Hey everyone, thanks for joining me for another Friday Finance with Josh! I’m Josh, your host and, today, we’re going to talk about a hot topic for Moms all across the United States. It’s back to school time! We’re seeing the back to school commercials for everything from clothing stores to electronics, office supplies and more. We see “SAVE”, “SAVE”, “SAVE” and don’t remember that to save, we have to spend. Often times, back to school shopping forces many families in debt when, it really doesn’t have to. Here are some tips to being smart with money when it’s time to send the kids back to school!
Make A Shopping List
When it’s time to shop for groceries, you generally know what you’re going to buy before you go to the store. Most of us make lists and, make a point of sticking to it. But, when it comes to things like holiday shopping, birth day shopping, back to school shopping, ect…, most people only prepare by saving a few bucks to buy stuff. What stuff, who knows, but, we know we’re getting stuff! DON’T DO THAT! IT IS ONE OF THE MOST WASEFUL SPENDING HABITS IN THE WORLD!
To make sure that you get the most bang for your buck, come up with a list of things that your children will need when they go back to school. How many sets of clothing are reasonable; what basic school supplies will they need; how much money should all of this cost? Coming up with a realistic shopping list being generous on the cost will make sure you are prepared to get everything you need and, you won’t waste money buying things you don’t!
Scour The Turf For Coupons
Now, you know what you need, lets see if you can get it for lower than retail cost. The good news is, the season is on your side. Because stores know that more moms and dads are out there shopping this time of year than normal, they are basically giving things away to get you to walk into the store.
Of course they do this because if they give you five bucks off of a $50 purchase, you will probably see things you don’t need but, you want and you’ll buy those too. Of course, many people waste money that way but, you won’t, you’ve got a list and you’re sticking to it! But, if you can reduce the cost, you can put the savings back into your household budget. So, looking for coupons for the things you need can help with your other goals!
If You Are Using Credit Cards, Be Careful
For some families, you don’t have a choice in the matter. Many people are living paycheck to paycheck and credit cards are what gets them through tough financial times of the year. However, if you are going to use credit cards, it is important to be aggressive with cutting back on excess spending. Make sure to be sure that your children have what they need but, there’s no need for it to have a $60 check on the side. Be frugal when using credit cards during impulsive times of the year or, you could spend yourself into a financial hardship! The best tip that I can give in these cases is to make sure you don’t go over 50% of your credit line…that can be very dangerous!
Back to school time is here. It can also be very expensive if you are not prepared for the shopping to come. If there’s any specific questions that I can answer for you, please don’t hesitate to reach out to me. You can do so by leaving a comment or emailing me at Joshua@CNAFinance.com! Thanks for reading everyone!