11/4/2015 40 Ways to Save Money Over the Holidays

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40 Ways to Save Money Over theHolidays

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Cameron Huddleston, GOBankingRates

POSTED: Wednesday, November 4, 2015, 5:46 AM

This holiday season, the average U.S. shopper will spend $805, according to the National RetailFederation. With sky­high prices on gifts, food, decor and more, the holidays can take a big bite outof your savings. Rather than start the new year off on a low, find out how you can trim the fat offyour holiday spending. Here are 40 tips for saving money this holiday season from experts.

Read: 8 Ways to Get Your Holidays Off to a Budget­Savvy Head Start

1. Create a Detailed BudgetBefore you buy anything, you need to know how much you can afford to spend so you don’t rack updebt or wreak havoc on your finances. Financial educator Natasha M. Campbell, "The WealthStylist," said you should write down a list of everyone you plan on giving gifts to and identify themaximum amount you’re willing to spend per person.

Jose Figueroa, a Christian personal finance coach, said to assign a specific amount you want tospend for each person on your shopping list. Afterward, determine how much you'll need for gifts —and stick to that amount.

Also, identify the amount you plan to spend on food, decorations and entertainment during theholidays. Keeping a log of all of your purchases or using a free mobile app like Gift It to track yourholiday spending can help you keep tabs on where your money is going.

See: 7 Best Credit Card Rewards to Stock Up on Before Holiday Shopping

2. Buy Gifts Little by Little

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2. Buy Gifts Little by LittleBuying everything in a single day during the holiday rush not onlymeans you'll overpay on certain items, you'll put a bigger strain onyour wallet all at once, said Regina Conway, consumer expert forSlickdeals. “By spreading out your purchases throughout the next fewmonths, you’ll be able to budget accordingly and not have a credithangover in January,” she said. Plus, it will allow you to takeadvantage of the various sales throughout the holiday season.

With more time to shop, you also have the opportunity to stick to astricter budget. John Schneider and David Auten of Debt Free Guyssaid they calculate budgets and then "commit to spend 20 percentless each year. Then, we put our 20 percent savings in a holidaysavings account for next year or celebrate the new year by investingit in the stock market."

3. Establish Reasonable ExpectationsYour kids might not understand the ins and outs of your finances —and that's okay, as long as you help them establish reasonableexpectations for gifts. Rather than allow your kids to fawn over everynew toy and gadget that's coming out this holiday season, help themcome up with a holiday wishlist by establishing a clear budget for theirpresents.

Knowing your kids aren't expecting the latest consoles, a pony orother outrageously expensive gifts will alleviate some of the pressurethat comes with shopping for loved ones. It also helps your kidsunderstand that the holidays aren't necessarily about getting thecoolest toys they can flaunt at school.

4. Know When to Shop“Retailers are trying to get shoppers into stores earlier and earliereach year, but that doesn't mean shoppers will get the best deals,”said Kristin Cook, managing editor of Ben’s Bargains. For example,the best prices on toys and video game consoles often appear inDecember, she said.

Sites such as BFAds.net create comprehensive buying guides to helpyou understand when and where the best values are. FatWalletshows the best current deals next to upcoming Black Friday deals,helping you make smart decisions on whether to buy early or wait.“Knowing the times that things go on sale can help you be one of thelucky ones that nab those limited, time­sensitive deals,” said BrentShelton, an online shopping expert with FatWallet.

5. Get Black Friday Prices in EarlyNovemberYou don’t have to leave your Thanksgiving dinner or battle thecrowds on Black Friday to get the best prices of the season. Severalproduct categories — including HDTVs, laptops, tablets, cookware,small appliances, digital cameras and power tools — will be markeddown to Black Friday prices starting in early November, Cook said.Look for these early discounts from retailers like Amazon, Best Buy,Dell, Home Depot, Lenovo, Microsoft, Newegg, Sears, Target andWalmart.

