Money-saving tips for the holidays

The holidays are a great time to enjoy exchanging gifts with family and friends, but anyone on a budget knows how important it is to save money. If most of your income is going to essentials like housing, food and fuel these days, you might have less to spend on holiday gifts.

Try these tips to save money on your holiday shopping, and you might even have a little left over to buy something for yourself!

Budgeting for Gifts

1. Create a spending plan: Don't forget to include cash gifts, holiday travel, extra food and drink, wrap, decorations, greeting cards and postage.
2. Make a shopping list: Eliminate impulse buys and spending beyond your budget by listing everyone you want to buy gifts for, the gifts you plan to buy and how much you can spend.
3. Pay with cash, and know your checking balance: Help keep last minute splurges under control by paying with cash and knowing your checking account balance. Check your balance anytime with online banking, and telephone banking is super efficient, so put 891-1234 on speed dial today!
4. Keep a running total: When you come home from a day of shopping, immediately add up all your expenses. This will give a visual record of how much you've spent.
5. Think outside the gift box: Try a group or family gift exchange, which can be less expensive and more fun than buying a gift for everyone.
6. Save for next year with a Columbia Holiday Club Account: If you want to build up your savings for the holidays, open a Holiday Club account to start saving for next year. You can make regular, automatic savings by setting up transfers from your checking account after each pay day. You'll be amazed at how quickly your savings will grow!

Shopping the Holiday Sale Ads

7. 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 everyday.
8. Read sale ads carefully: Some ads may say "quantities limited," "no rain checks," or "not available at all stores." Before you step out the door, call to make sure the item you want is in stock.
9. 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.
10. Look for price-matching policies: Some merchants will match, or even beat, a competitor's prices.
11. 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.
12. Carefully consider bargains: Watch for offers that are based on purchases of additional merchandise. For example, "Buy One, Get One Free" or "Free Gift with Purchase." If you don't really want or need the item, it's not a deal.
13. 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.
14. Ask about sale adjustments: If you buy an item at regular price and it goes on sale the next week, can you get a credit or refund for the discounted amount?
15. Keep track of your spending: Incidental and impulse purchases add up. Jot down what you spend after every purchase.
16. 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.
17. Ask for gift receipts: Many retailers offer gift receipts that code the price. That way, if the recipient returns the item, they'll get the same value even if the item has been discounted further.
18. Ask about refund and return policies: Many merchants may have different refund and return policies for sale items. For example, clearance merchandise may be on final sale, meaning no refunds or exchanges.
19. Keep good records: Whether you're ordering by mail, phone, or online, it's important to keep detailed information about the transaction, including your order number, shipping costs and dates, warranties, and refund and return policies. Some online merchants do not process returns at their retail locations.
20. Ship early: If you're sending gifts to out-of-towners, factor in extra time for shipping. If you wait until the last minute, you may pay a hefty price for express or overnight shipping.
21. Keep an eye on your wallet: Don't flash cash. Keep an eye on your credit or debit card during transactions, and get them back as quickly as possible. If your cards are lost or stolen, report the loss or theft immediately to the card issuers.