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Financial Advice for
May 2008
The Economic Development
Plan for Your Pro$perity
“The Money Minit”
Economic
Development focuses on economic issues in our community,
such as the support of black-owned businesses.
Financial Fortitude is designed to assist sorors
and their local communities to realize the overarching
goal of personal wealth and financial security
through an understanding of basic financial principles.
We want to ensure that sorors are among the “smart
women who finish rich!” As you continue to plan for
your PRO$PERITY, the following re$olution$
are pre$ented for your con$ideration:
The
Best Time to Buy Everything
By Kelli B.
Grant
At 50 cents a roll —
instead of the regular retail price of $4 — buying
wrapping paper after New Year's is an easy way to save.
The same holds true for buying half-price inflatable
pool loungers and patio furniture after Labor Day
weekend. In fact, bargain lovers know that there's a
smart time to buy just about anything. For example,
those looking for a great deal on a car should shop on
weekday mornings in September. Groceries are cheapest on
Sunday evenings. Read what the experts say about the
best time to buy everything from wine to wedding
dresses.
Airplane
Tickets
 When
to buy: On a Wednesday, 21 days (or a couple of days
earlier) before your flight.
Why:
Airlines make major pricing changes (and run fare sales)
every week, typically on Tuesday evenings and Wednesday
mornings. About 21 days out from your flight, you'll see
plenty of deals out there as airlines scramble to fill
seats. Don't wait much longer because prices jump
significantly from 14 to seven days ahead of departure.
Appliances
When
to buy: During a holiday weekend.
Why:
You'll find sales on select models all year long, but
retailers bring out the big guns for holiday weekends.
But don't worry about spending your Fourth of July and
Labor Day weekends shopping for a new fridge — smaller
holidays like Columbus Day and President's Day have
their share of sales, too.
Baby Clothes
When
to buy: During your pregnancy.
Why:
Once you know your due date, keep an eye out for
end-of-season clearances. If you are [newly] pregnant
now, for future needs, look in stores that are closing
out all the seasonal clothes. You can pick up
essentials for less than half price.
Broadway Tickets
When
to buy: Hours before the curtain rises.
Why:
How does a $25 front-row seat to the smash musical
"Wicked" sound? Several musicals offer same-day ticket
lotteries that offer up orchestra seats at inexpensive
prices. If you'd rather not gamble on getting a seat,
wait in line at the famous TKTS booth2 in
Times Square. There, you can get tickets for hit
musicals for up to 50% off. On a recent night, prime
seats were available for "Hairspray," "Rent," "Sweeney
Todd" and "Beauty & the Beast."
Cars
When
to buy: Weekday mornings in September.
Why:
By September, all the next year's models have arrived at
the lot, and dealers are desperate to get rid of the
current year's leftovers. It's the prime time of year
for incentives and sales, not to mention bargaining.
Any car that's been on the lot for a long time loses its
value in the eyes of the car salesman. Heading to the
dealership on a weekday morning also helps because
there's low foot traffic, meaning you'll have ample time
to negotiate and fewer people trying to buy the same
car. The more demand, the less willing a salesman is to
go down on price.
Champagne
When
to buy: December
Why:
Most people assume that because everyone wants a good
bottle of Champagne for New Year's Eve that prices go up
during the holidays. But due to fierce competition
among the Champagne houses, prices are actually lower
during the holidays than they are at any other time of
year.
Clothing
When
to buy: Thursday evenings, six to eight weeks after an
item arrives in stores.
Why:
After an item lingers in stores a month or more,
retailers start dropping its price to get it out the
door. These season-end clearances tend to be the same
month that designers host fashion weeks (February and
September) to preview the next fall or spring
collections. So smart buyers can check the catwalk to
see if any of this season's trends — say, leggings or
military-style jackets — will still be hot next year,
and then scoop them up on clearance.
Hitting the mall on a
weekday ensures you'll get a good selection. On the
weekend, you'll only get picked-over stuff because the
stores don't have time to restock. By Thursday, most of
the weekend sales have begun, but everything available
is on the floor.
Computers and
electronics
When
to buy: Just after a new model is launched.
Why:
When the latest and greatest of a product is released,
you'll often see prices drop on what had previously been
the best thing out there. Case in point: When Apple
released the Nano, prices for the now-discontinued Mini
dropped 12%, from $199 for a 4GB to about $175. So keep
your eyes open for announcements from major
manufacturers. Want a little less work? Time your
purchases for after big annual technology show like
MacWorld and the International Consumer Electronics
Show.
Gas
When
to buy: Early morning or late evening on a weekday.
Why:
Time your trip based on whether prices are rising or
falling. Gas stations tend to change their prices
between 10:00 A.M. and noon, so hit the pump in the
early morning if gas prices are on the rise. Go later in
the day if prices are falling. Try not to buy gas on the
weekends. Gas prices are often slightly elevated, as
stations try to profit from leisure travelers.
Gift Cards
When
to buy: A day or two before you give it.
Why:
These days, gift cards carry a plethora of hidden
pitfalls, from expiration dates to dormancy fees. That
countdown to fees starts as soon as you buy the card.
You don't want to short-change the recipient.
Groceries
When
to buy: Sunday evenings.
Why:
Store sales tend to run Wednesday through Tuesday. On
Sunday, you'll have the latest round of manufacturer's
coupons from your morning paper. You can maximize your
coupons available for that shopping week. Heading to
the store close to closing time means you'll have access
to sales on fresh items that must be sold by the end of
the day, such as meats and baked goods.
You'll also benefit from
in-season items that can be frozen for use later in the
year. That means turkeys at Thanksgiving and hams at
Christmas and Easter. During the spring and summer, buy
fresh produce. Peaches bought at $1 per pound now can be
kept frozen for smoothies and pies throughout the
winter.
Shrubs, Trees
and Other Plants
When
to buy: Fall
Why:
Take a break from raking up leaves to purchase trees,
shrubs and other perennials for your yard. Prices
nosedive after midsummer, as garden supply stores and
nurseries try to clear out their stock. You can also
get great deals on bulbs during the fall. Just store
them according to the package instructions for best
planting results next spring.
Televisions
When
to buy: Six to 12 months after a particular model is
launched.
Why:
A new TV drops in price after a few months on the
market. Although there will be newer models out there,
it's unlikely they'll offer any significant improvements
to justify that brand new price. The technology is
proceeding at such a pace that the models out there are
not going to be obsolete anytime soon.
Wedding
Dresses
When
to buy: Between Thanksgiving and Christmas.
Why:
Boutiques are stocked up on dresses for the
post-Christmas rush (many people get engaged over the
holidays), yet traffic is low. It's not a busy time to
buy a wedding dress because people are thinking about
the holidays. You'll also have room to bargain.
Wine
When
to buy: Early fall.
Why:
For best selection, you can't beat the fall harvest
season. That's when most vineyards release their latest
vintages. Buying in August and September is also your
best shot at snagging so-called "cult wines" — those
with limited production and high demand.
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