6. Set Up Deal AlertsA good way to track sales so you don’t miss out on them is to sign upto receive alerts from sites that feature deals, Shelton said. For

example, you can get alerts when savvy deal hunters post price drops in the FatWallet hot dealsforum. Slickdeals, meanwhile, will send you alerts when a deal is posted that matches keywords orproducts you select.

7. Stay Up Late the Night Before

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7. Stay Up Late the Night BeforeThanksgiving

All of the best advertised — and unadvertised — online deals on Thanksgiving will start going liveWednesday night, Cook said. In fact, many stores advertise at midnight but will unofficially start anhour earlier to get a jump on competitors.

To snag the best deals before inventory runs out, you need to be watching retailer sites as deals golive. Cook said that the Ben’s Bargains team saw some of the best deals sell out in an hour, butmost lasted a few hours. “While retailers will intentionally time sales of different products throughoutThanksgiving, staying up late the night before Thanksgiving will pay off significantly,” she said.

8. Get Black Friday Prices After BlackFriday

You don’t have to stand in line outside a store at the crack of dawn to get doorbuster prices. Youcan get many items at a discount on eBay a day or two after Black Friday, said Kyle James, founderof coupon and deal site Rather­Be­Shopping.com. It’s commonplace for people to buy items duringBlack Friday and then sell them for small profits online. “So be sure to check eBay on Black Fridayweekend and pay only slightly more than if you had stood in line for hours,” he added.

9. Turn Old Gadgets Into HolidayMoney

Unused tech gadgets like mobile phones, tablets, computers and video game consoles can easilybe turned into cash for the holidays. You can sell your unwanted electronics — even damaged ones— on sites like Gazelle, NextWorth and uSell. Or you can trade them in for gift cards at retailerssuch as Best Buy, Target and Walmart, said consumer expert Andrea Woroch.

You can even turn used ink cartridges into holiday gift money. Stores such as Staples offer $2 inrewards for every cartridge you recycle, she said.

10. Buy Used and RefurbishedElectronics

The latest gadgets are cost prohibitive for many holiday shoppers. Rather than buying tech like thenewest iPhone fresh from the package, look to stores that sell refurbished or used devices for less.Even buying a slightly older model can save you hundreds of dollars.

Brian Kramer of Gazelle recommended buying preowned electronics. In a survey of 750 Gazelleusers, "70 percent feel the high price of a new iPhone or iPad prohibits them from buying it as agift," Kramer said, noting that many shoppers can find some devices for "up to 40 percent off whencompared to buying a new device." One thing to keep in mind when buying used from an online orbrick­and­mortar shop: Make sure there is a rigorous inspection process to ensure the device youbuy is high quality.

11. Stock Up on Discounted GiftCards

You can save money on holiday purchases by buying discounted gift cards from sites such asCardCash, GiftCards.com and Raise. Or visit Gift Card Granny, which aggregates discount gift carddeals to help you find the biggest savings across all the major resellers, Woroch said.

“Not only can you give a discounted gift card as a gift, you can also use it as your currency toshop,” Conway said.

12. Sell Unwanted Gift Cards forHoliday Cash

If you have a stash of gift cards from last Christmas you never used, you can sell them online for 80percent to 90 percent of their value, said Phillip R. Christenson, a financial advisor for Phillip JamesFinancial. You can get cash for your cards on sites such as CardPool and Giftcard Zen.

13. Avoid the UpsellDon’t spend more than you have to — avoid upsells. Say no to extended warranties; your purchasemight already be covered if you use a credit card, or you can get a lower­cost warranty from a

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protection plan service such as Square Trade, Shelton said.

14. Avoid Shipping FeesFor online shoppers, when it comes to learning how to save money at Christmas, you don't need tolook much further than shipping fees. Shopping online makes it easy to compare prices whileavoiding crowds, but shipping fees can wipe out your savings. Woroch recommended shopping withretailers that offer free shipping for purchases and returns or that have a physical store near youwhere they’ll ship for free or accept returns.

