Looking to get the biggest bang for your holiday spending buck?

The Consumer Federation of America (CFA) and the Credit Union National Association (CUNA) offer the following tips:

• Make a price list of all gifts and other holiday items you plan to purchase. It's easy to overlook extra expenses for holiday foods, party clothes, holiday décor and postage.
• Comparison Shop: You can easily save more than 10 percent on most items, sometimes considerably more, by comparing prices at different stores.
• Pay Off Debts Quickly: You’re less likely to overdo it if you pay in cash.  If you must make holiday purchases using credit, use a lower-interest card and pay off this debt as soon as possible early next year.
• Don’t borrow more than you can repay in several months. Remember, credit
  card debt is relatively expensive.  And if you only make the required minimum monthly payment, you may never pay off the debt.
• Plan for Next Year by Opening a Christmas Club Account: While these accounts do not pay much if any interest, they provide a practical way to save small amounts over time. Ask your credit union or bank to automatically transfer funds from your checking to your Christmas Club account each month.
• Be Smart About Gift Cards: If you don’t use a gift card promptly, it can lose value in one of several ways:  It can expire and become worthless; monthly maintenance fees can erode its value to zero; the store that issued it can go bankrupt or stop honoring gift cards.
• Pay attention to the return policies. Some stores are tightening their policies. Keep receipts and note time limits, restocking fees and other factors that may affect your recipient.
• Find low- or no-cost ways to celebrate. For example, draw names to limit the number of people for whom you purchase gifts; give homemade items; make your own gift wrap; organize a potluck rather than trying to make, and pay for, the entire holiday meal.

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