Back to School Time, Not Back in Debt Time

Back to School Time, Not Back in Debt Time

In my area the kids are heading back to school after a long summer break.  This is a time when parents shell out big bucks and fill the local malls for hours upon hours of shopping.  This can be a very expensive trip depending on how many kids you have and how fast they grow.  Hopefully when you are at the cash register you are not digging yourself in a debt whole.  The last thing any parent should do is go in debt buying clothes for their children.  Here are a few tips to help you come out feeling financially balanced after back to school shopping.

Budget the cash and set it aside.  First of all, it isn’t a surprise that your kid is returning to school.  The time does not magically appear out of the blue.  The first step for back to school shopping begins in January for me.  This year, for the first time we are sending two kids to school because my middle daughter is starting Kindergarten.  When my husband and I prepare our annual budget in January we estimate how much we will spend on known events like back to school shopping, Christmas shopping, automobile registration, etc.  (I will do another blog to detail our budget creation method)  This year instead of planning to spend $500 on one child, I budgeted $700 for both kids.  My 9yr old shopping budget was decreased from $500 down to $400.  Since my Kindergartener gets to take advantage of her sister’s hand me downs, I budget $300 for her.  Whatever your budget is the key is to save for it so that when the time comes you have the funds and do not have to rely on debt.

Buy school supplies before clothes.  Kids are in school to learn and the school supplies like paper, pens and notebooks are way more important than clothes in the educational process.  This is a great prioritization lesson for kids.  While clothes may cost way more than supplies, I like my kids to remember that the supplies are the real tools needed to succeed in school.

Establish Needs vs Wants.  Complete and inventory of your kid’s closet and clean it out before you go shopping.  This can actually be a fun bonding activity to do with your child.  My 9yr old reminisce as we clean out her closet and we have lots of laughs and giggles.  Doing inventory gives you an opportunity to see what your child NEEDS versus what they WANT.  Make a list of the items needed so you and your kid know exactly what you are shopping for.  No, picking up random items like $10 lip gloss and another journal.  For my 9yr old I like to keep a rotation of 7 pairs of jeans.  Three of them were too small so that is exactly what I planned on buying.  This strategy also helps you keep track of how much will be left for the WANTS.  Everything does not have to be brand new.  For the first year I am letting my 9 yr. old use the same book bag and lunch bag from last year.  Her favorite store is Justice and last year she got a book bag ($50) and lunch bag ($18) from there.  Inspect your kid’s book bag and if it is in good shape simply wash it.

Shop smart.   If your state offers a sales tax-free holiday, take advantage of it and plan to complete your shopping during the holiday.  However, don’t get fooled by the stores that mark up during this time. Not naming any stores but some mark up their prices prior to the sales tax-free holiday.  I went and checked out a couple of my kid’s favorite stores and when we returned for the tax-free shopping weekend they had most items selling for retail.  Needless the say I did not buy anything from there.  Most of my purchases came from stores that had 40-50% off Old Navy, Children’s Place, Gap Kids and Off Broadway Shoes.  I try to teach my kids to limit the amount of fads and fad brands we buy because it changes so quickly.  Comparing prices can save you money.  Use your smart phone for a quick search or use one of the popular price comparison apps like Purchx, RedLaser, BuyVia and ShopSavvy.  Using digital coupons can help you save at the register also.

These tips are simply, easy and will save you some cash while back to school shopping for your kids.  Remember every dollar you save is a dollar you can grow, by investing wisely.