It's that time of year again. No not Christmas - Microsoft's Xbox Spring Sale, which may just be the second best thing. Fans who missed out on last fall's Xbox One sales, now have a chance to obtain an Xbox One at $50 off and associated games at $20 off.

The sale, which officially began March 20, offers gamers the chance to pick up any 500 GB Xbox One for as low as $299 - $50 less than the $349 retail price it had before. This discounted price also applies to bundles, so even the pricey "The Division" 1TB bundle will fall to $349. Microsoft was particularly generous this time around, for the deal also affects the Xbox One 500 GB Name Your Game Bundle, allowing to choose one of four games to come with the console.

Starting Tuesday, March 22, the deals will expand beyond a $20 discount for physical titles to include digital entries as well. At that point, games for both the Xbox and PC, as well as movies and TV services on the Xbox Store, will see their prices drop by 40 to 60 percent, with some savings going even higher than that.

The games affected by the discounts aren't paltry either. Triple-A titles such as "Fallout 4," "Halo 5," "Call of Duty: Black Ops III," "Far Cry Primal," and "Rainbow 6 Siege," will be discounted during the sale. Furthermore, backwards compatible games such as "Fallout 3" and "Just Cause 2" will also see price reductions. Overall, the announcement promised "over 150 offers," though declined to go into further detail about what titles those might be.

If you've been looking for an excuse to sign up for Xbox Live Gold, you now have one. On top of gaining access to the "most advanced multiplayer network" and up to $700 in free Games with Gold titles per year, going gold at this point unlocks an additional up to 10 percent discount on the game deals.

The sale offers a little something for everyone. If you don't have an Xbox One, get a bundle for a discounted price. On the other hand, if you do have one, get over 150 digital titles for a discounted price - of course, since they're digital you can't return it, but its a small price to pay.

However, as with everything else, all good things must come to an end. The sale will last until March 28 - so if you want in on these deals, you better act fast.

Check out Xbox's Spring Sale page, to check out updates on the offers it will provide throughout the week.