Target Is Slashing Prices to Get Rid of Excess Inventory, and You Could Score Big Deals

Target is marking down prices for some products, which could be a win for your wallet.

Many shoppers have had to re-think their shopping habits as everyday living costs continue to climb. Due to changing consumer behavior, some retailers now have excess inventory. Target is one such brand, and the company will be slashing the prices of some of its products to clear out inventory. You may be able to score big deals.

With increased food, gas, and household goods, many U.S. households have had to make budget changes. Due to financial worries, budget changes may include eliminating unnecessary spending and only buying essential must-have items.

Businesses are impacted by changing consumer spending habits. Target is one major retailer that has noticed changes in the types of products consumers buy as they become more cautious about spending money.

For this reason, the brand has excess inventory that it needs to sell. Target recently announced it would be making changes to minimize excess inventory and better meet consumers' changing needs.

One way the retailer will be making changes is by marking down the price of some of its products to clear shelves. What does that mean for your wallet? It could be a win.

You may be able to score deep discounts

Since Target is slashing prices for some products, you may be able to score deep discounts. If you've been meaning to purchase a particular item and have been saving up for it, now is an excellent time to check your local Target to see if you can buy it at a discount.

It's worth noting that you likely won't see significant markdowns on food, drinks, and everyday household essentials. But you could save on other purchases.

Other product categories that shoppers may be less likely to buy at this time, like housewares and electronics, may have discounted price tags.

If you regularly shop at Target, it's worthwhile to check the shelves the next time you're there to see if you can save money on something you've wanted to buy. Instead of paying the full retail price, you could get what you need for less.

Don't want to waste time cruising the aisles? You can download the Target mobile app to review prices at your local store. This gives you the flexibility to search for particular items.

Don't forget to put store loyalty programs to use

As costs rise, we're all looking for ways to make our money go further. One tip that could help you save money and earn extra rewards is to use store loyalty programs.

Most of these programs are free to join and simple to use, and they could help you keep more money in your bank account. A lot of stores have programs that allow shoppers to earn additional discounts when they regularly shop there.

If you're a Target loyalist, don't forget to join and use the Target Circle Rewards program. We recently wrote about five ways to get more value from the Target Circle Rewards program.

Check out these personal finance resources if you're looking for other ways to save money.