Freedom Financial Network Provides Tips to Save on Back-to-School
PR Web |
As families prepare to send their kids back to school, the airwaves and mailboxes are loaded with back-to-school sales, tempting people to get out and spend. But families do not need to, and should not, go into debt to prepare for school – if they have an education in smart choices and bargain shopping, says
This year's
"Expenses seem to climb annually, but it's not necessary for families to break the bank to prepare their kids for the new school year," Gallegos said. "With a few steps in the right direction, back-to-school shopping can be an education in itself."
Gallegos suggested that families investigate the following areas when building a back-to-school budget.
1. Involve the kids. Parents may want to give their children all they can, but one of the greatest gifts is not a material one. Gallegos suggests parents engage kids in back-to-school shopping. "It's the perfect opportunity for kids, especially teens, to learn that everything has a price, and that going into debt is not an option." Adults can establish a back-to-school budget. Then they can divide that budget, in cash, into envelopes for each child. With adult supervision, kids can pay for some needed items from their envelopes. When the cash is gone, the shopping is done.
2. Buy needs, not ads. Sales promotions can be persuasive. Ads make it appear that every child goes to school in all-new clothes every year, and furnishes a dorm room top to bottom. "In reality, the weather is still warm for months after school begins, and many kids can wear an existing wardrobe, rather than buying and potentially outgrowing a new one before the holidays," Gallegos points out. "Students can re-use lunch boxes and backpacks, too." Focusing on replacing just a few needed items can be a major budget-saver.
3. Take advantage of tax savings. Some states offer tax-free dates when the sales tax is waived on clothing or school purchases up to a certain amount. Find out which states participate (and when) at the
4. Recycle. Go beyond hand-me-downs to re-use clothes and supplies – and maximize funds. Check out consignment shops, both to buy and to turn outgrown garments into cash or credit. Chains such as Plato's Closet and Buffalo Exchange make thrift shopping chic, even for label-obsessed teens. Specialty stores like
5. Tackle technology expenses. Kids might want the latest
6. Manage health costs. Back-to-school is a great time to make sure families are protected in case of medical expenses. If a family does not have health insurance policies that cover children, most states have insurance plans available for kids. Find information on individual state programs via Insure Kids Now. For young adults, the Affordable Care Act allows parents' plans to continue to cover children up to age 26. In the fall, many children need to update immunizations, get an annual checkup or obtain a sports physical. "Check whether the best bet for your family is to combine services into one doctor's office visit or to visit a free-standing health clinic to minimize these costs," Gallegos said.
7. Remember to plan for college. School expenses for K-12 students are nothing compared to college, Gallegos reminds families. "Back-to-school is a good reminder to begin, or update, a financial strategy for college," he says. Investigate costs and scholarships, and gain a realistic expectation of the family's and student's contribution to an education.
For more back-to-school financial tips, editors can get in touch with
Freedom Financial Network (http://www.freedomfinancialnetwork.com)
Based in
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