5. Extended Warranties

Shelling out cash for an extended warranty is rarely worth it. Odds are slim that your gadget will malfunction after its manufacturer's coverage expires (but before an extended warranty would), and that the repair cost will be more than you paid for the extended warranty in the first place.

But that doesn't mean you need to leave your gadgets unprotected. Plenty of credit cards -- including most from American Express and World MasterCard -- automatically double the warranty period for items you purchase with their cards, says Arnold. They add up to another full year's protection, during which time the credit-card issuer takes responsibility for repairing or replacing defunct items.

Sample Savings: Use your Barclays Travelocity Rewards World MasterCard to buy a Canon PowerShot 10-megapixel camera ($237) from Best Buy and the card automatically doubles the camera's one-year warranty. By using Barclays' card, you save $44.99 -- the cost of buying a two-year store protection plan.

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