Try these 6 tips for keeping down expenses
If you’re still in sticker shock from the cost of last year’s school supplies, you’re not alone. According to a survey by the National Retail Federation, the average family with children in grades K-12 planned to spend $630 on back-to-school clothes, electronics, and other school supplies in 2015. Total spending was expected to reach $24.9 billion, and the costs keep going up. Families on average have spent 42% more on back-to-school items over the past 10 years.
Here are six tips for budgeting that will help you plan for, and possibly ease, the shock:
Start early. This is an annual expense that you can start saving for several months in advance. Establish a budget and stick to it.
Involve your kids. Review your budget and discuss the difference between wants and needs, particularly when it comes to clothing and those fancy $5 notebooks when a $1.50 one might do.
Check your home. You may be surprised at how many items you have left over from previous years. Can you get another year out of last year’s backpack?
Know the supply list. Have it handy as August draws near, and watch for sales, coupons, and discounts. Consider going in with other families to take advantage of bulk offers.
Factor in what’s not on the list. Keep in mind other costs such as field trips, pay-to-play sports, and co-pays for vaccinations.
Learn from experience. Save your supply list from this year and make a note of how much things cost as well as when and where you found the best deals.
Equal Housing Lender