How to Maximize Your Savings on Clearance Items

I don't know about you, but I'm generally a little crazy for a deal. The beginning of January is a great time for post-holiday sales, but year round there's always something each store is trying to get rid of.

In a way, it makes me thankful for their strange habits like stocking Easter candy the day after Valentine's Day or bathing suits showing up in department stores in the dead of winter. It makes them more eager to unload the items you actually need right now.

Watch for grand openings at stores like Ross, Nordstrom Rack and Marshalls. Stores like these are known for bringing brand items to you for less. When they open a new store, they make sure that top brands are featured.

Along those lines, make sure you always try on the clothes in stores like these. They are occasionally mismarked -- either by the store salespersons or possibly even the tag on the item, which might be why it wound up there in the first place. You can sometimes find great deals when checking a size above or below what you usually wear.

Are you a T.J. Maxx fan? Historically, this store marks down items on Wednesdays. If you want to really max out savings, then hit T.J. Maxx on a Wednesday at the end of the season.

Clothing retailers have two major seasons, fall and spring. From February to June, you can find spring items on sale, and those discounts are deepest in July. Then, the fall season runs from August to December, with the biggest sales in January. That's convenient, since you probably could use some sweaters in January.

If Marshalls is more your scene, then you want to keep an eye out for the red price tags. That means the item is priced as low as it's going to go. A little less interested in the cheapest deal and just looking for the best? Marshalls actually carries clothing styles seen on the runway at Fashion Week, which are denoted with purple price tags. They tend to sell out quickly.

If bargain stores aren't your thing and you just want to know how to find some decent deals in the mall, here are a few tips for you: American Eagle sets its prices ending in .95. If you see the price is actually ending with .99 or .00, then it's probably already been marked down and won't get any cheaper.

Similarly, the Gap & Old Navy mark clearance priced items ending in .47, .49, .97 and .99. If you see an item at these prices that you like, grab it -- it's already marked down and has likely been discontinued.

Maybe your Achilles' heel is Target (and if it is, you're in good company). In that case, you want to look for clearance price tags, but your search doesn't stop there. If the price ends with an 8, it likely will still be marked down lower. If it ends with a 4, the price is probably as low as it's going to go.

If you're wondering how much of a markdown that is from the original price, the upper right hand corner of the clearance price tag shows the percentage, just without the percent sign. Target also is known for marking down its inventory on set days:

Monday: Kids Clothing, Stationary, Office Supplies, Gift Wrap, Electronics

Tuesday: Women's Clothing, Domestics

Wednesday: Men's Clothing, Toys, Health & Beauty

Thursday: Intimates, Shoes, Housewares

Friday: Cosmetics

One of my favorite stores is Kohl's and while it consistently offers excellent prices, it also uses a marking system to let you know what's up. Rather than using numbers, they have letter codes in the upper right hand corner of their digital shelf tags.

NM: New Markdown. This means the price will go lower shortly, so you should wait to buy.

S: Sale Price

GV: Great Value. This means the price is really low, but it will only stay that way for one or two days before returning to normal.

The best way to maximize your savings in your favorite stores is to take a few minutes and learn their number (or letter, in the case of Kohl's) codes. These are often the best way to know the price is as low as it's going to go. Once you've got your number codes down, make sure you plan your shopping splurges for the right season or even day of the week and your savings will start stacking up before you know it.

Mel Bondar blogs at brokeGIRLrich, where she explores topics including how not to totally panic over adulthood, working in the arts and retirement strategies that don't involve living in a cardboard box under an overpass.