Money Crashers » Shopping

More Black Friday and Cyber Monday Tips, Ideas, and Resources

Erik Folgate — Sat, 21 Nov 2009 04:34:34 +0000

Black Friday is just a week away, and Cyber Monday is 10 days away. I am a big fan of these iconic shopping days, not because people get whipped up in a frenzy and not because I love waiting in ridiculous long lines, but I truly believe that you can get some great deals if you are smart about it.

Have an iPhone? Here are some applications to help you get great deals!

Deal News App: This app is an iPhone friendly way to search the popular deal aggregator, DealNews.com, which is great at updating you on Black Friday and Cyber Monday deals.

Red Laser App: The Red Laser app is the first accurate bar code reader. So, you see a good deal on something at Target that you hadn’t researched well, but you aren’t sure it’s selling for cheaper at Wal-Mart of K-mart. So, scan the bar code with the Red Laser app, and it will scour the internet to see if there is a better deal.

Don’t Forget About Cyber Monday

Buying electronics on Black Friday is now tougher than ever, because you must consider the fact that Cyber Monday deals from online retailers could have better deals. What should you do? Well, usually Amazon, NewEgg, TigerDirect, Buy.com, and other big electronics-based retailers will leak their ads prioir to Black Friday, but not all of the time. Make sure you monitor sites like BlackFriday.info very closely next week for Cyber Monday deals. Cyber Monday has gained a lot of traction over the past few years, but it still doesn’t have the appeal that Black Friday does. I wouldn’t hold your breathe for great deals on clothing and home accessories, but if you’re in the market for a laptop, LCD TV, digital cameras, video cameras, or other consumer electronics, you may want to wait for Cyber Monday and do your shopping in your pajamas. However, Cyber Monday can be frustrating, because servers lock up from overuse, and you’ll find yourself refreshing the web page for an hour only to find that it’s sold out. Go for stuff that isn’t the most popular, and use a computer with a very high-speed connection.

Tips And Strategy

Look for items that you need. It’s easy to get caught up in the frenzy of the doorbusters, but sometimes you’ll find great deals on the winter coat you’ve been looking to buy, the home appliance you’ve been putting off buying, or the tool that will help you complete a home project.
Map out what items you want to go for. You need to have a game plan. If you walk into Target and/or Wal-Mart without knowing exactly what you’re looking for, then you’ll walk out of there with stuff you don’t need or want, and you’ll spend more money than you can afford.
Split Up. If there are two stores you want to hit for popular items, split up with your spouse and/or friend to cover more ground.
Don’t be an idiot. Remember, it’s just stuff. It’s stuff that will burn to nothing someday, so don’t be rude and obnoxious to other. Black Friday is the first official start of the holiday season, so keep that in mind while you’re out shopping.

Have fun shopping and report back on what deals you get next week!

Black Friday Information and Resources

Erik Folgate — Tue, 17 Nov 2009 04:30:20 +0000

Black Friday isn’t for everyone, but for some of us, it’s the first fun event of the Christmas season. If you treat it like a family event or something fun to do with friends, you’ll have a much better time than treating it like a chore. The one thing I can’t stand about Black Friday is when I hear stories about people getting hurt trying to reach for the Nintendo Wii or whatever. This is absurd, people! It’s just stuff! Have some fun shopping, and if you score a great deal or a door buster, be happy, but don’t turn into a pack of wolves trying to get a door buster.

Black Friday Resources For Preparation

There are numerous others, but these are the ones that I check the most often. Instead of waiting until Thanksgiving day for the ads, you can look at them early, and this is important because knowing exactly what you want to get on Black Friday and being prepared is the key to scoring a deal.

Stores To Avoid

Avoid the small boutique type stores that try to ride the coat tails of the Black Friday frenzy but don’t have the resources to offer really good deals.

Avoid Most Door Busters

Door busters are meant to stir a frenzy and get people in the door. But, many door busters aren’t really a deal. If you look at them closely, it’ll typically be a model or brand that wasn’t expensive to begin with or it’s a model that’s being discontinued.

