Here Are 6 Ways To Save Money During the Holidays | KERA News

Here Are 6 Ways To Save Money During the Holidays

Dec 2, 2016

The average American will spend more than $900 on holiday gifts this year. On Think, Krys Boyd talked with tech journalist David Pogue about some money saving tips for shoppers. He’s the author of "Pogue's Basics: Money - Essential Tips and Shortcuts (That No One Bothers to Tell You)."

The KERA Interview

1. Look for coupons online:

RetailMeNot.com is basically an internet repository for coupons and deals from everywhere, every store you’ve heard of…that the citizens of the internet round up for you and turn in there. So, anytime you’re going to buy anything you should stop there first and type in what you’re looking for. Chances are 80 percent that you’ll find a coupon that you can use right now.”

2. Use gift cards:  

“There are these gift card exchanges online like CardCash.com and Raise.com where you can sell these things for cash. So, if someone gives you a $50 Target gift card you can sell it to Raise.com for $35 cash. It’s not full value, but it's cash. And the really cool thing is we the people can then come in and buy those cards that other people have turned in for again a fraction of the face value.”     

3. Get a credit card:  

“The one thing that I am amazed about is that everybody in America does not have a 2-percent cash-back credit card. Credit cards come with all kinds of perks for you to use them, frequent flyer miles or 1 percent back. The most you can get is 2 percent cash back on everything you buy, which could be hundreds of dollars a year for doing nothing.”  

4. Buy refurbished electronics:   

“'Refurbished' in the electronics world does not mean what the consumer thinks it means. Refurbished sort of implies that it was broken and then they sent it back and somebody fixed it. That’s not what they are. Refurbished electronics are things that were sold and then returned, but it could be for any reason. It doesn’t even mean it’s been used. It doesn’t even mean it’s been opened. Every refurbished electronic has been inspected again, so it’s been inspected twice as much as a new one. And they bare the exact same warranty as a brand new one.”

5. Learn when to buy:   

“Clothing always goes on sale right after the season when they would have been useful. So, bathing suits all go on sale in August. Ski stuff goes on sale in February. Halloween candy is dirt cheap after Halloween. Toys are dirt cheap after Christmas. Not all of them are totally obvious. Bicycles come out in September and October. Those are the new models so the previous year’s model goes on sale in the fall. So, you can use logic like that.”

6.  Don’t buy the extended warranty:

“These extended warranties are basically a rip off. What you’re doing is you’re betting that your microwave or your refrigerator will break between the original warranty period and the extended warranty, and the percentages just aren’t in your favor. Unless it’s something that gets moved and banged around a lot like a phone or some people say a car, you’re probably better off not buying the extended warranty. Over time you’ll lose.”