If you are shopping early in the New Year, it's important to consider market timing. Due to supply and demand and new model releases, some items simply aren't a good buy this time of year. Oftentimes patience, research, and timing are required to snag the best deal. If you can wait to buy these five items, you will score significant savings down the road:
Exercise equipment. Many consumers hit the market looking to buy fitness equipment to help them accomplish their New Year's resolution to lose weight. With the increase in demand, retailers tend to keep fitness and exercise products at their retail price. If you can wait a couple months, your chances of getting a deal on a new treadmill or elliptical machine greatly increase. Also, in early spring look to buy used equipment on Craigslist, as many consumers look to dump equipment that is gathering dust.
Mattresses and furniture. Mattresses are not a good buy in January. If you can tough it out on your old mattress until the President's day weekend in February, you will score a significantly greater deal. Almost all mattress stores and discounters offer a big sales event on President's weekend. You will save at least 30 percent off, making the wait well worth it.
Also, new furniture models typically come out in February. Not coincidentally, this is when furniture stores start to slash prices to get rid of last year's inventory, making it a great time to purchase that new couch you've been eyeing.
Patio furniture. Many people think the winter season is the best time to pick up new patio furniture and grills. However, that's not the case due to the fact that most big box stores cleared out their entire inventory last October and November. In reality, stores are just now starting to get in new merchandise for the spring season, so don't expect deals any time soon.
Cutting-edge electronics. As new models and technology are introduced at the Consumer Electronics Show in early January, so comes with it hefty price tags. If you consider yourself an early adopter when it comes to televisions and home electronics, do not expect discounts. But if you don't need the newest and greatest you will be able to find deals on last year's models in January. This is especially true with LED and Plasma televisions as we head towards Super Bowl weekend in early February.
Winter sports equipment. You'll need to wait until the end of the winter sports season in March and April to find deals on skis, snowboards, and accessories. If you do buy now, make sure you are buying used equipment from second-hand stores or from local sellers. Also, look for "ski and board swaps" in the fall. Many resorts and local ski shops offer these events to allow skiers to swap out equipment with others enthusiasts. These events are especially useful if you have kids who outgrow their boots, skis, and snowboards every season.
The key thing to remember in terms of savings is to resist buying the hot new model when it's first released. Instead, learn to time the market to pick up items when retailers are trying desperately to get rid of them. By researching market timing before you make a big purchase, you can easily save hundreds of dollars every year.
Kyle James runs a website called Rather-Be-Shopping.com, which lists and organizes online coupons to more than 800 retailers. Popular offers include American Eagle coupon codes for up to 40 percent off clearance items and free shipping coupon codes to more than 300 individual stores.