Beware of Gift Cards

If you haven't already heard, a lot of retail businesses will be closing by the first of the year. Some companies are going completely out of business. A lot of retailers are closing poor performing stores, or stores in more economically depressed areas throughout the country.

I have compiled a list of currently known chains that have announced that they will be going out of business and/or closing stores by the first of the year. This list will probably get bigger by the end of the year because some retailers are waiting to see how they do with holiday sales before making a decision to close.

The good news is that you can probably get some really good deals at the stores and/or chains that are closing.

The bad news is that you should probably reconsider purchasing gift cards for Christmas this year. And, if you currently have gift cards, it would probably be a good idea to use them as soon as possible.

Personally, I plan to use all of the gift cards that I have, regardless of the company that they are with, before the end of the year.

Going Out of Business/Bankruptcy

Circuit City

CompUSA

Friedman’s Jewelers

Goodbye Levitz

KB Toys

Lillian Vernon (catalog retailer)

Linens and Things

Pep Boys

Sharper Image

Value City Discount Department Stores

Whitehall Jewelers

Wickes Furniture

Store Closures

84 Lumber

Ann Taylor

Ann Taylor LOFT

Banana Republic

Bombay Company – (1 physical store & all online sales)

Cache

Catherines

Catherines Plus Sizes

Children’s Place

Dell

Dillard’s

Disney Stores

Eddie Bauer

Ethan Allan

Fashion Bug

Foot Locker

Gap

Gordon’s Jewelers

Hollywood Video

Home Depot

It’s Gotta Go

J. Jill

J.C. Penney

Kirklands

Lane Bryant

LOFT

LOFT Outlet Stores

Lonestar Steakhouse

Lowes

Macy’s

Mappins Jewelers

Movie Gallery

Office Depot

Old Navy

PacSun

People’s Jewelers

Pier 1 Imports

Piercing Pagoda

Rite Aid – (28 stores in Nevada)

Saks – (1 store in Ft. Lauderdale)

Sprint Nextel Corp

Starbucks

Steve and Barry’s

Talbots

The Charming Shoppes

Urban Interiors

Wilson’s Leather

Zales Jewelers

Zales Outlet

If you do get stuck with a gift card that you can’t use because the stores in your area have closed, you may not have a total loss. You may be able to sell or trade your unusable gift cards on eBay, Cardavenue, Gift Card Buy Back, Plastic Jungle or Swapagift.com. Be prepared to get less than the balance available with your sale or trade though. Or you may be able to get the full value of the card by using it for an online purchase with the company that issued it.

Holiday Cash (or How to Make Extra Money)

The holidays are a financial strain for most people anyway; add in the current struggling economic woes, and most of us have even less cash for holiday gifts and festivities than usual. If you find your Christmas list larger than your budget, you can try these last minute cash generators to help ease the crisis. Or, if your Christmas shopping is done, you may want to seize this opportunity to put a little extra something in your bank account to help tide you over the next few months.

1. Have a yard sale.

I know that Christmas isn’t the time that most people think of having yard sales, but this year just may be the exception. Everyone is looking for a good deal this year, so more people are open to alternatives to the big mall prices. Plus, there are the dedicated yard sale shoppers who have limited “shopping opportunities” this time of the year. This may actually be the best time to have a yard sale that you’ll get for a while.

If the weather is just too bad where you are to have a yard sale…

2. Take your stuff to a flea market.

Most area’s have an indoor flea market of some kind, and again, you have the dedicated flea market shoppers who are out in full force this time of the year looking for a bargain. Some people go to flea markets for inexpensive entertainment, and if something catches their eye, they will spend more on a spontaneous purchase than they might otherwise. If you have some bigger ticket items, this may just be the outlet you’re looking for to unload them.

3. Sell on eBay.

eBay is always a great outlet for selling the unwanted and unused items around your home. Granted things are selling as well on this online auction giant’s sight like they did even a year ago, but it’s still possible to make some extra cash if you price it right from the start, and offer shipping at cost. Your best bet here is with new, popular, or collector’s items.