You can also look for free shipping coupon codes on sites like FreeShipping.org or sign up for a 30­day Amazon Prime trial membership to get free shipping, Woroch said. Free Shipping Day onDecember 18, meanwhile, is a day when hundreds of retailers offer free shipping with guaranteedshipment by Christmas Eve.

See: 5 Online Shopping Hacks for Getting Discounts on Everything

15. Get Cash Back Shopping OnlineYou can earn cash back on purchases to alleviate the cost of holiday spending. Sites like BeFrugal,Coupon Cactus and Ebates allow members to earn cash back from thousands of onlineretailers. Cary Carbonaro, a certified financial planner, said to "bring your smart phone and checkRetailMeNot before you buy."

A representative for Upromise said the service "has several different components, but the mostpopular is its cash back for online shopping. By shopping through the Upromise portal with popularretailers, you can earn 5 percent cash back for college."

16. Always Check for Coupon CodesBefore you buy anything online, visit sites such as CouponCodes.com, Offers.com and RetailMeNotto find coupon codes that can be entered at checkout. You can also follow your favorite retailers onFacebook and Twitter and sign up to receive coupon codes via email.

Use a mobile app such as Coupon Sherpa while you shop to see what coupons and discounts areavailable at nearby brick­and­mortar retailers. If you find a coupon you can use, you can pull up thebarcode at checkout to get a discount.

17. Chat With Customer ServiceWhen Shopping Online

Some holiday shopping tips require you to be a little more proactive. This holiday season, takeadvantage of the live chat features on retailer sites. Ask about promotions or even unadvertiseddiscounts that might be available. To encourage a one­time discount, you can even mention thatyou’re considering a competitor’s product.

You can also pick up the phone and call customer service to ask about discounts and whether theywill honor an expired coupon or recent sale price. Other times, it's as easy as asking for a discount:"Wherever I shop, I always ask for a discount, and I usually get it," said Teri Gault, CEO andfounder of The Grocery Game.

18. Take Advantage of PriceMatching

“Price matching is a great way to grab the lowest prices without bouncing from store to store, but itdoes require a bit of initiative,” said Howard Schaffer, VP of Merchandising and PartnerManagement at Offers.com. As a shopper, it's up to you to keep an eye on the prices of productsand show proof to retailers that competitors are offering the same product for lower prices. Appssuch as RedLaser and ShopSavvy can help.

You also need to be aware that some retailers’ price­matching policies are better than others,Schaffer said. Major retailers like Target and Best Buy boast some of the best policies, matchinglocal competitor's prices as well as the prices of online retailers, such as Amazon.

19. Download Browser ToolsYou can download free browser tools that help you comparison shop and hunt for discounts.FreePriceAlerts.com, for example, has a downloadable tool that will alert you if a product you’reviewing on a retailer’s site is selling for less elsewhere.

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FatWallet, which partners with retailers to offer cashback on purchases, has a tool called FatWalletExpress that shows you the cash­back status of stores you visit online. It also shows whether thereare coupons or deals available.

20. Track Price DropsEven if you buy items at full price, you still might be able to score savings if they go on sale. Severalretailers — including Best Buy, Macy’s, Sears, Target and Walmart — offer price adjustments if anitem you buy at full price is marked down within a certain number of days from the purchase date.Typically, if you present your receipt to a sales clerk showing the price you paid, you’ll be creditedthe difference.

Woroch recommended tracking price drops on your purchases by using sites such as TrackIf orapps like SnapUp. These tools will alert you if something you buy goes on sale. Then, you canrequest a price adjustment.

21. Clear Your CookiesBrian, a money coach and founder of Debt Discipline, said, "The best way to save money during theholiday is using research." He said to use the "power of the internet" and your smartphone to seekout free shipping, low prices and upcoming sales.

But first, you'll want to clear out your cookies. Cookies are generated by websites and stored onyour computer. They allow sites to load faster, but can also be used to gather information aboutyou. Woroch said you should clear your browser’s cookies so stores can’t track your purchases andbrowsing patterns, which they might use to adjust the prices you see on their websites.

