We know what you’re thinking...you just wrapped up the holidays and you’ve shifted gears to your New Year’s resolution of saving money. You are in no mood to spend and we hear you. That said, with a little bit of planning throughout the year, you can save money if you time your purchases properly. What do we mean by that? Certain products are cheaper at certain times of the year, so, if you know what you need and you can hold out until the right month to buy, you can save money in the long run.
We know it can be tricky to figure out what to buy and when — and honestly, who really has the time to figure all that out? Leave that part to us. To get you started, we’ve created this guide to help you decide what to buy in January and what to hold off buying until later, ensuring you the most bang for your buck.
Bedding and Linens — Buy Now
If you’re looking to spruce up your bedroom and bathroom with a fresh set of textiles, January is the time to do so. Take notice of all the bedding and bath sales this month consisting of slashed prices on bedspreads, towels, sheets rugs and more.
Fitness Equipment and Gym Memberships — Buy Now
With so many people kicking off their fitness goals in the new year, it’s no surprise that stores have hopped on the bandwagon. Big box retailers offer deep discounts on fitness equipment like spin bikes, treadmills, and rowing machines so that you can work out from the comfort of your home. If you would much rather work out at a gym, gym memberships are generally on sale this time of year, with fitness clubs offering limited time discounts or waived subscription fees.
Indoor Furniture — Buy Now
New styles of furniture arrive in spring and fall, meaning that stores offer discounts at the beginning of the year to make room for new arrivals. You’ll be able to score great deals on sofas, kitchen tables, and bed frames, but if you’re looking for patio sets and outdoor furniture, you’re better off waiting until August.
Winter Clothing — Buy Now
To make way for those spring collections, winter clothing and outerwear will be on sale starting this month. So, if you’ve been contemplating on upgrading your winter coat or boots, now is the perfect time to shop and score some great savings. Here’s a tip, the later in the season you shop, the steeper the discounts will be. Just don’t wait so long that stores start to run out of the sizes you need.
Suits and Formal Dresses — Buy Now
It’s no surprise that most people aren’t looking to buy formal attire in January, which is why stores are itching to clear their inventory after all those holiday parties are done and dusted. If you’ve got a special event coming up, or you simply want to plan ahead for future holiday parties, this is the time to take advantage of those sales on suits and dresses.
TVs — Buy Now
Although Black Friday is prime time for electronic sales, you can still find great discounts on TVs after the holidays. The first week of January is a great time to do so, given that stores are looking to move inventory left over from the holiday shopping season — so be sure to give stores like Walmart and Best Buy a shot. You never know what you might find!
Smartphones — Buy Later
Smartphones are tricky to get on sale, especially if you’re looking to get one of the most popular brands (Apple, Samsung, Google). The rule of thumb is that whenever a new model is launched, mobile phone carriers will likely have discounts on older models to clear their stock. iPhones are usually released in September, Samsung phones in March, and Google phones in October. Keep your eye out for sales around those months.
Computers — Buy Later
Black Friday and Cyber Monday are the best times to buy a computer, but you don’t have to wait an entire year to get your hands on a shiny, new machine at a discount. There are plenty of other opportunities to find great deals, especially during three-day weekends like President’s Day in February. If you’re willing to wait a little longer to buy a computer, back-to-school season is also a great option, as some electronics are usually on sale around that time...and you don’t have to be a student to take advantage of those great deals!
Luggage — Buy Later
If you’re planning to travel this January you’re better off traveling with your old suitcase one last time before snagging a good deal on some new luggage. But don’t worry, you don’t have to wait too long. You’ll find lots of sales on luggage and travel essentials around March, so start looking for your favourites now and buy in a few months.
Now that you know what you should and shouldn’t buy this month, you can shop worry-free, knowing that you’re getting the best value for your purchase! If you’d like more money-saving tips for the New Year, check out our previous post written by financial counselor, Jessica Moorhouse, “How to Save More, Spend Less & Achieve Your Financial Goals in 2020.”
Stay tuned for our next post to discover even more great savings, and of course, remember to check the Flipp app weekly for the greatest deals near you!