To stay thrifty while shopping, follow these tips

Sun Sentinel

FORT LAUDERDALE, Fla. — With Black Friday — the day after Thanksgiving and official start to the holiday shopping season — just days away, if you haven’t started shopping yet, now would be a good time to finalize a game plan and check your finances.

Some shoppers will be spending less or putting fewer people on their lists, while others will be looking for the right gift, rather than the most costly one, he said.

This could all add up to a less-than-jolly season for retailers.

The National Retail Federation is forecasting a 3.2 percent drop in holiday-related shopping this year to $682.74 per person, down from $705.01 in 2008. In a recent federation survey, nearly two-thirds of consumers said the economy would affect their holidays, with the majority — 84.2 percent — saying they would spend less.

With frugality expected to be top of mind this holiday, here are some tips to help you stay thrifty:

KNOW YOUR LIMITS

Experts say consumers should make a holiday budget and stick to it to avoid overspending.

Budgets should also include gift-recipient names and the dollar amounts assigned, to help keep spending on track.

Include costs for decorations, wrapping paper, greeting cards, postage and shipping for a truer picture of holiday expenses.

DO YOUR HOMEWORK

Compare prices online at shopping Web sites such as pricegrabber.com that collect sales and promotions information from a variety of retailers, before heading out to shop, Cecere said.

Coupons are another way for consumers to save this holiday season.

Knowing where the best deals are for the items on your list can help to maximize a shopping trip and save on gas, experts say.

With tighter inventories, consumers aren’t likely to see as many drastic markdowns as last year.

In recent weeks, price wars have heated up among retailers such as Wal-Mart and Target as they vie for consumers’ dollars.

Toys and books priced at $10 or less are just some of the items expected to be popular this holiday.

SHOP EARLY

“Shop every pay period and don’t wait to do it in one fell swoop,” said Clarky Davis, a Maryland-based debt-management consultant, also known as The Debt Diva.

Delays could result in panic and unplanned purchases, Davis said.

As tempting as it may be this year to wait for even-lower prices, sought-after items on sale now may not be around later, experts say.

USE CASH; LIMIT CREDIT

If finances are a concern, limit spending to the cash you’ve allotted and avoid using credit cards. If you have to use a credit card, use one only, and make a plan to pay it off within the first six months of the year.

Consider layaway options that will allow you to make small down-payments on gifts over a specified period. Cash can also be a better option than gift cards, experts say.

Though popular gifts, a gift card can cost more than its face value if there are service charges or activation fees, Davis said.

THINK OUTSIDE THE BOX

Experts say consumers should consider changing their holiday traditions to find additional savings this year.

That could mean forgoing the mall and exploring unfamiliar shopping territory such as thrift or vintage stores.

These are great places to stretch your dollar and find unique gifts, Davis said.

Also consider reusing last year’s decorations, making homemade gifts or giving the “gift” of your time.

KNOW WHEN TO QUIT

Stop shopping when your list is complete, and avoid hanging out at the mall, which can lead to extra spending, Davis said.

Keeping your guard up will be your best defense against succumbing to retailers’ aggressive sales.