22. Use the Right Credit CardIf you are in the habit of paying off your credit card balance each month, you can benefit by usingcredit cards during the holidays. “By choosing and using credit cards strategically, you not only cantrack your spending more easily, you can save money and earn rewards on purchases,” Schaffer ofOffers.com said.

For example, the Citi Double Cash Card lets you earn 1 percent cash back on every purchase youmake and another 1 percent when you pay off your purchases. The Price Rewind feature on Citicards allows cardholders to register purchases to get up to $300 back per item if the price dropswithin 60 days.

23. Redeem Rewards for HolidayCash

You might have a source of untapped cash for the holidays — your credit card rewards. Accordingto CardHub, Americans fail to redeem $4 billion in rewards annually. Take the opportunity to cash inyour points for cash or gift cards to help cover some of your holiday spending.

24. Don't Drink and ShopThe holidays are a time of cheer and celebration, but a bit of drinking before hitting the mall canderail your gift budget. April Masini, a relationship expert, author and founder of Ask April, arelationship advice site, said, "Drinking and shopping won’t get you killed, but it will get you buyingwhat you can’t afford because you slide into purchases on a wave of martini­fueled good cheer.Starbucks and shopping, yes. Cocktails and shopping, no."

25. Shop With CashA good way to limit your holiday spending is to shop with only enough cash to buy items on your list.This tactic is ideal for someone who already has credit card debt and doesn’t want to rack up more.Shopping with cash will not only help you avoid impulse purchases, but it can also stop the trend ofbuying gifts for yourself, Woroch said.

26. Sign Up for Store RewardsPrograms

Signing up for rewards programs with retailers you'll visit during the holiday season can help yousave money, Schaffer said. For example, by enrolling in Kohl’s Yes2You Rewards, you earn onepoint for every dollar spent and get a $5 reward for every 100 points you accrue. Often retailerswith rewards programs will send coupons to members, while others will increase rewards during

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holiday sales.

27. Shop Garage SalesCat Alford of the Budget Blonde blog said she saves money by buying gifts for her children onCraigslist and at garage sales. “All kids want on Christmas morning is to have fun and play withtoys,” she said. “They have no idea how much you spent on them or who played with the toysbefore they did — nor do they care.” For example, she paid less than half the retail price for a traintable with tracks and trains by buying a gently used one.

28. Use Your Warehouse ClubMembership

If you belong to a warehouse club such as BJ’s, Costco or Sam’s Club, you can score savingsduring the holidays. Costco, for example, sells gift cards for major retailers at 15 percent to 30percent off their face value. Plus, you can get wine for holiday gatherings or for gifts at a discount.

29. Don’t Ignore the Dollar StoreIf you want to know how to save money for the holidays, look no further than your local dollar store.You can save big by purchasing certain holiday items at discount stores, such as Dollar Tree.Rather than spend several dollars on a roll of gift wrap or a gift bag, you can get both of these itemsfor just a buck. You also can find ornaments, decorations, candles, stocking stuffers, Christmascards, paper plates and napkins for just $1.

30. Don’t Wait Until the Last MinuteDespite all of the sales in November, Christmas Eve was actually the biggest spending day duringthe 2014 holiday season, according to eMarketer. Waiting until the last minute to do holidayshopping can be a mistake, though. “If you wait until December you may not find what you'relooking for and end up spending more on an alternative gift,” said Barry Choi, personal financeexpert at Money We Have.

31. Opt for Low­Cost GiftsYou don’t have to spend a lot to give a memorable gift. Susan Kessler of The Frugal Divarecommended giving magazine subscriptions. “Every month they remember what a considerateperson you are,” she said. And you can find annual subscriptions for a variety of magazines for just$5 on Amazon.com.

You can also turn a holiday gift set that features several items into multiple gifts for coworkers andneighbors. Woroch said you can buy a big box of chocolates from a warehouse club and then divvyup the chocolates into cellophane bags with bows. You can also make homemade jams. “Thisallows you to get more mileage from your gift shopping,” she said.

