1. Always be on the alert for stores that are going out of business. When a store closes its doors, you can cash in on the savings if you are one of the first to know. Be ready for the closeout sales to begin. Make your list and head over to find what you want before the real rush shows up.

2. Buy online. Some of the online closeout sales are simply large manufacturers or Internet stores that are going out of business, just like a bricks and mortar store might go out of business. You also might find websites that have a vast array of merchandise from closeout sales across the web.

3. Check out seasonal closeout sales. Everything from department stores to grocery stores to sporting goods stores stock seasonal items. When a new season is on the horizon, the old merchandise must be sold or the company will suffer a loss. You can get items to finish out the season at hand or buy them at a great price and save them for next year.

4. Look for real bargains. Just because an item is listed on a closeout sale does not mean that the price is a bargain. Go to the sale with some knowledge about what things cost. If possible, bring a cell phone with Internet access so that you can compare prices as you shop. If you are shopping online, comparisons are easy.

5. Buy what you will use. It is often tempting to buy something at a sale that seems interesting or unusual. If it is something you will never use, wear, or eat, you will waste your money buying it. On the other hand, if you can find something unique that you will utilize, there is no reason to hold back.

6. Buy only as much as you need. It may seem like a good idea to put in a large supply of fishing lures when they go on clearance. However, if you only go fishing once a year, that might be overdoing it. Just because something is inexpensive, it does not mean that you need to buy it unless you will actually have a need for it.

7. Check out return policies. For many closeout sales, what you buy is what you get. There is no opportunity to trade for a different size or color. If you are not sure of any of the specifications of the product, make sure you have the option of returning it.

Closeout sales are even more fun with friends. Invite your friends to come along with you to a store for a sale. Email your friends about a closeout website you have discovered. Sometimes the greatest joy is in the sharing.