Group Gifts: 4 Easy Ways to Collect Money

The items on Americans’ wish lists this holiday season are pricey - from iPads to flat-screen TVs to laptop computers. So it’s only natural that many will be teaming up to give these items as a group gift. A Samsung survey found that nearly 80% of respondents had chipped in for a group gift last year, either for a birthday or around the holidays.
If you’re the leader of the pack and in charge of collecting dues, life’s gotten a lot simpler recently. Here are some great Web solutions that can help you easily collect money from a group, all without the hassle of knocking on doors, harassing emails, or checks in the mail.

Pay It Square

Pay It Square uses PayPal’s payment system. Organizers create a Web page to explain what they are collecting money for, list the friends they want to collect money from, and set a contribution amount per person. The group can pay using their credit cards, PayPal accounts or bank account transfers, although the organizer will need to have a PayPal account. Contributors pay a transaction fee of 99 cents or .25% of the payment amount (whichever is greater) if they use an online bank account or PayPal; if they use credit cards they’ll pay a fee of 2.9% plus 30 cents.

ChipIn

Another PayPal-powered site is ChipIn. Group gift organizers can either embed a ChipIn widget on their own Web sites or create a personalized ChipIn page at yourname.chipin.com. The site says it doesn’t charge any fees to organizers and contributors that send payments directly to the organizer’s PayPal account. However, PayPal Premier or Business accounts may be subject to fees from PayPal.

FrumUs

This site is best to use before you make a group purchase. At FrumUs you can create a personal group gift page with the financial goal and a description of the gift. The site sends collection notices out to all group members, and once you’ve hit your goal, you can shop for the gift directly via the site’s retail portal, which includes big retailers like Amazon and Walmart. To use the site’s services, you need to have a PayPal Premium account. Fees are 2.9% plus 30 cents per transaction.

WePay

Does your group have a more complicated, ongoing need to share bills? A group can manage a collective account more transparently at WePay. The administrator gets full access to the account, but all members can monitor account activity, balance, transaction history and sent bills. The site charges a 50-cent fee for each deposit made to the group account from a member’s bank account; the fee is 3.5% (though still with a minimum of 50 cents) when the deposit is made from a credit card account. A competitive advantage: WePay’s accounts are insured up to $250,000.

Layaway Making a Comeback for the Holidays

Back in the ’80s my mom used to put some of our holiday gifts on layaway. Keeping the items at the store until she’d paid them off in full meant avoiding the use of a credit card (and the accompanying debt and interest) and securing a great place to hide presents from the kids. While fewer stores offer layaway these days, the practice has made a small comeback in recent years given the down economy.
Among the chain stores that are offering layaway plans this season are Toys R Us, TJ Maxx and Marshall’s. And Sears and Kmart are extending their layaway program this year by four weeks, and including home appliances in the program for the first time. They’ve actually declared this week to be National Layaway Week to encourage shoppers to get a head start on holiday shopping.

Upscale Stores Offer ‘Stealth Layaway’?

It’s not just the big-box family retailers offering layaway. A friend of mine recently put an $800 winter coat on layaway at a small upscale boutique in Manhattan. There was no sign or announcement that the shop had a layaway plan, but my friend - desperate to finance this expensive piece of clothing without falling into debt - asked the salesperson if this was something they’d entertain. The store obliged and my friend put down $100 as a security deposit. She figures she’ll have all the money in a month, when it’ll really be time for a winter coat.
Diamond retailers, jewelry stores and art dealers are also reportedly striking layaway deals with customers. And according to CreditCards.com, pawnshops are getting in on the action by offering layaway to cash-strapped consumers.

Layaway Tips: Be Smart

The FTC recommends you always get the layaway agreement in writing. Understand the refund policy, how much time you have to pay for the merchandise and payment due dates. Especially if you’re working with a small independent retailer, do a background check on the business to make sure they’re in good standing with consumers. You can see if consumers have filed any complaints against the retailer at your local consumer protection agency and Better Business Bureau.

Christmas List: 6 Shopping Tips for a Happy Holiday

Are you a binge-and-regret Christmas shopper? If so, these days before Black Friday — the day consumers typically work off turkey hang-overs by spending themselves into debt-hangovers — are the perfect time for a little advance planning that may allow you to buy great holiday gifts without hating your life (and debt) in January.
What do you need to do? 6 things

1. Play Santa: Santa makes a list and checks it twice, while most shoppers just go to the mall and say “Ooooh, Suzie would love that!” Shopping without a Christmas list causes you to forget some people and over-buy for others. Write down all the people that you normally give holiday gifts to and what you think they’d like. And think broadly about gifts — particularly if you’re on a budget.
Would your friends with small children prefer that you promise to babysit, rather than buy them something–particularly for those tough-to-get-a-sitter-nights like New Year’s Eve? Would your parents prefer an evening out on the town vs. the gadgets and bath salts that you normally buy? If you spend more time, you’ll spend less cash. Thoughtful gifts can be inexpensive.
And, of course, bring the shopping list with you when you go to the mall, so you can tick off presents as you go.

