Holidays are fun, crazy, daunting, tiring and of course, expensive. Here are some easy tips to enjoy any holiday without being stressed about money and maximizing the opportunities retailers have to offer.
Getting started. Create a realistic budget and shopping list. List the people you plan to buy gifts for and the type of gifts you plan to buy. Including the cost of gift cards or cash gifts will help you create a thorough budget. Don’t forget to include holiday travel, extra food, greeting cards, and postage in the budget. If it relates to the holiday season and it costs money, be sure to add it. By being proactive, you may be able to avoid the headache that could come with post-holiday debt or a “holiday hangover” whatever that holiday might be. (Always a good idea to apply budgeting and shopping lists to everyday life as well.)
Recall last year’s bill. Rather than avoiding the uneasy feelings from last year, reflect on it. This is more of a psychological trick than a financial one. It may motivate you to do things differently this year.
Don’t go into debt. Using only cash and sticking to your budget are excellent ways to avoid debt. If you use credit cards (or debit cards for that matter), treat them like cash. If you don’t think you can pay the balance off in full by the next billing cycle, you may need to rethink the item you are purchasing. Buying holiday gifts is about expressing generosity and kindness to friends and family members. There is no shame whatsoever in buying cheap or not buying at all. No one worth buying gifts for expects you to sacrifice financial stability to participate in holiday gift giving.
Consider your time and travel costs. If an item is on sale, but the store is across town, include your time and the costs of transportation and parking in the price.
Read sale ads carefully. Some ads may say “quantities limited,” “no rain checks,” or “not available at all stores.” The fine print can be confusing and sometimes it takes a law degree to decode what they are talking about, but it will save you time and aggravation if you fully understand the terms of the sale. Furthermore, it’s always a good idea to call the store to make sure the item you want is in stock. Some stores even have live inventory updates on their websites so you can check the internet too. If you buy an item at regular price and it goes on sale the next week, you can ask for a credit or refund for the discounted amount.
Look for price-matching policies. Some merchants will match, or even beat competitor’s prices. For example, a large electronic store will match a competitor’s pricing if is from a physical store (not an online store) and the price was available to consumers within the last 30 days. Bring the advertisement or print out from the competitor’s website and the price will be adjusted at check out.
Ask about refund and return policies. Many merchants may have different refund and return policies for sale items. For example, clearance merchandise may be a final sale, meaning no refunds or exchanges. Make sure the policies are clear before you purchase.
Keep good records. Save your receipts. You need them for returns and exchanges. Check credit and debit card sales and return receipts against your monthly bills and statements, and report any problems to the credit card issuer promptly.
Don’t discount “discount stores”. There's no reason to pay full price for the latest styles of staples like dresses, jeans, jackets and boots. Wait for a sale to buy. You can make out like a bandit at outlet malls and discount stores like Loehmann’s, Marshalls and DSW. Stores also have free clubs you can join where you receive coupons in your inbox or mailbox and special discounts on your birthday.
Shop around. A “sale” price isn’t always the “best” price. Some merchants may offer a sale price on the item you want for a limited time; other merchants may offer items at a discount every day. The internet is the perfect tool to do a thorough price comparison, which leads us to our next tip.
Go online Check out websites that compare prices. If you decide to buy from an online merchant, keep shipping costs and delivery time in mind. Some merchant sites offer users the opportunity to rate the products and write a testimonial directly below the product. Also easier and sometimes cheaper by sending directly from online store instead of frequent trips to the post office.
Clip coupons. Coupons are useful when they save you money on what you’re already planning to buy. Check coupons for any restrictions. For example, do expiration dates apply, or do you have to spend a certain amount before you can use the coupon? Some retailers will accept expired coupons, and even coupons from their competitors. Check with the retailer before you leave home to learn their policy.
Hunt for promo codes online. More online retailers than ever are offering promo codes that you enter in at checkout. Before placing any orders, do a Google search to see if your retailer of choice has any promo codes available. A few minutes of searching could equate to 10%-30% off your order or more.
Social media promotions. Retailers are increasingly interested in targeting customers through social networking sites such as Facebook, Twitter and Foursquare. Connect with your favorite retailers to score better prices. Paul Frank, Gap, Ann Taylor and Diesel have offered discounts of up to 30% to shoppers who "check in" via location-based apps.
Sign Up for e-newsletters. Looking to purchase a big ticket item in the next couple months, searching for a new dress or costumes for the kiddos? Sign up for your favorite store’s e-newsletter. You will automatically be alerted when a sale begins. Some stores offer subscribers early access to sales that are not offered to the public yet.
Group-buying websites. Gap sold $50 store vouchers for $25 to users of Groupon.com, a free group buying website available to people in 90+ cities across the country. Like all Groupon deals, the vouchers are available to purchase for only 24 hours and a new discount is offered. Consumers can save between 50 and 75% on these daily deals. Visit www.groupon.com to sign up for email alerts on the daily deals offered at local attractions, spas, stores, museums and more!
Mobile couponing. In addition to apps that help smartphone owners find coupons for nearby stores, some retailers have gone lower-tech with texted offers. Some retailers periodically ask Facebook and Twitter followers to text a code word to a particular number. In exchange, they get an offer code than can be used online or shown to clerks at the register for extra savings.http://www.smartmoney.com/spending/deals/prices-drop-on-fall-fashion/#ixzz0xja8ckXl
Disclaimer: The information outlined in this flier may not be suitable for every individual, and are not guaranteed or warranted to produce any particular results. No warranty is made with respect to the accuracy or completeness of the information contained herein, and DebtWave Credit Counseling specifically disclaim any responsibility for any liability, loss or risk, personal or otherwise, which is incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this flier
