Back to School

It’s August, you know what that means summer is winding down and vacations are coming to an end, signaling that back-to-school time is upon us. Parents and children alike scan newspapers and websites looking for sales to shop for a whole host of school supplies and the latest clothing craze. $7.2 billion was the amount of money spent last year in August at family clothing stores. (Source: U.S. Census Bureau) Back-to-School Shopping can be expensive, but we have some tips to help keep the costs down.

• Make a complete list. Include clothes and school supplies. Obtain a supply list from your child’s teacher, school, or a generic list from a retail store.
• Take inventory. Include both new and used items you already have in the house. You will be surprised at how many supplies you can check off your list just by going around the house.
• Create a detailed budget. After you list everything you think you will need to purchase and have crossed off all the items that you found around the house. Begin calculating the approximate cost of each item.
• Track your spending. Keep your receipts and tally your purchases each time you shop. In order to stay within your back-to-school budget, you need to know how much you have spent.

It’s never too early to develop good spending habits. Ask for your child’s input when making the budget and you will craft a wonderful teaching opportunity.