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Most
holiday money advice addresses spending before
Christmas, but there's plenty to do after the holidays.
Here are
some post-holiday situations that might apply to you.
I got a
gift I don't want: It's always a good idea to handle
returns and exchanges quickly, but it might be
especially true this year, said consumer advocate
Edgar Dworsky
, who operates the Web site ConsumerWorld.org. With
retailers carrying less inventory, you might have better
selection of sizes and colors if you make an exchange
soon.
"I
wouldn't put it off too long, just in case they run out
of the thing you want," he said.
One in
six retailers has tightened its return policy this year,
the
National Retail Federation
said. However, some big retailers, such as
Best Buy
and
Sears
, have extended their holiday return period.
Most
stores create complicated rules for returning different
types of items. Electronics are typically subject to
stricter rules than clothing, for example, Dworsky said.
Amazon.com
, for example, has 29 product-specific return policies
in addition to its regular one.
Of
course, you should keep sales slips or gift receipts.
And avoid opening items you want to return.
"Once
you break the factory seal, particularly on electronics
goods, you might seal the deal on being charged a 15
percent restocking fee," Dworsky said.
If you
cannot return an item, the buyer's credit card company
might feature "return protection."
A gift
dropped in price: Use retailers' price-protection
policies, which guarantees a refund of the price
difference within a certain period after purchase.
If you
are a gift giver and know an item's price fell, claim
the difference by visiting the store with your receipt
and credit card. You probably don't need the item. Log
gifts at www.priceprotectr.com
to be notified by e-mail if a price decreases within the
protection period. Some credit cards also offer price
protection and will refund the difference when a
retailer won't.
I got a
gift card or gift certificate: As a general rule, use it
quickly, especially if it is affiliated with a major
credit card.
"If
it has a Visa or
MasterCard
logo on it, it's the gift that keeps taking,"
Dworsky said.
Many of
those cards have fees and expiration dates that diminish
the card's value over time. It's also a good idea to use
the card or certificate before a retailer or restaurant
can go out of business.
I won't
be able to pay off my credit card bill: If you can't pay
off your holiday balance in a month or two, you
overspent. Start saving now for a cash Christmas in
2010.
"People
should consider fiscal fitness in the new year, not just
physical fitness to take off the extra holiday
pounds," Dworsky said.
I got
money as a gift: Unless the cash came with strings
attached, use the windfall to shore up your financial
situation. Paying off credit cards and building a cash
emergency fund should be top priorities. Also consider
buying items that save money, such as a programmable
thermostat or rechargeable batteries.
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