable 12 months off their mortgage term.
Shopping Smart Amidst the Hype
Despite the tempting offers, Mr Vohra urges caution. "Impulse buying is one of the easiest ways to overspend during the sales," he warned. His advice is to plan ahead: write a definitive list of needed items and set a firm budget before the shopping event begins.
He also highlighted a common retail tactic, stating, "Some prices are inflated in the run-up to Black Friday, making discounts seem bigger than they really are." To avoid this pitfall, he recommends adding desired items to your online basket in advance and tracking their prices in the days leading up to the sale to ensure you are getting a genuine discount.
