Before you blow a wad of money on those 1,000 thread count Egyptian cotton sheets or spend oodles on that new china pattern, take a deep breath and think a minute. You could be throwing away cold hard cash instead of starting a savings account just by waiting a few months for a much wanted item.

Instead, become a shopping savvy consumer by paying attention the "best time" to purchase items. Department stores, home improvement stores and other shops are ready and willing to sell items to consumers at full price - but why waste money when you can always shop the clearance section during different times of the year?

Take heed to these monthly money-saving tips when you’re in the market to spend your cash:

January

The first of the year is always an exciting time - just a few days away from Christmas, people tend to be happy after seeing family and friends over the holiday season and are also focused on what they want for the year ahead. It is also a great month for bargains. So, in January, be sure to stock up on items that you need or want for your new year:

• Christmas greeting cards, wrapping paper and other Christmas decorations are at least half off (and many times 70 percent off) during the month of January. Grab as many items as you can and stash them in your "Christmas" bin until December rolls around.

• Towels and linens are also considered a great bargain during the month of January. Consumers can find last season's hot picks at a fraction of the cost.

• Toys are also slashed to nothing with Christmas gone. Be proactive and purchase toys for upcoming birthdays, or get a start on Christmas early!

• Carpeting also goes on sale during January. Again, you can find last season's hottest patterns for anywhere from 30-70 percent off.

• Department stores also make room for new appliance models during January, so if you need a new toaster, blender or other kitchen appliance, put cash down on last season's models - you'll save a load.

• Chinaware is also a huge sale item in January. If china is on your list of must haves, find the pattern you like and then wait until January to buy it.

• And where would women be without shoes? Grab your pocketbook by mid January and instead of one pair, come home with five or six without being sick to your stomach.