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The Do’s and Don’ts of Labor Day Shopping

By U.S. News & World Report

A Labor Day shopping strategy might not be your highest priority, but if you want to emerge from the weekend with a cart overflowing with new stuff and a wallet that’s still full, maybe it should be.

Follow these do’s and don’ts to maximize your money-saving potential this holiday weekend.

Do: Buy luxury items.

Big sale events, like Labor Day, are a good opportunity to splurge on expensive purchases without having to pay full price. Use the weekend’s percent-off promotions to snag that fancy tote or glitzy necklace you’ve had your heart set on.

Last year, Labor Day sales translated into big discounts on designer labels and luxury products. Neiman Marcus took 40 percent off regular prices both online and in-store on seasonal clearance items, while Bloomingdale’s discounted select items by 60 percent. Look for similar offerings again this year.

Don’t: Buy everything that’s on sale.

Not every product that’s advertised this Labor Day is a smart buy.

Back-to-school supplies and summer clothes will see deep discounts worth your while, but some sale merchandise — such as toys and fall clothing — are best bought later in the year when their prices will drop even lower. Shop in December for toys and October for fall clothes. Plus, Black Friday, anyone?

The electronics aisle is another area we’d recommend avoiding if you want the lowest prices on major tech purchases. For example, last year Target offered a Samsung 40-inch LED Smart TV for $399.99 over Labor Day. Fast-forward to November, and the retailer’s 2014 Black Friday ad featured a Samsung 40-inch Smart LED HDTV for $327.99.

Similarly, last Labor Day, Best Buy offered savings of up to 25 percent on select HDTVs. On Black Friday, though, the store advertised select HDTVs for over 30 percent off their original prices.

Do: Use your smartphone.

It’s always good to have a friend on your side, especially one who can help you spot the best opportunities to save. This year, that friend is digital, specifically your smartphone. Here are a few ways your phone can aid your shopping ventures this Labor Day:

— Price comparisons. Before you shop, load up your smartphone with price comparison apps like RedLaser. Comparing prices before you make a purchase can save you from spending more than you need to.

— Sale news. Long before you stand in line to buy that new patio set or backpack, sign up for the mailing lists of your favorite retailers. Doing so will alert you to special offers.

— Coupons. In case you forget your physical coupon at home, your smartphone can save you. Pull up a digital version of the coupon, and ask the cashier to scan the barcode at checkout.

Don’t: Do all your shopping early.

Labor Day sales don’t just happen on the holiday. They take place over the course of several days, sometimes even a week.

Plan your shopping over this extended discount time frame so some of your purchases are made at the end. As sale periods come to a close, retailers will be extra eager to move their remaining stock. This could translate into even bigger price cuts. Last Labor Day, stores like Nordstrom extended their sales several days past the holiday.

Of course, you’ll want to balance this strategy with the risk of stores running out of inventory. Amazon, for example, is marking Labor Day with a selection of deals on movies, TV, books and music. These offerings are available only while supplies last.

Buy any must-have items early (before they sell out), and hold out for the rest.

Do: Stock up on summer steals.

Use the holiday weekend to score some serious deals on all things summer. We’re talking about swimsuits, short sleeve shirts, outdoor accessories, grills and the like. You can expect the end of the season to translate into big price cuts.

You may not be able to get much use out of these items this year, but you’ll be thanking yourself when next summer rolls around. For apparel, we recommend looking at retailers such as Old Navy, Macy’s, JCPenney and Sears, all of which hosted impressive clothing promotions last year — in some cases up to 50 percent off.

Don’t: Limit yourself to retail stores.

Finally, department stores and big-box locations, such as Wal-Mart and Target, aren’t the only places to grab Labor Day savings. Seasonal discounts can be found on such varied items as amusement park tickets and restaurant meals, and in the past, there’s been Labor Day deals at Discount Tire.

So, before you make any purchase over the long holiday weekend, inquire about Labor Day deals or freebies, and always conduct a quick search for any relevant coupons.

More from U.S. News

10 Summer Savings Tips

Your Month-to-Month Guide to Savings

5 Tips to Spend Less on Labor Day Travel

The Do’s and Don’ts of Labor Day Shopping originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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