How do you preserve your Christmas tree?

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Well it started out I was looking for a smaller tree this year around 5 feet, but somehow I just couldn't find one I thought was right so I ended up with one that is 7 feet tall. Needless to say they do cost more this year than they did last year but what the heck it's only money and I sure can't take it with me when I die, so I'm going to spend it as I see fit. Did you find your perfect tree, yet? How do you preserve your tree? What kind of stuff do you put in the water it stands in?