2. Troll for Coupons: The advent of discount buying sites like Groupon and LivingSocial give you the ability to buy dinners; spa treatments; hotel stays and hundreds of other gifts for pennies on the dollar. You get credit for the whole $50 gift certificate even when it only cost you $25. If you’re buying for out-of-town friends, sign up to see the “daily deals” in their locations, as well as yours.

3. Price-Check: Before you head to the mall, check prices for the items on your list. This is particularly important if you’re shopping for big-ticket items that are likely to go on sale. The reason: Retailers sometimes overprice items, so they can make mark-downs look compelling. You get fooled thinking you’re getting a bargain on a $1,000 television that’s marked down to $500, for example, when another store might have that same t.v. for $500 at regular price and mark it down to $350. If you haven’t price-compared in advance, you might think those are two different t.v. sets, when it’s the same product but a different retail strategy.

4. Make a budget: Having a gift list and doing some advance price-checking will make it easy to figure out how much you’re going to spend. Once you’ve added up the rough cost of what’s on your list, consider whether this total is an amount you could pay off by February or March. If not, consider reviewing the list again to see if there are ways to nip back the budget.

5. Confess. If you can’t afford to keep up with the normal state of gift giving, don’t be afraid to confess your financial constraints to your family and friends. In tight years like these, they might welcome spending limits. And if you have friends who care more about the gift than the giver, ask yourself whether they friends worth going into hock for.

6. Shop together: Joseph Grenny, co-author of “Influencer: The Power to Change Anything” has done some interesting research on the things that might cause us to adhere to — or bust — a budget. The biggest factor? Friends.
The people we hang out with fall into two categories — friends and accomplices, he adds. Friends support you, either actively or passively (by setting a good example and not tempting you to cheat) when you’re trying to make a healthy change, like staying on a diet or budget. Accomplices don’t have that kind of restraint, and really don’t want you to either. It makes them look bad.
If you have friends, willing to help you stay on a budget, shop together. Leave your accomplices at home.

Cheapest Days to Shop Online

We already know some of the best shopping deals are found online - but did you know some days are better than others to find the steepest discounts? ShopItToMe.com, which scours sales at more than 100 online retailers, ran a survey for me showing what days of the week certain categories of items carry the biggest discounts. Their data was compiled between June 2009 and June 2010 and analyzed over 1 million sale items on the web. From sunglasses to bathing suits to handbags and menswear, they got me the inside scoop. (The company is also helping to sponsor my book launch in September).
My advice is to read this through, click print and keep the list stored by your computer as a helpful reminder next time you want to shop on the Web.
Mondays: Best for buying men’s and women’s dress pants. The average sale is about 48 percent off.
Mondays: Also great for purchasing sunglasses. The average discount is 55 percent.
Tuesdays: Best for buying men’s apparel. The average discount is 42 percent.
Wednesdays: Find lowest prices on shoes. The average discount is 38 percent.
Wednesdays: Also find best deals on kids’ clothing. The average discount is around 40 percent.
Thursdays: Best for buying women’s handbags. The average discount is 36 percent.
Fridays: Biggest sales on accessories like jewelry, belts and scarves. The average discount is 42 percent.
Saturdays: Best sales on intimates (37 percent off) and jackets/outerwear (51 percent off).
Sundays: Buy your swimsuits for an average 52 percent off!
     Some other online shopping tips …

Search for More Discounts

Dozens of sites like RetailMeNot and Bargainist collect promotional codes for discounts on Web purchases. To find them on your own, try Googling the name of the shopping site with the words “coupon code”  or “promotion code.”

Avoid Shipping and Return Costs

Many retailers offer free shipping promotions from time to time or have thresholds at which they’ll ship for free.  But, some of my favorite online shops such as Endless, RevolveClothing, Shopbop, and Piperlime, always offer free shipping.

Search Twitter

Many retailers are announcing special deals to their Twitter and Facebook followers. Be sure to follow the retailers you frequent to find out as soon as a deal is announced.

Holiday Non-Shopping: 7 Items Worth Waiting For

Plan to treat yourself this holiday season? Fifty-seven percent of shoppers will be making non-gift purchases for themselves this year, up 8 percent from 2009, according to the National Retail Federation. The average personal expenditure: $107.50.
Want my advice? Wait until after the holidays to gift yourself. With so many of us returning gifts after the holidays and retailers looking to unload excess inventory from 2010, the best deals are often found after Christmas and into the New Year. Here are the top 7 items - some to be expected, some not - that you may want to put on your post-holiday shopping list.

1. Champagne and Fine Wine
Bottles of bubbly and fine wine usually go on sale around the holidays and the prices get slashed even further the weeks that follow. This year, expect even steeper price cuts, says Lisa Lee  Freeman, editor-in-chief of ShopSmart Mag. “The recession has been hard on the high-end wine maker. French wines that were going for $50 you can get for $20.”

2. Baking Ingredients
During the holidays, supermarkets and discount stores load up on baking supplies to meet shoppers’ demands. Afterward - when you just can’t face another gingerbread man - these stores slash their prices out of necessity. “It’s a great time to stock up on chocolates, spices, flour, sugar, the basics,” says Freeman. The chocolate may be colored green and red, but it tastes the same!

