While back to school shopping can be hard on your kids (because it means summer is nearly over), it doesn't have to be hard on your wallet. Families with children in elementary through high school plan to spend an average $687.72 each on back to school (supplies, clothes, electronics, etc.) according to the National Retail Federation. However, creating a strategic budget and planning ahead can help you keep your family's costs down. Here are a few simple tips to help you stick to your budget during this year's trip through the "back to school" aisles.
1. Make a list (or get one from the school). Just like having a
list for grocery shopping can prevent buying items you don't need, starting
your back to school shopping trip with a complete list of items your child
needs for the upcoming school year will save you time and money.
2. Take inventory of what you already have. Once you have the
list, check off any items you already have. That notebook from last year with
only 7 pages used? Recycle it for one of this year's classes. Pens, pencils and
markers don't have to be brand new, either. If they still work, wait to buy
until you actually need new ones. This tip also applies to clothing. Basics
never go out of style, so you don't need to buy your child a whole new wardrobe
every year. When you do need to get them new clothes, buy sizes they can grow
into.
3. Check sale ads, use coupons and compare prices. There's no rule that
says all your shopping has to be done at one store in one day. Look for sales
throughout the year on school supply staples like notebooks, backpacks and
planners. Compare store prices to make sure you're not overpaying by buying
everything at the same place. Also check for ads saying the store will match a
competitor's price. That can save your a trip out to the competitor to buy the
same item. Outlet malls and consignment or resale stores are great places to
get quality clothing for less money.
4. Decide how to pay for everything. The temptation is
simply to charge everything to your credit card, but this isn't always the best
method. Buying some items - like pens, pencils, markers, etc. - with cash,
checks or a debit card will keep your credit card bill from skyrocketing. Big
ticket items like laptops or tablet computers can often be bought on layaway or
a payment plan from the store. Look for low- or no-interest plans to keep the
total cost of the item down.
Finally,
use this opportunity to teach your kids about personal finance. Go over your
budget with them in advance, then take them shopping with you and let them help
decide which items to buy. This real-world practice helps develop budgeting and
problem-solving skills early.
Did we miss something? Share how you keep back to school expenses down!
