Save on Back to School Expenses
Use these tips to make sure back to school doesn’t mean back to the bank.
Reuse. Take a trip through the house and collect all of last years school supplies: pens, notebooks, binders, paper, book bags. Keep anything that’s in decent shape. There’s no need to buy new when slightly used will do.
Make a list. Once you’ve taken an inventory of reusable items, you can make a list of what you need to buy new. If your children are old enough, get them to sign off on the list, and take it with you when you go shopping. This will come in handy when they see something they want that’s not on the list.
Make a budget and pay in cash. Rather than itemize your list - $50 on pants, $30 on school supplies – choose a total amount you can afford. Before your shopping trip, take out that amount in cash and don’t go back for more.
Involve your kids. Walk them through the list and the budget. When they reach for the high-priced brand name jeans, show them the impact on the budget. Use the reward system – saving money on many items means more left over for the one expensive thing they really like.
Take advantage of tax holidays. If your state offers tax-exempt shopping days, take advantage of them. Be sure and read the fine print though, so you know exactly what items are tax-exempt. Employ precision-strike shopping on tax holidays: the stores will be extra crowded, so shop only for those tax-exempt items.
Spread out your spending. Retailers discount items very early and very late in the season, so plan your shopping around these times, rather than shopping during the peak of the season.
Avoid the mall. Shop at outlet stores and consignment shops. If you are buying any electronics, shop online. If you are buying a computer, save by buying refurbished or previously owned machines, which can sell for 50 to 60 percent less than brand new.
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