MONEY Saving Expert Martin Lewis has issued his "annual Black Friday warning" to shoppers ahead of a day of deals and discounts.
Lewis was speaking on ITV's Martin Lewis Money Show when he gave the warning.
About whether Black Friday deals are worth it or not, the Money Saving Expert said: "If you were going to buy it anyway and it is half price, you have saved 50 per cent.
"If you were not going to buy it but you did it because it was half price, you have wasted 100 per cent."
Stay calm today. Use a list, don’t let them tweak your impulse spending nipples. Buy what you need and want not what they want you to buy. My annual Black Friday warning… Courtesy of @itvMLshow pic.twitter.com/UOed3rWJ8p
— Martin Lewis (@MartinSLewis) November 29, 2024
Taking to X, formerly known as Twitter, Lewis added: "Stay calm today. Use a list, don’t let them tweak your impulse spending nipples.
"Buy what you need and want not what they want you to buy. My annual Black Friday warning…"
Martin Lewis issues premium bonds warning
Lewis' Money Saving Expert has also issued a fresh warning to National Savings and Investments premium bonds holders.
NS&I is making another cut to the premium bond prize fund rate, reducing it to 4%.
The Premium Bond rate is currently 4.4%. Last month, NS&I said it would cut the rate to 4.15% in the December draw. Now, the rate will fall again to 4% from January.
The announcement will come as a blow to millions of savers.
I'm thinking of buying a PREMIUM BOND. Not really sure what they are, how many you get or how it works but I like the WW2 era sound of them. Do you have some? Have you won owt?#PremiumBonds
— Andy Bush (@bushontheradio) November 25, 2024
According to MoneyWeek, Andrew Westhead, NS&I retail director, explained: "We carefully review our savings rates in response to changes in the broader market.
"These adjustments help us meet our Net Financing target while balancing the interests of our savers, taxpayers, and the wider financial services sector."
MSE, which was founded by ITV and BBC star Mr Lewis, said: "This rate was already lagging behind interest rates on standard savings accounts – so if you're a bondholder, you may want to consider moving your cash to an interest-paying account."
Despite the rate changes, NS&I assured savers that Premium Bonds remain a popular choice, backed by the 100% Government guarantee.
The January 2025 draw is set to deliver over 5.8 million tax-free prizes worth more than £431 million.
The odds of winning will remain the same at 22,000 to 1, and there will continue to be two £1 million jackpots.
However, the number of other Premium Bond prizes will fall. For example, there are currently 89 £100,000 prizes up for grabs each month, but from January there will only be 82.
