Spending after Christmas: handling returns and shopping with gift cards

Most holiday money advice addresses spending before Christmas, but there’s plenty to do after the holidays.

Here are some post-holiday situations that might apply to you.

I got a gift I don’t want. It’s always a good idea to handle returns and exchanges quickly, but it might be especially true this year, said consumer advocate Edgar Dworsky, who operates the Web site ConsumerWorld.org. With retailers carrying less inventory, you might have better selection of sizes and colors if you make an exchange soon.

A gift dropped in price. Use retailers’ price-protection policies, which guarantees a refund of the price difference within a certain period after purchase.

If you are a gift giver and know an item’s price fell, claim the difference by visiting the store with your receipt and credit card. You probably don’t need the item. Log gifts at www.priceprotectr.com to be notified by e-mail if a price decreases within the protection period.

I got a gift card or gift certificate. As a general rule, use it quickly, especially if it is affiliated with a major credit card.

“If it has a Visa or MasterCard logo on it, it’s the gift that keeps taking,” Dworsky said.

Many of those cards have fees and expiration dates that diminish the card’s value over time. It’s also a good idea to use the card or certificate before a retailer or restaurant can go out of business.