#3: Extended warranties

These days you can get an extended warranty on just about any electronics purchase – from plasma TVs to toasters.

Here’s the kicker, though: The cost of the warranty may exceed the cost to actually repair it. Plus, keep in mind that the appliance may never even NEED to be repaired!

If you feel strongly about buying an extended warranty, here's a rule of thumb for you: Make sure the cost is less than 20% of the item’s purchase price. And make sure you know all of the terms of the warranty — including the coverage term and any extra fees that are hidden in the contract.

And, yes, shop around. You can get the same extended warranty coverage on the same model at three different stores — all at completely different price points. (Discover a few more tips on getting the most from your new appliances here.)

Next: #4: 0% financing