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MMI Teaches Consumers Smart Ways to Save on Back to School Items
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For more information contact:
Kelly Rote (713) 394-3201 |
Release Date: July 13, 2005 |
With the start of the new school year quickly approaching for area students, most parents are beginning to feel the pressures only back-to-school shopping sprees can bring. In fact, a 2004 National Retail Federation (NRF) survey conducted by BIGresearch anticipated that in total, families with school-aged children estimate spending $14.79 billion sending elementary through high school students back to school.
When preparing a back-to-school budget, start by taking a thorough inventory of what you already have and then develop a budget for what you still need. Then, list each item in priority, from most important to least important. By having items both prioritized and budgeted, you can easily trim from the bottom in order to meet your budget’s needs. Don’t forget often overlooked expenses such as yearbooks, extra-curricular uniforms, field trips, science projects and immunizations.
Cate Williams from Money Management International (MMI) encourages consumers to consider the following important things about shopping for those major back-to-school expenditures:
Clothing. In 2004, individual families planned to spend on average nearly $90 for back-to-school shoes. However, many parents forget that what you buy is as important as how you buy it. Basic, durable clothing will stretch your dollars significantly. Avoid being tempted to purchase a year’s worth of clothing at one time, as children are expected to grow. Plus, parents can avoid some of the expenses of going back-to-school by spreading purchases over a longer period. Remember to check with the school on dress code policies before purchasing clothing.
School supplies. Before you run to the “Back-to-School” section at an expensive retailer, compare prices with lower priced outlets and office supply stores. Keep in mind that each teacher will have his or her own requirements, so have your supply list in hand prior to making any purchases in order to eliminate non-essential expenses.
Electronics. The 2004 NRF survey found that more than 40 percent of parents polled planned to purchase new electronic or computer equipment for the school year. In fact, families expected to spend about 7 percent more on electronics and computer-related equipment in 2004 than they did in previous years. If a new laptop is not in your budget, consider purchasing a used or refurbished system. Also, research the availability of free computer time; many community organizations, like your local library, offer this service.
Remember, the most important strategy for back-to-school shopping is to stick to your budget. Based upon your budget, bring only as much cash as you need and leave your credit cards at home. Shopping for less is a challenge, but with planning and forethought, you can prepare your children for another school year without breaking the family budget. |
Money Management International, is a non-profit community service organization that provides confidential financial guidance, counseling and debt management assistance to consumers. MMI helps consumers trim their expenses, develop a workable budget, lower their debt payments and repay debts. Services are available by phone. To visit with an MMI counselor, call toll-free 1-800-762-2271- 24 hours a day, 7 days a week. Spanish speaking counselors are available. Consumers can also learn more by visiting the MMI home page at www.moneymanagement.org.
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