I'm a Financial Planner: Always Buy These 2 Things in September
Some purchases make more financial sense than others at certain times of the year. Retailers tend to discount different items as the seasons change and September is one of the best months to find low prices on big-ticket items.
“September is one of the smartest months to shop because you're catching two retail cycles at once,” said Ashley Feinstein Gerstley, certified financial planner (CFP), personal finance expert and shopping and savings strategist at Rakuten. “Retailers are wrapping up back-to-school promotions while also clearing out summer inventory to make room for fall merchandise.”
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If either of these purchases is on your list, September is the time to shop for them.
Summer Gear
Summer has officially ended and retailers like to make room for their fall inventory.
“September is one of my favorite times to shop the end of summer clearance sales. I stock up on summer clothes and sandals for my growing kids by buying the sizes I expect they'll wear next year, at up to 90% off the original price,” explained Melissa Cid, consumer savings expert at MySavings.com.
According to Cid, it’s also a great time to find discounted pool toys, gardening tools, planters and patio furniture.
But don’t buy just because of the discount. “I personally think the biggest savings are making purchases you were already intending to without being swayed by seasonal promotions,” added Steven Min, chief credit officer at Credit One Bank.
Back-to-School Electronics
According to Gerstley, laptops, tablets and other back-to-school electronics are heavily promoted during September as students, parents and teachers wrap up their school shopping.
According to the National Retail Federation (NFR), K-12 shoppers spend an average of $293.11 on electronics. It’s also a top college spending category, with shoppers planning to spend an average of $341.95 this year.
How To Maximize September Savings
Before you go out shopping, Gerstley recommended buying with a strategy and layering your discounts.
“Before you shop, make a list of what you actually need and compare prices across retailers,” she explained. You can also use cash-back apps on deals by stacking promo codes. “For example, on a $1,200 mattress at 30% off, stacking cash back of 8% can push your total savings past $450,” she added.
Min also recommended evaluating each purchase against its total financial impact, not just its discount price. “Shop around amongst retailers and decide whether what you are buying is something that will be needed over the next few months and how much it will cost to finance if it is not being paid in full,” Min said.
He also urged shoppers to keep a running tally throughout the year of items they plan to purchase. “So when those things end up being marked down for the season, you're making an intentional financial choice versus responding to something seasonal,” he added.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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