|
|
You Don't Have to Break the Bank
With Back-to-School Shopping
|
 |
New shoes, a fall jacket, notebooks and a calculator. Going back to school can put a major strain on a family's finances.
So, how do you keep from racking up credit card debt when perusing the aisles this shopping season? Well, here are some tips to help you set a budget, shop wisely, and even teach your children about spending responsibly in the process.
- Set a budget. List all expenses for each of your children including school supplies, clothes, and any uniforms or equipment for extracurricular activities. You may also want to include haircuts, immunizations and physicals. Take the list when you shop and be serious about sticking to it.
- Shop around. Check out office supply stores and volume discount warehouses for good deals. Keeping an eye out for summer specials can also help.
- Start early. Spread school purchases over a couple months instead of a four-day spree. It makes it easier to pay with cash and leave the credit cards at home. Another option is to decide how much you can afford to spend and buy that amount in traveler's checks. When you have used up the checks, your shopping is over.
- Involve your children. Ask each child to make a list of school necessities and an estimated cost for each. Show them how quickly small items can add up and eat away at the budget. Also let them determine spending priorities and pick out items using the budget. It will help them learn the difference between necessities and luxuries. As they become older and more responsible, consider putting them in charge of budgeting and buying. Giving them a set amount of traveler's checks is a convenient way for them to keep track of what they have left to spend.
- Set an example. Children learn by watching their parents—resist the urge to spend compulsively and point out the benefits of sales, discount stores and volume buying.
You want your children to have the necessities and a set of nice clothes when they head back to class, but you also don't want to run up your credit card bills. With some planning and discipline you can keep your spending in check and teach your children responsible habits at the same time.
|
|
|
|