4. Gather your books.

Cash4books.net buys books in good condition at a fair price. I’ve sold some books here myself, and got more money for them than I would have anywhere else. Type in your books’ ISBN numbers and see what they will buy. Complete the transaction online, print out a prepaid mailing label, pack up the books and send them off. In just a few days you will receive your choice of either a check in the mail or a deposit to your PayPal account. It doesn’t cost you a cent – not even for postage. (When I sold my books they gave me a bonus for using PayPal.)

5. Put it on consignment.

This is sometimes the best place to sell larger items, like furniture, and high ticket items such as designer clothes, antiques, and jewelry. Keep in mind that you will only collect if the item sells, and you only get a percentage of the selling price. Make sure you find out what their pricing, discounts, length of time they will keep an item, and unsold items policies are. You don’t want to find out after 90 days that they donated your Wedgewood china to the Salvation Army, and you don’t even get the write-off!

Which brings me to my final suggestion…

6. Forget the cash.

Donate your unwanted items to charity and take a tax write-off. It’s not money in your pocket right now, but it does mean that you will have a larger tax refund at the first of the year. And that may just be worth more than you could get at a yard sale anyway. To get everything you are entitled to for your donations, check the up-to-date lists of fair market values at TurboTax’s itsdeductible.com and use the free online software to track your donations. Don’t forget to take pictures and collect your tax receipt!

Be Green - and Save Green - Shipping Packages

Use empty cereal boxes to send holiday gifts.



The dimensions are perfect for mailing clothing and books. You'll save the cost of purchasing shipping boxes, or paying extra postage costs for using the USPS "free" shipping boxes, AND you'll spare the earth another round of unrecycled packaging.



I don't recommend cereal boxes if you are shipping with UPS or FedEx - you should use something a little bit more substantial - but as a 7-year UPS employee, I can assure you that cereal boxes are not the strangest thing that people have used to ship with.

10 Tips for Surviving the Holidays With Your Budget in Tact:

We’ve all paid too much for holiday gifts - making costly choices with dollar signs in front of them. A lot of those decisions happen when we’re caught up in the stress and emotion of the Christmas season and procrastinate a little too long.

Here are 10 Christmas shopping tips to make this year different:

1. Prioritize.
   Instead of getting stressed out with all the parties, baking, shopping and decorating, in addition to your normal daily life, set some priorities before you’re bombarded with a million obligations. Think about which things are “must do” and which are “would be nice to do.” It’s all right to say no to keep yourself sane. Shopping is a lot more fun when you’re not completely stressed out.
2. Establish a Budget.
   Before you make a gift list and head out to shop, establish a reasonable budget for gift buying. Make a commitment that you won’t add more money to the pot every week just because you saw something cute that your niece would love.
3. Use Cash, Not Plastic.
   Once you have set your budget, stay away from credit cards and debit cards! You will spend an average of 15% more if you use plastic, and, if you use credit cards, you’ll be paying it off in 2009 at an inflated interest rate that adds even more to the amount that you shouldn’t have spent! Doesn’t paying with cash sound more appealing than having a credit card balance looming over your head?
4. Limit Your Gift Buying List.
   Do you really need to buy gifts for every extended family member and friend you have ever had? That can get overwhelming and expensive for everyone. Whittle away at your list until you have a doable number of people to buy for. Limit the amount that you spend on each person. Spend at the retail value – i.e., if the $20 sweater is on sale for $10, count it as a $20 gift and either save the extra $10 or apply it somewhere else in your budget. Talk with family members and coworkers about drawing names for gifts or donating money to a common cause.
5. Listen.
   Listen to the hints your loved ones drop about what they need or want. Maybe your Grandmother would really like someone to help her in the garden this year, or your brother keeps losing his guitar picks. A thoughtful gift like this will mean a lot more to the recipient than just buying any old thing off the shelf because you need a gift and it fits the budget criteria.
6. Make a List - On Paper.
   If you think you can spend time in “Retail Land” without getting distracted by all the shiny toys, you’re in for a big surprise! You’ll be more likely to buy impulsively if you do it that way. Write down what each person you’re buying for would like and stick to the list. Stay focused!
7. Shop Around.
   “Shopping around” doesn’t mean you have to spend valuable time and gas running from store to store to save an extra 10 cents. Take a look at your gift list and do some comparative price-checking online or with the sale fliers before you head out into the madness. This will save you money, time, and stress!
8. Don’t Wait Until the Last Minute.
   Procrastination is not the most appealing gift out there. Don’t find yourself stressed out on Christmas Eve just because you didn’t invest a little bit of time to plan. Buying under this kind of pressure will cause you to considerably overspend.
9. Plan for Next Year.
   Throughout the next year, look for outrageous sales on things your loved ones will like or need. If you time the sales right, and clip some coupons, you could land a huge discount on something you were going to buy for a birthday or wedding present in a few months anyway. Remember to have a list and budget for this, too.
10. Remember Why We Celebrate.
    If this season becomes all about shopping and gifts, you’ve missed the whole point. People—not things—matter.

