Best post-holiday gifts (for yourself?)

‘Tis the season to save money. While late November and December are the busiest shopping weeks, January offers the best deals. If you’re looking to save some cash, putting off some purchases for January could prove a fruitful bet, so if you’re looking for gifts for yourself or to pick up some must-buy essentials, circle January on that brand-new calendar.

First, if you like decorating your home for the holidays, January is perhaps the best month to pick up decorations. Many retailers offer steep markdowns to liquidate seasonal goods. Likewise, if you’re looking to buy a new winter coat or other cold-weather gear, you can often find stuff on the cheap at the start of the new year.

In December, retailers have more leverage because they know folks are shopping and have deadlines to meet, such as Christmas or Hanukkah. After the holidays, returns will surge. In fact, following the 2021 holiday season, roughly 16 percent of all purchases were returned, totaling more than $750 billion in value. That means merchants will have lots of inventory to clear.

Many retailers will have open-box items that they sell at a steep discount. Watch out for good deals on computers and other electronics. You can also check eBay and similar sites for gently used refurbished products.

You can turn post-holiday shopping into a financial lesson for children as well. Instead of loading up every gift on Christmas, parents can give kids an after-holiday toy budget of maybe $100. Then you can take your kids to the toy store and let them pick out toys, often at a steep discount. Once there, you can teach them about budgeting and finding good deals. Of course, you can still give kids presents on Christmas, but it’s smart to split up the budget.