32. Focus on Meaningful GiftsRather than spend money on presents, show friends and family how much you care by giving themyour time, personal attention and affection, said Campbell. “That could mean anything from qualitytime with loved ones, babysitting or an hour volunteering your gifts and talents to help others,” shesaid.

Pam McMurtry recommended "giving gifts that facilitate family or friend interaction, such as a gamenight or trip to a museum or family outing. One year, I made pioneer bonnets and vests and sentmy grandchildren activities to recreate the work and play of their pioneer ancestors."

33. Make Your Own OrnamentsCut the cost of decorations for your Christmas tree by making your own ornaments. You can pickup a bunch of inexpensive supplies from craft stores and even host a party with friends to make itfun, Woroch recommended. If you have kids, get them involved and start a holiday tradition.

34. Save on Meals OutYou might find yourself picking up more meals on the go during the busy holiday season — ordining out with friends to celebrate. You can keep the cost of restaurant meals under control bybuying discounted restaurant gift certificates at Restaurant.com. Or look for discounted restaurantgift cards on Gift Card Granny.

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McMurtry plans ahead for the treats she'll serve over the holidays: "I buy Halloween candy likechocolate bars and peanut butter cups after Halloween for 50 percent or more off and freeze themto use for toffee, fudge and cookies for Christmas."

35. Host Holiday PotlucksRather than provide all the food for holiday gatherings you host, ask friends and family to bring theirfavorite dishes, desserts or beverages to share. Not only will this help you save money, it can makethe event less stressful for you.

On this, Kristin Wong of Brokepedia said to "Find a good dessert recipe and ace it." A frugal butdelicious dessert or other dish ensures you save money while showing off your cooking chops atthe holiday party.

36. Invest in LED Bulbs"Lighting accounts for a significant portion of electricity usage, and LED bulbs are up to 10 timesmore efficient and last up to 50 times as long as compared to incandescent bulbs," said AlexGoldstein of Eligo Energy. So while decorative lights might be the highlight of your holiday decor,don't let them sap your monthly budget. Invest in LED bulbs that will last you for years to come.

37. Ask for Money­Saving GiftsIf you're expecting gifts from others this year, consider asking for presents that will help you savemoney over time. Goldstein recommended the Nest Thermostat, a self­programming thermostat,and a programmable sprinkler system that can help you cut back on water costs throughout theyear.

38. Give the Gift of Volunteer WorkSave money by spending less on gifts and giving more of your time to help others by volunteeringduring the holidays, saidSteve Repak, CFP. Get friends and family to agree to donate some of theirtime to a soup kitchen, homeless shelter or charity of their choice rather than exchanging gifts,Kessler said. “This is a great way for everyone, especially kids and teenagers, to feel in the spirit ofthe holidays,” she said.

39. Institute a No­Gift ChristmasChristenson said he recently tried to orchestrate a no­gift Christmas with his family. “Instead of gifts,I suggested we do something together as family like go to a nice restaurant, a movie or some othermemorable event,” he said. “The holidays are normally a stressful and expensive time, so thiswould reduce that stress and save some money. You might even create a new family tradition thatcould last for years.”

40. Celebrate Christmas AfterChristmas

"I know this is holiday heresy because everybody wants to go home for the holidays. However, youcan save a lot of hassle, stress and money by simply delaying your visit until January," said GregGeronemus, a travel expert and co­CEO of smarTours. "The prices will be far better, much lower,there will be less hassle and chaos at the airports and train stations, and certainly less stress." Youcan also choose to delay exchanging gifts, allowing you to take advantage of after­Christmas sales.

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This article originally appeared onGOBankingRates.com:

40 Ways to Save Money Over theHolidays

GOBankingRates.com is a leading portal for personal financenews and features, offering visitors the latest information oneverything from interest rates to strategies on saving money,managing a budget and getting out of debt.