Retail Slump Could be Boon to Buyers

by Janet Cho of The Plain Dealer

“With most retailers expecting a crummy Christmas, glad tidings may await cash-strapped consumers. In normal times, the day after Thanksgiving, when stores traditionally kick off the Christmas shopping season with door-buster sales, is seen as the time to snag some real bargains.”

“But this year, the wobbly economy and plummeting consumer confidence caused worried retailers to start slashing prices weeks before the day known as Black Friday. Retailers count on Black Friday to help them turn a profit for the year. Analysts use the day to gauge whether deal-conscious consumers are in a spending mood. And if shoppers aren’t in the mood, the deals could get much better later.

“If they’re not finding things at a price they’re wiling to pay, they may be willing to wait a little while,” said Erin Herskowitz, spokeswoman for the International Council of Shopping Centers, a trade association based in New York City. That’s the sort of thing retailers don’t need to hear.”

“A recent survey by Vertis Communications in Amesbury, Mass., found that 60% of Americans plan to cut back on their purchase, vs. only 40% who said so last November. The key for retailers is drilling home the idea that the deals shoppers will score on Black Friday are worth making the effort to get out there. For most malls and shopping center, Friday will be the first time this year that they see significant traffic in their stores and parking lots.”

“Last year, 66 million shoppers turned out for Black Friday, according to the National Retail Federation. And despite – or, perhaps, because of – tighter holiday budgets, more people are expected to brave the crowds this year, including people who usually don’t shop on Black Friday, according to the International Council of Shopping Centers. “Regardless of the economy, crowds will still turn out to shop, “because people who enjoy Black Friday enjoy the event and enjoy the event…” Kopacz said.

"One out of four Black Friday shoppers is expected to be at the stores by 5 AM. Kohl’s and J.C. Penney will open at 4 AM, followed by Macy’s, Wal-Mart and Best Buy at 5 AM and Target at 6 AM."

“85% of shoppers are looking to buy electronics, such as video game systems, iPods and MP3 players, flat panel TV’s, cell phones, camcorders and home theater systems, Consumer Reports says. Prices on big-screen HD televisions had already dropped by hundreds of dollars when Circuit City Stores announced it was closing 155 stores and liquidating its inventory before the end of the year. Best Buy will be selling a limited number of 52” Samsung flat-panel LCD HDTVs, plus installation and free shipping, for $1499.99, down from $2,299.99."

“Consumer electronics are going to be deeply discounted this year, we know that,” said Marti Kopacz, national managing principal for Grant Thornton’s Corporate Advisory and Restructuring Services in New York. “The Circuit City liquidations will push all other pricing down. Bes But as well as regional stores, all of them are going to have to drop prices.”

Black Friday sales typically account for about 10% of all Christmas sales, but Herskowitz of the shopping centers council said that percentage could increase this year. While sales at clothing, department and luxury stores are weak, she said wholesale clubs and discount stores, particularly Wal-Mart and BJ’s Wholesale Club, continue to fare well.”

“So far this year, cozens of retail companies have declared bankruptcy, closed stores or both. Despite dire warnings that more stores will close after the holidays if sales disappoint, retailers continue to project results as rosy and upbeat as the carols being played over their speakers. “Retailers are the most optimistic group of people you will meet in your entire life.” Kopacz said, “and the sun will always come up tomorrow.”

