With the new school year right around the corner, you may be in full ‘back to school shopping’ mode. Here are some tips for helping you save a little green before school is back in session.
START PLANNING AHEAD
Wait until after school has started to find some great deals on back to school clothing and supplies. While this may limit the style and size options available to you, it will help you save money and avoid the shopping rush. It may be helpful to buy items that your child is likely to need every year, such as notebooks or pencils, and buy them in bulk when you find a great deal. That way, you’ll already have them around if your child needs new supplies before the end of the school year.
HAVE A BUDGET
As the school year approaches, you may see an uptick in the number of coupons that are delivered to your home. These can be a good line to help you set up budget guidelines. As your kids get older, you can start to include them in the budget planning and even come up with ways for them to earn their back to school money.
Schools often send home supply lists that are needed for the year. Use this list and compare it to coupons and sales going on so you know exactly what you need and where to get it. Once you have your lists, come up with a plan to hit all of the stores you need. Avoid making unnecessary stops if possible because this may throw you off budget.
After setting your budget and a spending limit for your kids, only bring cash on your shopping trips. This will help your kids visualize how much money they have left and once it’s gone, it’s gone. Not only will this prevent you from spending money you don’t have budgeted, but it will help teach your child how to prioritize their spending. If they choose is spend the majority of their budget on shoes, then they’ll have to sacrifice something else.