Consumer Savings Tips

ABC 7 On Your Side: 4 Easy Ways to Raise Holiday Cash

Andrea spoke with consumer reporter Nina Pineda from WABC-TV in New York to offer advice on how shoppers can earn quick cash for the holidays and avoid going into debt.

Tip 1–Sell unwanted items. From old electronics to unwanted clothing to any toys collecting dust, this is a great time to cash in on your clutter. Sites like Thredup.com are a great place to sell gently-used clothing, Gazelle.com buys used smartphones, tablets and other gadgets and eBay or OfferUp are tools to sell many other personal goods.

Tip 2–Redeem rewards. Review rewards earned through credit card purchases, flights and other loyalty programs and figure out how you can redeem these points to save on holiday purchases. Often, you can redeem rewards for gift cards which you can use to supplement holiday purchases . You can also redeem points for actual items to give as gifts or redeem miles to go home for the holidays.

Tip 3–Look for unused gift cards. Since 2005, $45.7 billion has been floating around in unused gift card balances. Look for unused gift cards around your home, hidden in kitchen drawers or in your wallet. Review gift card balances and think about gifts you can buy using these balances or regift the gift cards.

Tip 4–Avoid impulse purchases. The holiday season is filled with temptations to overspend and many consumers will go into debt by purchasing items on impulse. Avoid making those impulse purchases by deleting saved payment information when shopping online and stick to the 24-hour spending time rule. Don’t buy anything that isn’t on your shopping list and give yourself a day to think about the purchase. This is often enough time to make you realize you can live without the item and it’s a waste of money.

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