Back to School Without Going Broke
We’re in the midst of back-to-school spending, and that can be a tough time for parents who are trying to get out of debt. The easy solution is to use credit cards to buy your kids’ supplies and school clothes, but paying off that debt can be hard.
First, take an assessment of what you have. What school supplies do the kids still have from last year? Get everything organized and avoid buying duplicates of items you already own.
The same applies to school clothes. Know what’s in the closet that still fits before you shop for anything new.
Talk to other parents you know. Team up and compare notes about supplies you have on hand; they may be in a similar situation and can trade surplus supplies. If you or someone you know belongs to a discount-shopping club, arrange for a group-shopping trip to buy necessary supplies in bulk.
Consider shopping online. Some enterprising individuals on eBay are creating packages of school supplies so you can get lots of different supplies with one purchase.
Buy used clothing. Whether it’s at a consignment store, thrift store, or yard sale, you can find great deals on kids’ clothes that are in great condition. Kids grow up fast, and a lot of parents out there have clothes to sell. You probably do, too; take the clothes your kids have outgrown with you when you shop at the thrift store (but make sure they’re in good condition so the store will accept them).
Watch for sales. School has already started in a lot of places. Keep a lookout for sales that will kick in as the back-to-school shopping frenzy subsides.
Just like with every other area of your financial life, we advocate careful planning and creating a budget when it comes to back-to-school expenses. Don’t forget to save for things like field trips, sports uniforms, and all of the other expenses that will pop up during the school year.
Check out our “Raising a Money-Smart Child” seminar materials, available as a free .pdf download here in the FIT Academy.
Photo: bluesquarething
