Money Management

Everyone wants to get a good deal, and you can maximize your savings with price match policies. Find out how to save more money on holiday gifts. 

If you’re shopping for the holidays, paying attention to deals is one way to save money. But there are other strategies you can use to maximize your savings. Many retailers offer generous price match policies around the holidays. These price match guarantees can give you more confidence and could help you get a bigger discount.

Find out why you should pay attention to the price match guarantees your favorite retailers offer this holiday season.

What is a price match guarantee?

With a price match guarantee, a retailer agrees to match a competitor’s lower price on a given item. Some retailers match the prices of select competitors, while others will honor better prices found anywhere. Some retailers will also match their own lower pricing if the price of an item is later reduced after you buy it.

Usually, for a price match to be offered, the lower-priced item must be the same. That means it must be the same brand, model, style, color, and size. If you satisfy the terms of the price match policy, the retailer will offer you the lower price. If the policy covers previous purchases and you satisfy the terms, it will refund you the price difference.

If you love to get a great deal when you shop, reviewing the price match guarantees offered by your go-to stores is worthwhile. These policies are often more comprehensive during the holiday season, giving shoppers more time to request a price match.

If you ignore price match guarantees, you may spend more money than necessary as you shop this holiday season. But remember that to benefit from these policies, you’ll need to research prices yourself. So it requires some extra work to ensure you get the best deal.

Feel more confident knowing that you’re getting the best deal

With the popularity of shopping holidays like Black Friday and Cyber Monday, knowing when to pull the trigger on something you plan to buy can be challenging. Will the price offered on Black Friday be the lowest price of the season? Is this the best deal available across all retailers?

It’s hard to know — unless you can see the future. I’m guessing you wouldn’t be reading this article if that were true. But if the retailer has a holiday price match policy, you can feel more confident knowing you won’t pay more than you should.

If you qualify for a price match, take a screenshot of the lower price or get a copy of the sales flier with the pricing details and contact the retailer to have the price matched. If the price match policy covers prior purchases, contact the retailer to request a refund for the difference in price. Getting money refunded to your credit card, especially after buying an expensive item, can feel like a major win.

Maximize your savings when you shop

If you’re still finishing your holiday shopping, you’re not alone. But make sure you’re using every strategy possible to maximize your savings. By taking a few extra minutes out of your day to check prices on your gift purchases, you could save more money. Every dollar saved can benefit your personal finances.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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A personal loan and a home equity loan can both be used to fund a remodel. Keep reading to see why a personal loan might be the better option. 

If you’re making upgrades to your home, you may not have the cash to pay outright to do it. If you’re going to borrow, you have a few options. A personal loan is one of those options. A home equity loan is another.

A home equity loan allows you to tap into the equity in your home — or the portion of your home that you own outright. It can also be called a second mortgage, because you’re borrowing against the value of your house. It may have a lower interest rate than a personal loan, and if you’re using it to substantially improve the home guaranteeing the loan, you may even be able to deduct interest paid when you file your taxes (if you itemize, that is).

Despite these benefits of a home equity loan, you may want to opt for a personal loan instead. Here are a few big reasons why that’s the case.

1. It can be faster to get approved for a personal loan

If you need access to money quickly, a personal loan is almost definitely going to be the better choice. Many personal loan lenders can provide funds within a few business days of the time you apply, or even the same business day.

Applying for a home equity loan is a much more time-consuming process. While some lenders offer loan approval and funding more quickly than others do, you can still expect it to take around two to six weeks to get your loan approval. If you don’t have time to waste, waiting this long may not be an option for you.

2. You won’t have to pay high upfront closing costs for a personal loan

When you take out a home equity loan, you’re usually going to get hit with closing costs just like you did when you got your first mortgage loan to buy your home. These could cost as much as 2% to 6% of your loan amount, so if you are borrowing $100,000, you might have to pay as much as $6,000 in closing costs. That’s a whole lot of money that you won’t be able to put towards your home upgrades.

Personal loans usually don’t cost you anything upfront. If you choose the right lender, you won’t pay any origination fees and will end up being able to keep more of your borrowed money to pay for your home upgrades, instead of paying your lender.

3. You won’t be putting your house at risk when you take out a personal loan

Finally, you have to consider the possibility of losing your home in the course of borrowing money. When you take out a home equity loan, your house is collateral. If you don’t pay, the lender can initiate foreclosure and force the sale of your house.

If you have a personal loan, your home is not guaranteeing the loan. In most cases, the loan is unsecured. That means your lender just makes you promise to pay without getting a legal interest in your property if you stop making payments.

If you aren’t comfortable putting your house on the line, a personal loan is a better bet.

It’s important to consider each of these three factors before you decide on the right borrowing approach. By thinking about your timeline for the money, any upfront costs, and whether you’re comfortable using your home to secure a loan, you can make a more informed choice about whether a personal loan or home equity loan is the best route for your home upgrade project.

Our picks for the best personal loans

Our team of independent experts pored over the fine print to find the select personal loans that offer competitive rates and low fees. Get started by reviewing our picks for the best personal loans.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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