How to Score Savings This Holiday Season
The National Retail Federation expects retail sales in November and December to increase 4.1 percent to $616.9 billion, representing approximately 19 percent of the industry's total annual sales. But big projected profits for retailers don't mean you have to get stuck paying peak prices to get in on the holiday action. In fact, retailers know that the lagging economic recovery is still on the minds of many Americans, keeping budgets tight, and sensitivity to prices high. As such, retailers are working to differentiate themselves through price and value. Here are some ways to cash in on savings this holiday season by looking for deals in the right places.
Get online: You don't have to camp out in the freezing cold on Thanksgiving Day to snag a door buster deal. With increased competition among retailers, even the best discounts have started to make their way online. Thanks to online giants like Amazon offering price matches on top in-store offers, other brick-and-mortar retailers are pressured into doing the same, making top deals accessible to anyone with an internet connection, no frostbite or stampeding required.
Use online resources: If you're shopping online, use a shopping portal like FatWallet or Ebates to secure additional savings through cash back and promo codes.
Make the most of apps. Download top shopping and couponing apps to maximize your holiday budget. Start by tracking prices and setting price alerts using apps like PoachIt and ShopTagr, allowing you to make sure advertised "deals" really are good buys. Then use a price comparison app like PriceGrabber to ensure you're not missing out on a better deal elsewhere. Finally, before checking out, check for coupon codes on RetailMeNot or automatically check for savings in your cart using the Coupons at Checkout add-on from CouponFollow.
Cash in on credit card rewards: Check with your credit card company to see what rewards and incentive offers are available this season. American Express is once again sponsoring Small Business Saturday, offering card members up to $30 cash back when they shop at select small businesses. Chase Freedom is offering 5 percent cash back on Amazon and Zappos purchases through the end of the year. Use your credit card to reward yourself for purchases you're already planning on making.
Follow social media: Stay on top of the latest promotions by following your favorite retailers on social media. CVS is hosting a free gift card promotion that allows ExtraCare Rewards Program members the chance to get a $10 gift card after spending $30 on specially marked products. Following stores on Twitter and Facebook is the best way to stay up to date on these kinds of promotions for retailers big and small. Some may even offer additional rewards for "checking in" at a store or "interacting" using the twitter handle or a special holiday hashtag.
Stock up: Take advantage of good holiday price promos by shopping now for discounted items that you know you'll need throughout the year, either for your own use or for other upcoming occasions like birthdays.
Research: Not every Black Friday or holiday deal is smoking hot. Do your research ahead of time so that you know when you're most likely to get the best price on wish list items. November and December are prime time for promos on kids' toys, bikes, tools, TVs, small consumer electronics and home appliances. But hold off on items that won't see discounts until later in the New Year like furniture, skis, cruises, luggage and jewelry.
Double check return policies. Along with deep discounts come stricter return policies at many retailers. Some may only offer store credit, while others go so far as to ban "serial returners" altogether. Before handing over your cash or card, make sure you read through all the fine print at checkout, and don't lose those gift receipts!
Regardless of savings and seasonal specials, no discount is worth acquiring debt you can't afford to repay. Save yourself from a spending hangover come New Years Day by budgeting all your holiday shopping expenses before hitting the stores. By employing these various discount strategies, you'll be able to stretch each and every dollar, leaving more room in the budget to fund financial priorities like end of year retirement account and savings contributions.
Stefanie O'Connell is a New York City based actress and freelance writer. She chronicles her struggle to "live the dream" on a starving artists' budget at thebrokeandbeautifullife.com.
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