Youth and Money
Back to School Budgeting Can Prevent Over Your Head Spending; Credit Counseling Advice Based on Survey Citing Rising Costs
Families with school-aged children will spend an average of nearly $500 on back-to-school items, up $50 from last year,
according to a survey conducted by Consolidated Credit Counseling Services, a nation-wide
nonprofit credit counseling agency, which has some tips on budget control.
To avoid your budget being blown, prepare a checklist
of needed school items and establish a budget before you go shopping, says Howard Dvorkin, founder of Consolidated Credit Counseling Services, Inc. "A back-to-school
budget enables parents to set a good financial example for children. It's an excellent
opportunity to teach young people about the importance of paying attention to prices,
controlling spending and knowing the difference between 'needs' and 'wants,'" says
Dvorkin. See . (or call 1-800-728-3632)
Dvorkin's shopping advice:
-- Let kids pay for some items with their own money.
If your fashion- conscious son or daughter wants a pair of pricey designer jeans,
for example, you might offer to pay up to the cost of a less expensive, non-brand
pair -- and let him or her pay the difference.
-- Take advantage of tax-free shopping days offered
by some states on clothing and back-to-school supplies. Check to see if this is
being offered in your area.
-- If you plan to use credit cards, consolidate
your purchases onto one or two cards
so you can use them as an expense-tracking
device.
-- Consider
going in with another family to buy
bulk quantities.
By shopping at warehouse-type stores, two or three families can
divide purchases -- along with the costs.
-- Budget for the unexpected or the forgotten. In
addition to the usual clothing, textbooks and desk supplies, the return to school
can bring other assorted expenses -- like cafeteria lunches or groceries for brown
bag lunches, haircuts, PTA dues and gym uniforms.
-- Don't buy for the sake of buying. If you can
reuse school supplies from the previous year, by all means do so.
-- Use tried-and-true money saving methods. Shop
when stores are having sales. Choose generic or store labels over designer names
