If your favorite designer is "Clearance Sale," January is a great month to shop.
Stores put much of their winter clothes -- everything from coats and hats to scarves and gloves -- on sale, says Daniel Butler, vice president of retail operations for the National Retail Federation.
And since this is pretty much the end of the season for these items, consumers will see some deep discounts.
Expect price cuts of 40 percent to 70 percent, he says.
Also included on the clearance table in January: cozy winter sleepwear. If you want flannel pajamas or slippers, you'll likely be able to find them at 40 percent to 70 percent off, he says.