What To Look For

The best deals are usually on toys and items for kids, yet they don’t garner as much attention as the laptop or television. Also, I love bundle deals. A lot of stores like Target and Wal-Mart will offer an item with a free gift card. I like this, because I can either buy more stuff with the gift card or sell it on eBay or Craigslist for cash back.

Up next, we’ll discuss the Frugal Chat on Twitter that gave Black Friday tips and information and we’ll also discuss Cyber Monday.

How To Stay Broke Forever

Erik Folgate — Thu, 08 Oct 2009 03:38:58 +0000

Our culture is really weird when it comes to money. We base our financial status on how much stuff we have, rather than how much money we actually have. Banks have brainwashed us into actually evaluating a purchase based on how much the payment is, rather than how much the product really is. When is the last time you heard a car commercial that told you how much the car was? It’s not very often. They often say something like this, “You can sign and drive this great car and pay only $299 a month!”. We have it all backwards about what it means to be wealthy, and that is why you run into so many people that are broke. So, if you want to stay broke forever, follow this step-by-step process.

Step 1: Sign up for a payment every time you “buy” something.

Buying a couch? Finance it! Buying a car? Finance it! Buying a Mac computer? Finance it! Accumulate as many payments as you can, because the more payments you have, the less disposable income you’ll have to use for investing in index funds and real estate. But why bother with investing money in assets that appreciate? That would be silly!

Step 2: Listen to your friends that don’t have any money

Ever notice that people with the strongest opinion about personal finance are the ones without any money? If you want to stay broke for a very long time, continue to listen to their advice. Lord knows they have plenty of it.

Step 3: Be obsessed with your image

Broke people love to look good. They love driving a new car all the time, wearing expensive clothing, having the latest gadgets, and living in houses bigger than they need. Not only do they live in bigger houses than they need, they have renovated every square inch. Even the garage has granite counter tops! If you want to stay broke forever, continue to care about how you look and what other people think about you.

Step 4: Pay Retail For Everything

Not only are you accumulating every depreciating asset you can get your hands on, you paid too much for it. You don’t negotiate price, because that’s embarassing. You MUST have a certain name brand. You never buy used, and you never shop anywhere but malls and boutiques.

Step 5: You don’t think about the future.

You could care less about your 401(k) and the fact that your employer will match your contributions. You’re too young to think about retirement, right? You don’t have an emergency fund, because you’re too busy using every last cent of your paycheck to buy stuff, and insurance is just too expensive. You’ve got better things to do with your money than buy life insurance.

Get the point? Sorry for the sarcastic tone of this post, but the point should be clear. Does any of this strike a cord with you? If it does, I am not making fun of you. I am simply trying to help you see what kind of path you are leading if you don’t re-evaluate your financial situation. You can have a million excuses for why you are broke, but everyone has excuses. Rise above those excuses and take hold of your finances. Related Posts:

How To Stay Broke Forever is a post from: Money Crashers

Americans Are Becoming More Frugal And Saving More Than Ever Before

Erik Folgate — Fri, 11 Sep 2009 14:36:34 +0000

I always find it humorous when I read an article that makes it sound like Americans becoming more frugal is a bad thing. This article from McClatchy reveals that Americans are becoming more frugal and saving at an incredible rate amidst the recession. Of course, less spending isn’t good for the retail industry, because they rely on us to spend money on stuff we don’t need. Or as Dave Ramsey would say, “we buy crap we can’t afford, with money we don’t have, to impress people we don’t like.”

Federal Reserve data released Tuesday showed that consumers cut borrowing in July by an annualized 10.4 percent. The dollar amount of the decline, $21.6 billion, was the largest month-over-month decline on record.

This is great news thats Americans are starting to realize that they need to stop borrowing money and stop spending money that they don’t have. What aggravates me the most about the people that write these articles is that they follow up this data with this statement:

A lack of borrowing translates to a lack of spending.

You don’t have to borrow money to spend it! These are the lies that our country has fallen for, because we’ve been brainwashed by banks to think that the only way we can fuel our economy is by borrowing money to spend more than we can afford. If spending were going down and saving wasn’t going up, then I’d be worried, because then we have no idea what’s happening with discretionary income, but that’s not the case.

