What Are The Best Money Saving Shopping Tips For After Christmas Shoppers?
The day after Christmas is notoriously one of the busiest shopping days of the year
. Long lines form at department store service counters to return or exchange gifts that are unwanted or the wrong size. Retailers slash prices on holiday goods to clear shelves for new inventory. After Christmas sales offer discounts on clothing and other items. Smart shoppers take advantage of these deals by planning ahead which may save them from having to access short term cash advances during the next year's holiday shopping season.Stock Up On Holiday Goods To Save Money Next Year
Drugstores and other retailers will mark down their holiday stock to 50-75% off starting the day after Christmas. This is the best time to purchase wrapping paper, gift bags, boxes, bows and Christmas tree trimmings. These deep discounts attract many shoppers so supplies won't last long. Use your money wisely and plan ahead for future holiday seasons.
New Gift Card Rules Protect You Better
The Obama Administration enacted new credit card and gift card laws in 2010. Americans have embraced the practice of giving gift cards, especially for those folks who are hard to buy gifts for. Gift cards are convenient and act just like cash but with the new rules there is even more benefit and less risk. The new regulation requires full disclosure of fees and expiration dates on your gift cards.
These rules apply whether the cards are bought online, through the individual stores, or at a grocery store or pharmacy:
1) Gift cards purchased August 22, 2010 or after must hold their value for five years;
2) Each time you reload your card, the five year clock starts on the amount you add;
3) Physical cards can have an expiration date, but not your money stored on the card. So, if your card expires before five years and there is still money left on it, call the card company and request your money be transferred to a new card. They must do this for free or return the remaining balance to you in cash or check;
4) Companies are also prohibited from charging non-use fees unless you failed to use the card for twelve months, so use your gift cards as soon as you can before you forget about them;
5) No more than one fee (of any kind) can be charged to the cardholder in a single month, though there are no limits on how much that one fee can be.
What If Your Gift Card Is For Company Out Of Business?
If the restaurant or store that the card is from goes out of business, your card is useless and it's money down the drain. Just in the last two years major companies like KB Toys, Filene's Basement, Hollywood Video, Circuit City and Linens 'n Things have disappeared. Many more retailers are at risk of bankruptcy. Use up your gift cards sooner rather than later.
Start Next Year's Holiday Shopping
There will be a lot of after Christmas flyers and advertisements in this weekend's newspapers. Although we can not predict what the hot toy or game will be next season, this is a great time to purchase staple gift items for kids at discounted prices. Children's "must-have" toys like Tinker Toys, Lincoln Logs, board games and Lego sets never go out of style. If you can get a great price on them this weekend and stash the items away for next year you will be doing yourself a financial favor.
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