Back to School Doesn’t Have to Break the Bank

Each year, retailers and shoppers alike anticipate back to school sales with the intense focus of a professional athlete. This focus is a result of the high stakes of the event, as reports show the average family of four spends almost $600 getting their children prepared for school.

Even worse, the weakened state of the American economy has heightened the anxiety with which consumers approach late summer shopping. Fortunately, there are ways ensure that you don’t have to break the bank while shopping for school necessities.

To help frustrated consumers, the Sacramento Bee recently provided some wise strategies to carefully budget your school shopping.

Take Your Time

Don’t feel pressured to buy every single item your child needs before the first day of school. There may be some supplies you can buy later at a reduced price, as stores look to unload their excess inventory. Ask your child’s teacher which supplies can be purchased at a later date.

In addition, you don’t need to buy all your child’s clothes before school starts. According to the article, many fall clothes go on sale in October as stores clear their shelves for the holiday rush. This also gives your kids a chance to make crucial fashion decisions at their own pace.

Coupon, Coupon, Coupon

It sounds simple, but coupons can help you shave substantially costs off your back to school shopping. Many Americans are now reducing their debt by actively seeking coupons to use when they shop for basic necessities.

Today, with the aid of the Internet, finding coupons has never been easier. Some helpful coupon websites include CurrentCodes.com, dealcoupon.com, Becentsable.com, and Retailmenot.com.

Check Your Supplies First

Before rushing headfirst into new purchases, check your closets and cabinets for supplies that may save you the cost and hassle of making new buys. If you have enough old binders and pencils for a small army, recycle those instead of buying new items that will add to the clutter.

This strategy also applies to clothes, but may be less helpful since children grow out of old garb so fast. Fortunately, no one outgrows pencils and pens.

Make a Budget

Set a detailed budget before heading to the mall, and stick to it. Also, don’t be afraid of sharing this budget with your children. By creating a set budget, and meeting its limits, you will be able to protect your wallet while giving your children an important lesson in the benefits of sound financial planning.

Plus, by turning your search for school supplies into an opportunity to improve your children’s financial literacy, you will be giving them a valuable education well before the first school bell rings.

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This entry was posted on Wednesday, August 18th, 2010 at 10:47 am and is filed under Finance 101: Secure Your Future. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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