Black Friday

Black Friday is only 3 days away, and thanks to the magic of the internet, you no longer have to wait until Thanksgiving Day to find out what is going to be on sale. Black Friday 2008 is a website with all the sales at 45 major retailers. Check it out at
http://www.bfads.net

You can get a jump start on planning your holiday shopping and making your lists. Be realistic when setting your shopping goals and have a backup plan. Shopping is going to take a lot longer than it normally would, and some things are going to be gone by the time you get to them. Anticipate that there will be large crowds. Everyone is feeling the pinch of the economy and people that might otherwise not concern themselves with the madness of shopping the day after Thanksgiving will be looking for a bargain too.

Using a plan will help you figure out how to make the most biggest retail shopping day of the year. After all, you don't want to stand in line for an hour to get into WalMart for two items if the bulk of the purchases you want to make are at Target. Plan to shop with a friend or family member so that each of you can hit different sections of the store(s) simultaneously thus doubling the odds that you each get the items that you set out for. Then meet back up in a central location and swap stuff around. In the past I've even seen one person take a place in line while a 2nd person did the shopping. That way when the shopping was done they didn't have to go to the end of the line and wait an extra 30-45 minutes to check out. Try to map your route in a logical manner, shopping at stores that are near each other at the same time, so that you aren't wasting time and gas driving back and forth all over town.

Using a list will help keep you focused and on budget when you're being caught up in the shopping frenzy of bargain hungry crowds and stacks of discount merchandise, and buying everything in sight. It will also help to keep you from spontaneous purchasing small gifts for every cousin, babysitter, and neighbor that you ever had just because it's "so them" and "such a good price". Those small purchases add up to a big checkout total, and that defeats the whole purpose of shopping on Black Friday. Remember, a bargain isn't a bargain if it's something you don't need, wouldn't normally buy, and/or you are still paying for it in February.

Which brings me to another important shopping tip - shop with cash! You are more likely to stay on budget. Studies have proven that people who use plastic, whether it's a debit card or a credit card, spend 12%-18% more. Plastic doesn't have the "Ouch" factor that cash has.

It's going to be a jungle out there but with a little planning, and a good attitude, you can survive and knock out the bulk of your Christmas shopping at huge savings. Then you can take the next 3 weeks to do what you really should be doing during the holidays - enjoying the season with family and friends.

Happy Shopping Everyone!

Christmas Shopping at Hamricks

I've already started my Christmas shopping. I usually shop early, but this year I'm extra motivated because my college finals are the second week of December. This seems to be a great time to do my shopping, too. Retail stores are having fabulous sales right now. One of my current favorite stores is Hamricks.

Hamricks, a Gaffney-based family clothing store, has 15 locations throughout North and South Carolina, as well as one store each in Ft. Oglethorpe, Georgia; Kingsport, Tennessee; and Roanoke, Virginia. If you've never shopped at Hamricks, you need to check them out!

I've been shopping Hamricks sales for the past month, and I'm pleased to report that Ive almost completed my Christmas shopping at a fraction of what I've spent in past years.

I purchased Urban Frontier brand men's pullover fleece at $7.49 each. I generally think that suggested retail prices are overstated, so I don't really know how accurate this MSRP is. However, I do know that $7.49 is an excellent price for a fleece pullovers. I bought three!

I've also purchased several men's Basic Editions long-sleeved Henley's. I believe KMart sells this brand, so the suggested retail price of $12.99 should be pretty accurate. Hamricks had them on sale for $4.99 each. All of the men on my Christmas list are getting one. I also got up good quality men's embroidered sweatshirt with a suggested retail value of $38 for $9.99.

Just this week I took advantage of a sale on a women's winter jackets, and picked up another gift for only $9.99. Granted it's not on the cutting edge of winter wear fashion, but then my mother's not a diva either. (I just hope she's not reading this!)

Make sure you sign up for Hamricks "Preferred Customer" list. You will get a coupon for 25% Off your entire next shopping trip, whether or not the items are already on sale. Hamricks will also send you advance notices of upcoming sales.