It's that time again!
Every year I am amazed at how quickly the summer goes. It seems as though June and July move forward at the speed of light and suddenly we are in back to school mode. This year is no exception. With the economy the way it is, most folks are looking to bargain shop for school supplies and clothes. Right now is actually the perfect time to make a plan for the things your youngster needs. You still have time to order online, and to really look for the best buys. The most important part of saving money is planning ahead. Here are my tips to get the most bang for your buck.
- Make a budget for each category of items. Let’s assume that you need school supplies required for class, and you also need clothes. Create two different budgets for each category of need. This will keep you from overspending. In fact, if you have younger kids, they might even try to save money in one area, to spend it in another. My daughter absolutely loves notebooks, especially the designer ones. She has often surprised me by giving up an item of clothing in order to upgrade her notebooks. The key here is to share these budgets with your child. You want his/her buy-in that there is a limited amount of money to spend and choices need to be made. This discussion is critical to prevent tantrums in the store, begging, and overspending. We have all been there before.
- Make a list of items needed for each category. Now that you know what you are planning to spend, make a list of what to shop for. I am sure you have a printed list of items for school supplies, but do you have a list for clothes? Go through your children’s closets to really determine what is needed. Remember that the stores will have some amazing displays, so you want to work from a list to keep you both focused. Winter clothes will be more expensive now since they just hit the shelves. Unless you are in a climate that turns cold quickly, shop for the things that will be on clearance now: short sleeve t-shirts, shorts (preferable a size that will work in the spring), and layering items that can be used in the winter. Don’t forget to take your list with you and cross off your items as you find them.
- Plan where to shop. ALERT! Do not just go to the mall. Plan, plan, plan. There are many deals to be had, if you just carve out a little time to find them. For instance, this weekend is the sales tax holiday for many states, including Missouri (not Kansas). Friday through midnight Sunday, you can purchase qualifying items and pay no sales tax. Here are the parameters:
-Clothing under $100
-School supplies under $50
-Computer software under $350
-Computers/computer equipment under $3,500
In addition, many retailers are offering substantial savings. Sign up for email updates from your favorite stores and you will instantly start receiving :
-One day only sales
-Coupons in addition to sale prices
-Free shipping
Lastly, get creative online. Don’t forget about eBay, Craig’s List, Overstock.com and other options to find clothing and supplies. A one minute Google search can result in big savings for you.
Make sure you share your saving tips or stories with me here!
Filed under: Personal Finance Tagged: | banking, kctv5, personal finance