The survey also found that Americans expect to save on average 14 percent more once the recession is over than they did before it; if that’s true, that means the “new normal” would involve consumer spending at 86 percent of pre-recession levels. That would cut U.S. spending by more than $1 trillion a year.

Now, they are starting to get it. We are re-writing the book for what “normal” is in the United States. The new “normal” doesn’t involve maxed out credit cards, lines of credit against artificial home equity, and car loans that are half the amount of our income. People are starting to wake up and realize that when the economy dips south, they need a safety net to protect themselves. Frugality is becoming a habit and a way of life for many households, and that’s not a bad thing.

But what about the retailers?

I am not worried about the retail industry at all, because their hard times will be temporary. Once we continue to save money, stop putting purchases on credit cards, and live within our means, we will start spending again, but this time it will be with our OWN money.

Retailers are reacting by reducing the products that consumers can choose from and narrowing their choices of colors and styles.

“They are dramatically cutting inventories. We’re going to see stores look like they’ve never looked before, and part of this is to put a floor (under) prices and create a sense of urgency with products,” said Hurlbut, the retail consultant. “We could see fairly long-term changes in spending and habits.”

This is a good thing! Think about how many choices you have just just to buy a damn pencil. Retailers have gotten out of control with inventory and choices, because they knew they could entice buyers to spend more money for features that don’t add any value to the product or service.

When we start spending money at a higher level again, it will be with cash, and retailers will appreciate that, because they’ll spend less money trying to collect unpaid credit card bills, and we will buy more quality products, because we’ll be more interested in the most value for our money.

How To Save Money Using Google Shopping

Erik Folgate — Tue, 14 Jul 2009 14:14:03 +0000

My best friend recently saved over $100 buying contact lenses using Google Shopping and a company willing to price match any internet prices he found that were lower than their prices. I will use his experience as an example, but you can apply this method to any product you are looking to buy, as long as the company you buy from has a price match guarantee.

Step 1: Find a reputable, convenient company to buy from with a price match guarantee.

My friend used 1-800 Contacts to buy his refill packs of contact lenses, because they have a price match guarantee. If you can prove to them that there are contact lenses on the internet that are cheaper than theirs, they will match the price. Why not just buy from the other company? Because, you might find a cheaper price from a company that you’ve never heard of or one with worse customer service policies.

Step 2: VisitGoogle Shopping and type in the product you are looking to buy

Be as specific as possible, but not too specific, because Google’s search engine might come back with any results. Find the best price by sorting by “price: low to high”. Sometimes keeping the default sort method of “relevance” is the best because it will show the most relevant searches first. My friend found his contact lenses for $32.95 on a site that Google Products found as opposed to the $52.95 that 1-800 Contact was selling them for.

Step 3: Call or visit the store you intend to buy from to prove the better deal

My best friend told them the URL of the website he found the better deal on the contacts and like their policy stated, 1-800 contacts matched the price of the contacts to $32.95. He bought several packs and saved over $100 dollars, because of his research.

You can do this for any product that is sold online. When I use this method, I like doing it with a large retailer, because they are always eager to beat out internet pricing and direct competitors. I often use this method with Target and Wal-Mart as well. If Target has something cheaper than Wal-Mart, I will show Wal-Mart the ad and they always price match the product. Plus, I get a better return policy with Wal-Mart than Target.

If you buy a lot of things online, use Google Products to your advantage. If the company does not explicitly disclose that they will price match, ask them anyway. They might agree to it if you find a better price from a direct competitor. Do your research and you will save thousands of dollars over the long-term when shopping online. Related Posts:

How To Save Money Using Google Shopping is a post from: Money Crashers

Tips To Help You Save Money For Valentine’s Day

Erik Folgate — Wed, 11 Feb 2009 02:56:41 +0000

Valentine’s Day is the most manufactured and commercialized “holiday” in the world. It’s not even a holiday. The government doesn’t recognize it as a holiday, and no one gets the day off for Valentine’s Day. It’s in the same category as Halloween. It’s basically an economic stimulus holiday. But, I’ll stop. The U.S. Greeting Card Association estimates that over 1 billion cards are sent each year for Valentine’s Day. Okay, I’ll stop being Mr. Bah-Humbug about Valentine’s day. It does have some good qualities. Having a day to celebrate true love is always a good thing, and St. Valentine was a Christian martyr. My only problem with it is that it causes people to spend way too much money for a holiday that’s not really a holiday. Having said that, I’m married and I’m not stupid enough to just disregard the day altogether.

Here are some tips for saving money on Valentine’s Day that I have learned over the past few years:

If you just started dating, do something more tongue and cheek rather than sappy and romantic. Go eat at a great pizza plaze or local burger joint, and then go see a cheesy horror flick. Or, do something during the day rather than at night. Going to the park and having a picnic is always a big winner.
Skip the gifts and spend your money on making memories. She doesn’t need diamond on Valentine’s Day. Save that for more meaningful holidays like her birthday or Christmas. Focus your efforts on doing something you’ve never done before as a couple.
Re-enact your first date. Chances are that your first date wasn’t too extravagant, and he or she will melt over the thought.
Choose a restaurant off the beaten path or a small, local establishment. There are tons of local restaurants with romantic atmospheres that might not have such high prices as the hottest reastaurant downtown.
Stay in for the night. Rent her favorite romantic comedy and cook her dinner.
This one isn’t going to save you money, but women love bed and breakfast inns. If you can find availability at one with a nice atmosphere, you’ll have a great time enjoying the homey atmosphere.

The more creative that you are with Valentine’s Day, the more money you will save. Many of us are strapped for cash this year, so don’t overdo it. Sometimes the simple things in life create the best memories.

10 Websites That Help You Earn Extra Money

Erik Folgate — Wed, 04 Feb 2009 15:51:11 +0000

We are all searching for new and innovative ways to make extra money. I have spoken many times about the importance of not relying on one stream of income. I worry greatly about families that still rely on one income. If that income goes away in the form of being laid off, then your life will be severely altered. If you were able to create one or two other streams of income, then losing your day job would not be quite as big of a hit.

Wisebread.com has a great list of websites you probably never heard of that could help you save and earn extra money

I had never heard of Zilok.com, the site that lets you rent out your stuff for cash. I checked it out, and there wasn’t much being rented in my area, but I don’t think the buzz about this site has spread yet. If you are worried about liability, most homeowner’s policies will cover your liability for loaning your stuff out to others. If you find yourself renting out your stuff frequently, consider buying an umbrella liability policy. The other site that caught my attention was Cross Loop. I always find myself helping people with their computer problems. I am thinking about creating an account and possibly doing PC repair and help desk support as an extra source of income. If you are a computer whiz as a hobby, you should consider taking advantage of this website as well.

Think outside the box, and don’t rely solely on your paycheck to provide for you.
Related Posts:

10 Websites That Help You Earn Extra Money is a post from: Money Crashers

How To Save Money On Shipping Christmas Gifts

Erik Folgate — Thu, 18 Dec 2008 03:41:35 +0000

This is the busiest time of the year for the post office and other package shipping companies. One of the hidden costs of Christmas is shipping costs, and we often overlook the extra expense. I know you have all experienced the shock of going to the post office to ship a few packages and you walk out having spent a $100 just to ship a few gifts! Here are a few tips for helping you save some money this week as you rush to ship out the rest of your gifts.

Use Bubble Wrap Instead of Newspaper

Newspaper is much heavier than bubble wrap, so it will increase the weight of your package quite a bit. If you are green conscious, and you don’t like using plastic and/or styrofoam for packaging, write a note in the package asking the recipient of the package to re-use the packaging material.

Try Priority Mail Over UPS and FedEx

You’re going to pay a lot of money for UPS and FedEx, because they will typically guarantee a day that the package will arrive. Regular priority mail will not guarantee a day, but I have found that it typically does not take longer than 2 to 5 days within the continental United States.

