why are there eofy sales?

Everything you need to know about 2023's massive end of year financial sale

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“A great place to start EOFY tax planning for your business is to look at your actual year to date profit and loss and see how your business is tracking. I recommend starting this discussion after the March quarter Business Activity Statement has been completed, which is usually towards the end of April, as this will give you nine to ten months of business performance. From there, plan the cashflow forecast to June 30 more accurately and have enough time for tax planning in May and June,” advises Dr Raftery.

Seasonal sales follow a general retail schedule that follows not only the seasons but also major holidays and other timely factors that affect shopper's behaviors. So if a bargain shopper were to commit any one fact to memory, it would be this: traditionally, spring and summer merchandise usually goes on clearance in June and July and fall and winter merchandise usually goes on sale in January after the winter holidays.

With a little advance planning, you can save significant amounts of money and avoid charging up your credit card by planning your purchases around these guidelines.

To help remember seasonal sale timing, remember this economics rule of thumb: When demand is high, prices are high and when demand is low, prices are low. Most consumers are not planners. This means that they shop for their needs and wants as they arise, which when in sync with other consumers strongly dictates demand. For those seasonal wants, you will see most people shopping at precisely the wrong time in terms of how collective demand drives prices up.

But bargain shoppers know better.

They are those consumers who buy lawnmowers, gas grills, and other outdoor summer equipment in the winter and buy snow shovels, humidifiers, and other items they'll need in the winter during the summer months. They may look crazy, but they know something that other shoppers don't.

The internet has drastically changed the way most of us shop. If you shop online, you can often get great bargains at any time of year if you utilize some of the best online bargain shopping strategies:

Bargain shoppers know how to find a deal, but they are also more likely to fall victim to some of these shopping pitfalls. To save yourself, keep these tips in your back pocket:

You can save a lot of money by buying big-ticket items in the month that retailers traditionally reduce prices on that item. Though these general rules are most applicable to brick and mortar retail stores that carry inventory, you can see some of the same seasonal sale trends online.

Looking to purchase any of the following big-ticket items? Schedule your shopping trip during that item's bargain sale months to land the best deal.

Bargain shoppers know that they can save by buying certain items in the month that retailers traditionally reduce prices on that item. Though these general rules are most applicable to brick-and-mortar retail stores that carry inventory, you can see some of these seasonal sale trends online.

In the market for a new computer? You might want to wait until after the winter holidays and hit the stores in January.

You might not be thinking about new furniture in the heart of winter, but you could get a real deal in February.

It may still be a bit chilly outside, but warmer weather is right around the corner. You might want to buy that new air conditioner in March.

Thinking about taking a trip? April might be a good month to make the purchase.

Your kid's sports seasons may be coming to an end, but there is always next year. Consider stocking up on sports equipment in May to get a deal.

If you've been eyeing that new big screen TV and missed out on the Black Friday sales this year, not to worry. June's got your back in terms of sales.

Back to school is right around the corner. Get a head start by having your school shopping done in early July.

Hopefully, you didn't go all summer without working lawn equipment, but if it's time to replace, August might be your best bet.

Buying winter wear in September won't tempt fate when it comes to the weather, but it will save you some dough.

Depending on what you fish, it might not be fishing season any longer, but you can stock up for next year in October.

Getting chilly? Stock up on space heaters and blankets before Thanksgiving in November.

Time for a new microwave? Try buying your appliances in December.

The end of financial year sales are a way for retailers to clear out old stock and prepare for new arrivals in the new financial year.