Type-A consumers are apt to book hotel accommodations months in advance or make sure they're first in line to buy concert tickets. Does this ensure they're getting the best possible price? Not necessarily.
"People often think (they) get the better deal if they buy early," says Teresa Mears, editor-in-chief of the Living on the Cheap blog network. "Sometimes you do, and sometimes you don't."
Putting off a purchase can add an element of risk — for instance, that hotel could fill up, or the concert could sell out — but in some cases, it might lead to bigger savings than buying right away.
Here's a look at several areas where procrastination can actually pay off.
Clothing
Consumers who snatch up the season's hottest fashions as soon as they hit the racks will often pay full retail price, while those who have the patience to shop the clearance section can save money.
"The rule of retail is that old needs to make way for new if it doesn't sell," says Rosalyn Hoffman, author of "Smart Mama, Smart Money: Raising Happy, Healthy Kids Without Breaking the Bank."
"If you wait until later in the season and things need to move, they start to mark it down. If you have the time and you like to shop, you can watch when goods arrive and watch something through a cycle."
To maximize the savings, Hoffman suggests procrastinating and looking for markdowns during seasonal clearance periods.
Pete D'Arruda, president of Capital Financial Advisory Group LLC in Cary, N.C., says, "Seasons come and go, but styles don't change that much. Why not buy the styles from last season?
Cars
If the vehicle you drive still runs reliably, putting off a trade-in could save you big bucks. When you do decide to buy a new vehicle, D'Arruda suggests you wait until at least the second year of a new model.
"Many times, it has to have minor adjustments," he says. "You see a lot of recalls in the automobile industry because they launched a car before they got all the kinks out."
However, you probably don't want to procrastinate on car maintenance, as that could create safety issues or lead to even bigger bills in the future.
Once you pay off your vehicle, D'Arruda says to set aside the money you would have spent on monthly car payments with the goal of paying cash for your next vehicle instead of getting financing. He also suggests looking at cars from the previous model year.
"Major automotive companies start changing their model year halfway through the year, and dealerships can't get the new models in until they clear the old models," he says.
"Buy new cars that are slightly out of favor because they're not the newest model year."
Social Security
Delaying Social Security benefits can increase your monthly benefits check.
The earliest you can start receiving Social Security benefits is generally age 62, but your monthly check is reduced by about 25 percent to 30 percent if you start receiving benefits then. Delaying benefits beyond full retirement age increases your monthly benefits.
According to the Social Security Administration's website, a person retiring at age 62 in January of this year with average indexed monthly earnings, or AIME, of $8,199 would receive a monthly benefit of $1,855.
A person retiring at age 65 with an AIME of $7,973 would receive $2,310 per month, and a person retiring at age 70 with an AIME of $6,852 would receive $3,266.
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