Tis the season for shopping and retailers really know how to get us to spend more on things we didn’t need or want in the first place. Some holiday spending is unavoidable, but Christmas-related money traps are all around, so protect your wallet and avoid buying these things during the holidays.
- Skip the extended warranty - Sure, you’ll want to protect your investment if you splurge for that flat screen TV, but do your homework before pushing up the price by adding an additional year of coverage. Lots of credit cards actually offer extended warranty coverage at no extra cost if you pay with that card, so find out if yours does before you buy.
- Bide your time if you’re buying bedding - If you’re giving yourself the gift of new sheets or a down comforter, you might want to wait until January to buy them because there’s always a white sale on bedding and you can save 10 to 30%.
- Hold out on holiday lights - If a strand goes out, of course you’ll need to replace them now, but if you’re just stocking up on holiday lights, wait until December 26th when retailers start cutting prices way back.
- Don’t book that cruise until the New Year - Treating the family to a cruise is an incredible gift, but if you wait until “wave season” - which is January through March - to book your tickets, you’ll save more with promos and deals. And you can still create something cool for the kids to unwrap on Christmas morning with the “We’re going on a cruise!” message.
- Winter clothing - If you’re just restocking your closet, hold off until after Christmas when sweaters and such start heading to the clearance rack to make room for pre-spring clothing. You’ll find better deals then than the ones that seem so enticing right now.
Now that you know what not to buy, here's something never to do during the holiday season: