Holiday tips for savvy shoppers

NEW YORK (11/13/07)--It pays to prepare early for any holiday shopping season, but this year--with several economic pressures on consumer spending--it's critical that you know how to budget and spend wisely (CNNMoney.com Oct. 22).

What's different about this year? Retail profits--particularly in the next few months--may be affected by falling home prices in some markets, subprime mortgage and credit market meltdowns, consumer product recalls, and a recent decline in store traffic (CNN Money.com Aug. 28).

High prices at the pump are to blame for fewer trips to the stores, according to surveys by ShopperTrak, which monitors retail traffic and sales. And some retailers also are blaming weather problems for weak clothing sales.

Savvy shoppers should pay attention and look for deals as retailers sort out this year's challenges.

• Hold off on TV and computer purchases. That's the advice from retail analysts who believe the deep discounts on those items won't show up until the last two weeks before Christmas.
• Check out "doorbusters" before you head to the store. Store employees may tell you whether the item is expected to sell out within a few hours after the store opens. Call and ask how many units of the item you wish to purchase are available for sale. You may decide not to join the line that forms at 4 a.m. on Black Friday, the day after Thanksgiving.
• Hold on to expired coupons. Some retailers may honor them anyway, particularly if they're worried about lower-than-normal sales at year-end. It doesn't hurt to ask.

If you want to spend more time shopping online than in the store, follow advice from the Federal Trade Commission:

• Know the seller. Make sure you can find the physical address and phone number in case you have problems or questions. Remember: Legitimate sellers don't ask for personal or financial information in e-mail or pop-up messages.
• Know the bottom line. What's the total cost, including shipping, and can you find the product description? Read the fine print. If you see words such as "refurbished" or "close-out," you may be in for a let-down.
• Know the return and refund policies. Each seller can set its own policies, and they may not be in your best interest.
• Keep a record of online transactions. Print the product description, price, receipt, and any correspondence.
• Use a credit card for online purchases. You have federal protections with credit cards that you don't have with other forms of payment. Always read your statement carefully to check for unauthorized charges. Never type your credit card number in an e-mail message; payment information should be sent on secure sites, so look for a lock icon on the browser's status bar or a URL that begins "https."
• Read the privacy policy. It tells you how your personal information will be collected and used. If you can't find it, shop elsewhere.

Happy Shopping! courtesy of cuna.org