Buy Like Buffett: Three Tips to Help You Save Money on Holiday Shopping

Black Friday is the biggest shopping day of the holiday season. Millions of people will wake up early to line up at stores across the United States in order to score big discounts on thousands of products. While you can score some great deals by standing in the freezing cold at 3 am; there are a few easier ways that you can save money during the holidays.

Let's take a look at three tips that will save you money during the holiday season.

1. Shop online.
   
   You can always skip the long lines and shop right from the comfort of your own couch. Online shopping is fantastic! It started in the 90s and has only increased in popularity over the past twenty years. Online shopping is incredibly convenient and you can find most products cheaper than you can in traditional retail stores. That's because many companies selling products online do not have the overhead of brick and mortar institutions. You can save money by not paying sales tax and many retailers are offering free shipping during the holiday season.


2. Shop before Black Friday.
   
   You don't have to wait for Black Friday deals to save money on your favorite products. Most big box retailers are offering discounted prices right now on electronics, household products, clothing, and other items. Target and Best Buy have actually started discounting goods this week. Adventurous shoppers can turn to a few of the nation's largest retailers for their shopping needs on turkey day. Walmart and Sears will actually have all of their stores open Thanksgiving day. Gap, Banana Republic and Old Navy are opening up certain locations as well as an early kick-off for the holiday season.


3. Shop at struggling retailers.
   
   The best deals can always be found at retailers that are struggling and are forced to liquidate their inventory during the holiday season. Stores that are closing or downsizing will have to unload their inventory at bargain basement prices. Furniture stores, recreational suppliers, and even big box stores are using sales discounts to lure shoppers. Kmart is trying to boost the store's lagging sales by offering special deals that will allow buyers to shop online and pick up their orders in person.

Holiday sales are expected to be lower than in past years, so use that to your advantage. Don't be afraid to haggle over prices since many retailers are than willing to negotiate in order to make a sale. I hope that you find all of these tips useful and that they will help you save some dough during the holiday season.

What are some of the strategies that you are employing during your shopping trips?

Mark Riddix is the founder and president of New Horizons Financial Management, an independent investment advisory firm that provides personalized investing and asset management consulting. Mark is a regular contributor to Seeking Alpha and has written financial columns for Baltimore and Washington, D.C. area newspapers. Mark publishes his own financial blog, BuylikeBuffett.com and has written the book Your Financial Playbook.