3. Electronics
The Annual International Consumer Electronics Show runs the first week of January. That’s when companies roll out all their new models of computers, cameras, cell phones, printers … you name it. While early adapters salivate over the newest and latest tech gadgets, January is a great time for everyone else to buy the most recent models - which will, no doubt, be discounted heavily to make room for the new.  ”If you don’t take advantage of the Christmas deals, don’t worry. After Christmas, everything’ll be on sale!” says Freeman. Last year Walmart offered shoppers a $50 gift card when they bought Microsoft Xbox 360 through January 1.

4. Winter Clothes & AccessoriesThere will be no shortage of discounts at department stores and clothing retailers - especially on hats, scarves, boots, winter coats and wool socks.  Invest wisely by opting for non-trendy staples that will last you another winter or three.

5. Refurbished GoodsExpect stores’ “refurbished” bins - where returned appliances and gadgets get a 10 to 20% discount - to be well-stocked after the holidays, as people return unwanted gifts. One note of caution: Only buy refurbished items from reputable dealers that offer a manufacturer’s warranty. Sony, Dell, Amazon, Apple and Kitchen Aid are all in the refurbishing business.

6. Holiday Cards, Wrapping Paper, OrnamentsThis one’s obvious. Expect discounts of 50 to 90%. A tip on the wrapping paper - go for a solid color, instead of a sheet with Christmas trees or dreidels. Gold, green, blue or red wrapping paper, while seasonal, can also be used throughout the year.
7. CalendarsCan you wait a few extra days to get organized? It’s almost a given that Borders and Barnes & Noble will have their 12-month calendars on sale the first weeks of January.  I’ve spotted their buy-one-get-one-free or “All Calendars $1? deals throughout the years, appearing right around New Year’s Day.

7 DIY Holiday Gift Ideas

Do-it-yourself gifts are a terrific way to budget around the holidays. But to do it right, you’ll need effort, thought and novelty; the days of overwhelming your gift recipients by throwing an old picture into a frame and slapping a red bow on it are long gone.

Here are seven out-of-the-box DIY ideas to get your creative juices flowing.

Regift in a Positive Way

Can’t find anything at the mall for your sister? Wrap something of yours that she’s always admired, something that you and she both honor. Examples could include an heirloom vase, a certain doll from her childhood that she thought she’d lost (you may need to go through your mom’s attic to find it), a piece of art from your art collection, your childhood Polaroid camera you never let her play with, etc.

The Gift of Time

Your best friend, aka superwoman, has no time for herself. Between working full-time, driving her kids to afternoon sports and taking care of her parents on the weekends, she could really use a day to herself. Offer to take over parental duties starting one afternoon through the evening so that she can pamper herself and go to dinner with her husband … or even just use that time to catch up on sleep! It’s a generous gift that costs nothing but your time and patience.

Unique Calendars

I got inspired by this Christmas Advent Calendar I found on Etsy.com. All I need is a mini muffin pan and some stickers or I can buy the artist’s DIY kit for $6. Canon also has these free downloadable triangular desk calendars on its website - a great gift for co-workers.

Vacation Getaways
If your second home at, say, the Jersey Shore is vacant, you may wish to treat one of your very trustworthy family members or close friends to a weekend getaway there. Wrap up a local souvenir, for example, a box of saltwater taffy, and in the card mention that the real gift awaits them this summer - at your beachfront address.

Secret Recipes Book or Cards
Your daughter-in-law is pleading to know the secret ingredients in your pumpkin spice cake, your spaghetti and meatballs, or your hot chocolate. Her marriage to your son depends on it! Reveal what you’re willing to reveal in a handmade recipe book just for her. Martha Stewart has a free recipe card template you can download from her site.

Cook Up a Food Gift
The trick with food is to make it surprising and fun. Part of the magic is in the packaging: Use a colorful tin from the dollar store, instead of a paper plate with Saran Wrap. With more commitment, you could add a hand-written note that reads, “Welcome to My Cookie of the Month Club. To start you off, here is a batch of homemade dark-chocolate oatmeal cookies. More to come in 30 days!” It requires a little more effort on your part, but your college-age niece will appreciate it throughout the year - far more so than a Gap gift card.

Other ideas: Surprising your coworkers with a tray of chocolate-covered strawberries; give your cousins a few jars of your exquisite homemade jelly. (You can find inexpensive jars from Ikea here.) Delish.com also has some great homemade holiday gift ideas. One of my favorites is the gift of tea - put peonies and green tea in cellophane envelopes, and present them along with ceramic teacups.

Swap Skills
Your nephew needs help with Spanish. His dad (your brother-in-law) doesn’t want to spend the $50 an hour it costs to hire him a tutor. You happen to have a second degree in Spanish. Offering five free tutoring lessons (an hour each) in exchange for your bro-in-law’s legal expertise (as you’re starting a business) comes out to a win-win. Just make sure that you still get your nephew the Xbox game he really wants.