Dos and don’ts of holiday shopping

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But in spite of such bargains, overextending budgets during the holiday season is too tempting for many shoppers to resist. However, shoppers need not risk financial peril if they shop smartly and heed some dos and don’ts of holiday shopping.

* Do set a budget.

Establish what you can afford to spend on gifts and other seasonal trimmings early on. The National Retail Federation estimates that the average consumer will spend around $700 come the holiday season. But not every person needs to be a big spender.

The “buy now, pay later” mentality that credit cards offer lands many shoppers in trouble, a sticky situation many only notice once the first bill comes due. If you cannot afford to pay your entire credit card balance off once the bill arrives, you face steep interest charges that can quickly add up. Instead, pick a set spending limit and keep to it no matter how tempting it may seem to overspend with a credit card.

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* Don’t be fooled by false sales.

Retailers understand that a good advertised deal lures shoppers into their stores. As a result, some retailers mark up the cost of certain items in order to slash the prices for holiday sales.

Even if you are saving the assumed 50 to 60 percent, the final cost of the item still may be higher than normal. Comparison shop and do your research so you don’t fall victim to clever pricing.

* Do schedule time for shopping.

Hectic schedules sometimes result in last-minute shopping that leads to impulse purchases.

Schedule some distraction-free time for your holiday shopping so you’re less likely to rush into purchases before thinking them through.

* Don’t double buy.

Some shoppers use the holidays as an excuse to buy more for themselves than the people on their lists. While it’s tempting to treat yourself come the holiday season, this is a great and quick way to deplete your budget.

If you plan on using holiday deals to supplement your own wardrobe or household needs, reduce your spending the rest of the year and save money for year-end purchases.

* Do collect coupons and look for purchasing incentives.

Comparison shopping not only helps you get the best price, but also it can shed light on coupons, shipping discounts and other incentives that lower the overall cost of products.

Search online for Web sites that publish coupons and codes for online discounts, including free shipping. Join a store’s marketing list and receive emails with deals sent directly to your inbox.

* Don’t be afraid to delay some purchases if need be.

If hosting a post-holiday gathering where gifts will be exchanged, it’s perfectly acceptable to delay buying those gifts until after Christmas or Chanukah, when many items can be found at even lower prices.

Many stores reduce prices on merchandise come December 26, so you can wait until after the holidays to shop for items that will be exchanged with distant friends and relatives. This enables you to save more money and use any received gift cards toward shopping.

* Do keep a level head.

Some people forget the true meaning of the season is spending time with loved ones. Getting swept away by shopping and worrying about deadlines can make the season less enjoyable.

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