Send Those Packages Out Today!

If you wait until the very last minute, you’ll be pressured into express mailing the packages, and that will cost you a hefty penny. You’ll spend anywhere between $21 to $45 dollars per package!

Use Services that Provide Packaging

I like priority mail flat fee services, because you can cram as much stuff as possible into the box, and the price is still the same. So, if you have a bunch of small, non-fragile gifts to send to a family, I suggest using a flat rate box.

When Is the Last Day To Ship My Packages?

Usually, the 20th is the very last day to get your packages out if you want them to make it by Christmas Eve. If you send by Express mail, you can overnight it on the 23rd, but you’ll pay more for shipping than the gift is worth. Related Posts:

How To Save Money On Shipping Christmas Gifts is a post from: Money Crashers

Wardrobing On The Rise In Tough Economic Times

Erik Folgate — Wed, 03 Dec 2008 13:50:39 +0000

The Problem

Good Morning America ran a piece this morning about the age-old trick known as “wardrobing” becoming more popular ever since the economy has slowed down. Wardrobing is a trick where a consumer buys a piece of clothing with the intention of only wearing it once, then he or she returns it at the full price. Someone might do this if he or she needs a formal dress or suit to wear once. It’s like renting a piece of clothing for free. Many large retailers have a liberal return policy, because it shows good customer service. We all know how frustrating it is when we try to honestly return an item and the retailer gives you a hard time about it. The problem is that the retailer is getting back a used piece of clothing, and you’re getting all of your money back. Even if you return it in good condition, you may have missed a hidden stain or left a certain body odor that cannot be removed. The retailer is then forced to either sell the item at a heavily discounted price or destroy it, and they lose money.

The Solution

Wardrobing will become a major issue if it continues and becomes more popular. It will only hurt the consumer in the end, because retailers will increase their prices and start rolling out stricter return policies. Once again, a few people will ruin it for the majority of honest, moral people. If you are going through tough economic times, and you don’t have enough money to buy a new dress or suit for a special occasion, here is a solution for you. Think of ten to fifteen friends and invite them to become a part of a clothes swapping group. Create a facebook group or an email list to keep track of all the members, their sizes, and what clothes they are willing to swap. You may have a hard time finding someone who wears the same size as you, so make sure you choose people of all shapes and sizes.

I’ll admit that I’ve engaged in a similar practice of wardrobing, but it was with a floppy drive. My computer did not have a floppy drive, and I needed to boot a fresh copy of Windows installation with floppy disks. I did not want to pay the $40 for an external floppy drive, so I bought one, used it once, and returned it. I kept all of the packaging in perfect condition, and I am fairly confident they were able to resell it, but I am guilty as charged. I’m not proud of it, especially after thinking about how that type of practice affects the retailer. So, if you are guilty of wardrobing, consider starting a clothes swapping group to help quell your urge to be a “wardrober”. Related Posts:

Wardrobing On The Rise In Tough Economic Times is a post from: Money Crashers

Important Holiday Shopping Dates To Remember

Erik Folgate — Tue, 25 Nov 2008 18:55:21 +0000

November 27th: Black Friday. It’s the biggest shopping day of the year, and the deals can be great, but you have to search for them. Make sure you read my 7 steps to saving money on Black Friday.

December 1st: Cyber Monday. This is the online retailers version of Black Friday. They’ll have some great deals, and you might be able to get better deals on sites like Buy.com and Amazon.com, because their overhead is less. I would suggest waiting for Cyber Monday if you are looking for mid-priced electronics like computer accessories, digital cameras, and video games.

December 20th: This is usually the last day you can purchase something online and get somewhat guaranteed delivery to your home before Christmas. Don’t be the jerk that bought your spouse a present for Christmas but it doesn’t get there until New Year’s Day.

December 26th: The Biggest Return Day. I would stay away from this day, because it tends to be more crowded than Black Friday. Although, this is also a great time to buy Christmas decorations for next year. Related Posts:

Important Holiday Shopping Dates To Remember is a post from: Money Crashers