Kids are back in class by now, but back-to-school shopping often still continues. According
to the National Retail Federation, a family with children in grades
K-12 will spend $689 this year on their children for back to school
needs(up from $604 last
year).
Here are some suggestions on continuing back-to-school savings from
GreenPath Debt Solutions, a nationwide, non-profit credit counseling
agency with more than 60 offices in 12 states:
• Shop the sales
smartly. Many stores sell items like crayons or spiral notebooks at very
low cost into September, in order to get you in the door for bigger
items. Stock up on those inexpensive notebooks and keep your kids in
paper all year!
• Sales extend into September. Based on the
initial rush of back-to-school shopping in late August (or lack
thereof), great savings opportunities can extend into September. Also,
outlets sometimes offer deep discounts to make room for winter and
holiday clothing.
• Before you leave the house, conduct an
inventory of what is in your kid’s closet now, including last year’s
supplies and accessories (backpacks, etc.) Make a list of what they need
and remove what they have outgrown. Consider filling a bag with the
extra clothes to donate to charity or hand them down to younger
siblings.
• Consider letting your kids purchase one new outfit
for the first day of school and put off the rest of the clothing
shopping until the sales begin after the season is winding down in late
September.
• Thrift stores are a great way to spend some time
shopping for clothing. Nearly new looking items can almost always be
found at low prices.
• Allow teens to start managing some of
their own financial choices. Back-to-school shopping is a great way to
start to hand over some decision making powers and give them a chance to
learn basic money management skills. Depending on your teen’s maturity
level, consider giving them a lump sum as their back-to-school money to
spend. GreenPath has set up a teen budget sheet at www.greenpath.org/university/welcome.htm to help them build a budget and track weekly spending.
•
If you need to replace the family computer, the best time to purchase a
computer could be closer to the holidays so you might delay this
purchase if you can. If you do decide to purchase now, shop around and
find the best deal.
• Comparison shop. Shop on-line or use a
smart phone app to compare prices. On-line shopping also lets you
compare the prices of standard items like jeans or a particular brand of
shoe. Another benefit to on-line shopping may be that there are fewer
temptations to buy more than you intended.
• Have a plan for how
you will pay for the purchases and don’t use a credit card without a
plan to pay the bill when it comes. You don’t want to be paying for this
year’s back-to-school purchases a year from now.
GreenPath Debt Solutions is a nationwide, non-profit financial organization that
assists consumers with credit card debt, housing debt and bankruptcy
concerns. Their customized services and attainable solutions have been
helping people achieve their financial goals since 1961. GreenPath is a member of the National Foundation
for Credit Counseling (NFCC) and is accredited by the Council on
Accreditation (COA).
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