With gas and food costs rising this holiday, your budget may not stretch as far as you need it to. While the slow economy isn’t good news, it could work in your favor. Charles Lankau, a business professor and expert in negotiation at Wake Forest University, says consumers should be assertive about asking for discounts when shopping for just about everything this holiday season. (You may recall that I’d included Dr. Lankau’s tips in a similar negotiation post back in September. Much of the same advice applies, though he’s tweaked it for the holidays.)

You might find retailers and service providers are more willing to negotiate to get your business, says Lankau, because they are anxious to make more sales.

For those new to holiday bargain shopping beyond coupons and Black Friday deals, Lankau offers the following tips:

1. Give yourself permission to negotiate. Bargaining is one of many valuable budget-stretching tools available to make holiday spending funds go further. Use it.
2. Focus on the result. Don’t think about any misplaced embarrassment for asking. Think of how good it will feel to purchase a great gift at a discounted price. If you are successful, it’s a win-win situation. In most cases, the seller will still be making a profit.
3. Touch a chord. Choose your words carefully to reach the emotional side of the person you are dealing with, for example: ‘I’d love to give this as a Christmas gift, but I’m just not sure I can afford it. Can you do any better?’ Practice different approaches in the car on your way to the store to see how they sound.
4. Practice what you’re going to say/ask. Just like in sales, keep trying, and your ‘ask’ will improve.
5. Track your results. Keep a note card in your glove box and jot down every time you purchase an item for less than the asking price. It adds up! You might even keep a record of holiday shopping successes from year to year. Seeing your savings grow is a great motivator. (I’m not so sure I would keep a record as Dr. Lankau suggests but I would for sure brag about it on Facebook or Twitter!)

Most people expect to negotiate when making large purchases, such as cars and homes, or competitive services for television or telephone. However, you may be able to negotiate deals on traditional gifts in retail shops. “My mother never hesitated to point out a flaw, if there was one, in a blouse or sweater, and she almost always received at least a ten percent discount,” he adds.

So give it a try. What’s the worst that will happen? The vendor will say “no” to your request for a discount or to negotiate the price, and then it’s up to you whether or not to make the purchase.

One final note: I would not try this on Black Friday. Everything will be too crazy. Instead, reserve your negotiating for some of the slower holiday shopping days to come.