How to Spot a Good Deal – and a Bad One – This Holiday Season

Between planning a Thanksgiving meal that will please their pickiest relatives and ringing in the new year, many shoppers have a single mission: get the best deals they can on gifts. However, if you don’t have an action plan for spotting the good deals and avoiding the bad ones, you might fall into the trap of holiday overspending.

Sound familiar? Take a breath, take your time, and create a shopping strategy before heading online or out to the mall. With an itemized holiday budget to keep you on track, you’ll be better positioned to choose wisely how and where to make this year’s purchases.

Use Sales Comparison Apps to Compare Prices

It takes a little extra time, but when every saved dollar keeps you on budget it can be worth it. There are a variety of price comparing apps, and it might pay to try out the one most suited to your shopping needs. Some allow you to access digital coupons. Others make it easy to mine their databases of information. Typically, you can use the apps to scan barcodes in person before making a purchase. That way you can find out whether another store sells the same holiday lights for a few dollars less down the street.

And if nothing better comes up, that’s a sign the price you’re looking at might be as good as it’s going to get.

Buy Your Gifts and Seasonal Decorations Second Hand

Second hand shopping has grown in recent years in reaction to a rise in prices. That means there are more stores selling gently used clothing, purses, furniture and other goods for a fraction of the price of similar items. Take it from one woman who explained to Business Insider how she saved hundreds of dollars on Christmas gifts she bought at thrift stores.

Take a few tips from her approach:

1. Start with a per-gift budget goal. Even thrifting can add up!
2. Get familiar with the second hand stores nearby. Frugal shoppers should set their sights on Goodwills and other budget conscious stores in their communities.
3. Look for hidden treasures. Thrifting does take a little patience, but that curiosity about what’s lurking in the back of the store can lead you to cheap, hidden treasures.
4. Examine all goods for quality and cleanliness. The shopper in question found toys, home decor and other goods that were still in good shape.
5. Avoid anything that isn’t in decent shape. You may need to clean or dust off a purchase, but your recipients will still like their presents.

Be Skeptical of Holiday Sales

As if there isn’t enough to accomplish this time of year, holiday shoppers must avoid falling for sales that don’t actually lower the prices of products. One infamous crafting franchise was even forced to pay out over a million dollars to consumers. That hasn’t stopped other stores from trying the same shady tactics. Numerous big name brands have gotten in trouble for falsely presenting prices as markdowns to lure in unsuspecting customers.

Do Your Own Pricing Research Online

The best way to spot a good deal is by tracking the prices of goods and reading online reviews of them. This year, base your purchases on your own research – not flashy advertising. Taking charge when you’re not in a rush to buy, you will notice when something is a legitimate deal.

Once you’ve done your own comparison shopping online, you will have a good idea of the market value of your favorite winter coats, scarves and gloves. Just be sure you trust the outlet and only buy from places with a reliable track record and fair exchange practices. Sticking to companies with good reputations that haven’t been sued for false markdowns can pay off. When in doubt, speak to store workers to get more information on any sales that catch your eye, and always trust your gut.

Illinois Currency Exchanges

Currency Exchanges throughout Illinois help you keep an eye on your money no matter what kind of season you have planned. When you need to cash your latest paycheck in a snap to afford gifts, we provide quick check cashing services on flexible, convenient schedules. Our CCEA store locations will load your cash onto a prepaid debit card to help protect your dollars and keep your spending in check.

Contact your local CCEA Currency Exchange by phone or in person to get your finances in order before the holidays arrive!