Indeed, according to religious tradition, Epiphany generally observed on Jan. 6 is when the three kings presented the baby Jesus with gifts of gold, frankincense and myrrh.
"Plus, you get things cheaper because everyone's doing their year-end clearances," Clement said , laughing.
If you're looking to save money, some items are better purchased at other times of the year. Things such as:
Computers • Summer before the kids go back to school or to college is generally a better time to purchase them.
Televisions • New models ship to retailers in March, so current models will be discounted to make room in January and February, according to This Week in Consumer Electronics.
Cameras • Dealnews.com recommends waiting until February or later, when current models become old ones and will be discounted.
Video games • Also according to dealnews.com "several notable games reach their rock-bottom prices of the year," right after Christmas.
Coats • It's just common sense wait until winter is nearing an end to buy winter garments, because retailers want to make room for spring lines.
Linens • White sales are not a thing of the past. Keep an eye out for them in January and February.
Clothing • Look for deep discounts as soon as this week, according to ConsumerSearch.com.
Furniture • New sofas and televisions hit stores in March. So January/February is a good time to find something on which to sit.
Tools • The best sales are generally before Father's Day, which in 2013 will be June 16. As for snow-blowers, wait until it gets warm March or April.
Jewelry • Don't just wait until after Christmas, wait until after Valentine's Day. If the one you love really loves you, he or she can wait for that diamond, and maybe even a bigger one.
Fine wine and champagne • Expect a discount up to 50 percent in some cases after the New Year.
Calendars • Who hasn't walked by kiosks filled with calendars marked waaaay down the first week of January?
Christmas decorations • If you can plan ahead and you've got room to store stuff everything from artificial trees to decorations will be discounted 50 percent, 75 percent or more in the days immediately after Christmas.
"And you've got to grab wrapping paper," Clement said. "Especially plain wrapping paper and ribbons. You can use that all year 'round."
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