By Jill Schlesinger
Tribune Media Services
The holiday season is one of the rare occasions when we’re going to focus on spending money, rather than saving or investing it. After all, I don’t want to be known as “Scrooge McSchlesinger”! The following is a holiday grab-bag of ideas.
Before you brave the crowds at the mall, start by creating an all-important list of the items you want to buy. The list should help you avoid blowing your entire holiday budget on spur-of-the-moment impulse purchases. With list in hand, you will also be ready to start conducting research online. Many of the large brick-and-mortar stores will post coupons and “door busters” online, so you can easily compare prices from the comfort of your home. You can also register to receive coupons for items on your wish list via email. If you have a smartphone, you may want to load it up with shopping apps like Nextag, TGI Black Friday and SnipSnap to make your in-store experience a little easier.
Here’s a big caveat before you visit the stores or click the “complete my purchase” button on the computer: not everything is a good deal during the early days of the holiday season, according to dealnews.com. In fact you may be surprised to learn that toys are a notoriously bad buy in the early holiday rush. Without a “must-have” toy this season, you are better off being patient and waiting for the deep discounts that are likely to occur within two weeks of Christmas Day.
For techies, if you are or a loved one is pining for a brand new Apple iPad mini, you may want to put on the brakes. The iPad mini is fairly close to the iPad 2, and the older version is likely to see a steep discount this weekend. If you are looking for a great eReader, try the Nook Simple Touch e-reader, which, on sale for $50 or so, is a terrific way to sample whether such devices are for you. If you have been holding out for a new HDTV or the latest digital camera, you may want to skip the name brands. The best prices will be found with lower-tier manufacturers. If you really want the big name, wait until after the New Year, when manufacturers mark down older models in preparation for their new releases due in spring.
There are two categories that dealnews.com says you should outright avoid this holiday season: jewelry/watches and winter apparel. The holidays are usually the worst time to buy these items. For jewelry, save the purchase for the spring and summer, when the best deals occur, and for winter coats or scarves, wait until January, when they wind up in the clearance bins.
Once you have made your purchase, review the receipt – it may include coupons for things that you regularly buy, or simply offer cash credit for your next purchase. Your favorite retailers are also likely to have cut-rate offers for those willing to spend the time printing out a coupon or a coupon code. And don’t forget that it’s important to hang on to receipts and manufacturer warranties. If you don’t have the receipt that shows the date of purchase, you can’t prove your television or Kindle broke way too soon.
Additionally, returning an item without a receipt usually means a refund or store credit for the after-holiday sale price, which could be a lot less than what you paid. If you’re buying a gift, get a gift receipt, too. These may also entitle you to sale price adjustments or price matching.
Finally, social scientists say that experience-based gifts are the ones that create lasting happiness. So you may want to consider a family vacation, a concert or theater with friends, or give the gift of learning – enroll a loved one in music lessons, cooking classes or a computer course. Happy shopping!
Jill Schlesinger, CFP, is the Editor-at-Large for www.CBSMoneyWatch.com. She covers the economy, markets, investing or anything else with a dollar sign on her podcast and blog, Jill on Money, as well as on television and radio. She welcomes comments and questions at askjill@moneywatch.com.
This was printed in the December 16, 2012 – December 29, 2012
