Smart Summer Spending Do’s and Don’ts
We all want to maximize our money, why pay more than we need to? With a little planning, you can stretch you dollars further without having to cut back. I had the pleasure of sharing some smart shopping tips with the KTLA News crew this morning.
By David Rae Certified Financial Planner™, Accredited Investment Fiduciary™
What to buy Now for a Smart Spending Summer:
Warm-weather clothing is always one of the best buys this time of year. Keep your eyes on the major department stores like JC Penny and Kohl’s and even designer boutiques like Calvin Klein and Ralph Lauren that oftentimes hold sales around this time of year. Look for extra coupons to save even more.
Swimwear sales often spike in July because savvy shoppers know that there are deals to be made. Keep your eye on Nordstrom and PacSun which typically offer substantial savings. Remember this is California and it is almost always pool weather.
Amazon Prime holds its annual Amazon Prime Day in July. Keep an eye out for that and concentrate on Amazon-branded products for the biggest discounts. This year Prime day is July 11th. Make sure to get your free shipping. Create a wish list to watch for best pricing on items.
Last-minute travel may bring some bargains if you look hard enough. Hotel deals in Las Vegas (off the Strip) and Palm Springs can be had and, if you want to really get away, you can find affordable package deals to many resorts in Mexico. Sites like Travelzoo and others have amazing package deals. A few years back, I booked a packaged deal for a week in Europe. The packaged airfare and hotel was cheaper than just booking the flight alone.
Don’t Buy in the Summer Time.
Air conditioners are going to cost more for obvious reasons, not the least of which is supply & demand. Hold off until October at the very soonest or wait until winter to find the best prices. Everything from the AC unit to installation will cost more.
Bikes, like air conditioners, are most expensive during the summer because that’s when people are looking for outdoor activities. Best time to buy is after Labor Day and before the holidays. You can ride bikes year-round in California.
Televisions typically see their lowest prices during the winter holidays so wait until then. Why pay more than you need to? Lately, it seems like the prices are always dropping.
Cars are at their highest prices during spring and summer. Wait until next year’s models start showing up at the end of year. This is when dealers are more likely to unload the current year’s crop. Plus, you are more likely to be in the driver’s seat when it comes time for negotiating.
Live for Today, Plan for Tomorrow.
DAVID RAE, CFP®, AIF® is a Los Angeles-based retirement planner with DRM Wealth Management. He has been helping friends of the LGBT community reach their financial goals for over a decade. Investopedia named him one of the “100 Most Influential Financial Advisors” for 2017. He is a regular contributor to the Advocate Magazine, Investopedia and Huffington Post as well as the author of the Financial Planner Los Angeles Blog. Follow him on Facebook, or via his website www.davidraefp.com