Stretching the
Dollar for Back-to-School Shopping
Back -to-school time can be
bittersweet for parents and kids alike. For kids, it means an end to the
care-free days of summer. And, for parents, it means an expensive annual
tradition. According to the National Retail Federation, families with
school-aged kids will spend an average of $527.08 this year, up from
$433.77 in 2005.
Jody Anderson, director of
housing and financial counseling for Lutheran Social Service, says that
back-to-school shopping doesn’t have to break the bank. “We help several
thousand Minnesota families each year who have gone overboard with their
credit cards on expenses throughout the year that come up, like
back-to-school shopping,” she said. “A few hundred dollars of splurges
here and there can add up quickly and spell trouble for families who are
spending more than they make. By budgeting and planning ahead, there are
plenty of ways to be a smart shopper, save and feel much better about
starting the school year off well,” Anderson said.
Lutheran Social Service
suggests the following tips for parents as they kick-off back-to-school
shopping:
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Begin with a plan.
Start by taking an inventory of what you currently have at home and
talking with your kids about what they will need. Use the school’s supply
list as your reference and stick to your list of essentials.
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Clip the coupons and be
on the lookout for sales. Coupons mean money in your pocket. Be sure
to check out the weekend newspaper circulars because stores will be
advertising big sales. Study them and compare prices on different items to
get the best bang for your buck. Check to see if your state has a
back-to-school tax-free shopping holiday and use that time to do your
shopping.
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Stay on budget! The
NFCC strongly recommends that you develop a budget and stick to it. Or,
limit your kids’ spending with a pre-paid gift card. You can monitor where
kids shop and limit spending amounts with pre-paid gift cards, which
nearly every retailer offers for both in-store and online purchases. This
is also a great opportunity to teach your older kids about responsible
spending habits. Let them do the comparison shopping and point out if they
get the more expensive item, they will have to cut back in other areas.
Not only will they learn about smart shopping, they will value what you
buy for them much more.
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Remember kids grow
quickly. When shopping for clothes, look for articles of clothing that
are basic and never go out of style. You can even buy a couple of sizes
too big to keep in the closet for a later time. Buy items on the sale
rack, but be mindful of the store’s return policy. Head to outlet malls
and discount stores. Purchase items that allow for kids to grow such as
blouses and shirts with long tails, as well as pants with elastic
waistbands and overalls.
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Buy in bulk. Buying
supplies like pens or notebooks in large quantities can save you money in
the long run. If the quantity is too large, see if you can split the cost
and the items with another parent. Consult neighbors and friends who have
completed the grade your child is entering to make sure you’re getting the
right items.
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Avoid the parking lot and
shop online. Save time and money. Stores often put their best sales
online and it’s a great way to compare prices. With access to countless
stores at your fingertips, you can keep track of your spending and cross
items off of your list in no time. However, beware of identity theft and
credit card fraud. Protect yourself by making sure the online transactions
are secure. When in doubt, pick up the phone and call. Most online retail
sites also have toll-free numbers.
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Hang onto your receipts.
Return items that don’t fit or won’t get used. Beware of the return policy
as some stores put a limit on how long you can wait before returning an
item. If the item goes on sale after you purchase it, ask the store to
give you credit for the difference.
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Delay if you can. You
don’t need to buy everything before school starts. Once kids see what
others are using and wearing, they always seem to have some new ideas
about what they need. The sales at the stores usually extend past the
first day of school so you can still benefit from them.
For more money management
assistance, contact Lutheran Social Service at 1-888-577-2227 or visit
www.lssmn.org/debt Lutheran Social
Service, a member of the National Foundation for Consumer Credit, offers
debt management plans, credit report reviews, and free budget counseling
via in-office appointments, phone counseling or the Internet.
