For many of us, retirement means living on a fixed income, and that often means making a budget and watching expenses. One way to help stay on budget is to shop for the best prices on items that fall within our discretionary income budget.
According to Consumer Reports, even though consumers can now buy just about anything they want online at any time of the year, deep discounts for many products still tend to be seasonal. For example, the best time to buy summer clothes is halfway through the summer, when stores cut prices to move inventory and make room for the next season’s stock.
The following list from Consumer Reports details the best months for buying certain consumer items.
January — bathroom scales, ellipticals, linens and sheets, treadmills, TVs, winter sports gear and clothing
February — humidifiers, mattresses, winter sports gear and coats
March — boxed chocolates, digital cameras, ellipticals, humidifiers and treadmills
April — carpet, desktop and laptop computers and digital cameras
May — baby high chairs, desktop and laptop computers, interior and exterior paints, mattresses, strollers and wood stains
June — camcorders, ellipticals, indoor furniture, summer sports gear and treadmills
July — camcorders, decking, exterior and interior paint, siding, summer clothing and wood stains
August — air conditioners, backpacks and back-to-school goods, dehumidifiers, outdoor furniture and snow blowers
September — desktop and laptop computers, digital cameras, interior and exterior paint, lawn mowers and tractors, printers and snow blowers
October — desktop computers, digital cameras, gas grills, lawn mowers and tractors
November — camcorders, gas grills, GPS and TVs
December — Blu-Ray players, camcorders, e-book readers, gas grills, GPS, headphones, kitchen cookware, major appliances and TVs
According to US News & World Report, the best time to buy a car is not when you see all those ads on TV for Presidents Day, etc. Rather, the best months to shop for good deals are May, October, November and December. The best days to shop are Mondays, New Year’s Eve and New Year’s Day.
When it comes to holiday gift giving, some of the spoils go to those who procrastinate. If your gift list doesn’t include popular items that will sell out, waiting until the last 10 days before Christmas frequently can net the highest savings. Looking for holiday lights and decorations? The best time to shop is just after the big day, when you can stock up for next year at clearance prices.
If you’re in the market to buy or sell a house, note that the best time for sellers to list a home is in May, when the supply of houses is tight, thus commanding the highest prices. The best time to buy is at summer’s end, when sellers are cutting house prices that have been on the market for several months.
As for where to find the best bargains, you’re probably already familiar with local discount stores and volume warehouses. If you’re a member of Amazon Prime, be on the lookout for “Prime Day” each year when the online retailer drastically reduces prices on select items for 24 hours for Prime members. If you’re not an Amazon Prime member, “Prime Day” is the time to join because the annual membership fee is usually reduced as well.
Of course, one of the best ways to stay on budget during retirement is to help ensure your income is ongoing and reliable, which is something we can help with. Give us a call so we can talk about how we can help you create strategies using a variety of insurance products to help you work toward your retirement income goals.
Raymond C. Lantz, Jr. is the president and founder of USA Wealth Group, Inc. Ray has many years of experience advising clients in retirement and sophisticated tax planning strategies, multi-family and commercial real estate projects, and legacy planning. Ray is a graduate of Clark University, holds a law degree from Boston College, and a master of laws in taxation from Boston University. You can hear him every Sunday on Money Wise with Ray Lantz on WBSM 1420AM or on the Radio Pup app.
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We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.
The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.