This summer went extremely fast, and parents are not ready for back to school. Whether it’s due to procrastination or money worries, try to enjoy the next few weeks. Don’t stress — it will all work out as it always does.
To start, you can look for what you don’t need to buy. I have been keeping my eyes on sales, but I have bought very little. I am having my kids reuse much of what they have leftover from last year.
My kids are getting a few clothing items to start the school year, and we will buy as needed as the year goes on. It’s still extremely hot and their summer wardrobe is very much in season. This is not just about saving money — this is about using up what you have, and I want to teach my kids to think before we buy something.
As for supplies, my son is very hard on his binders, so I know he will need a couple of new binders. My daughter’s binder is fine. His backpack has a broken zipper and hers is splitting at the seams — but other than that there isn't much else they need. We still have everything leftover from last year. It’s like buying a new car: as soon as you drive it off the lot, it’s used! As soon as you write with the red pen, it’s used, so use it until it’s empty.
We still have college ruled paper, highlighters, and markers from last year, and my daughter has used her same calculator for three years, and my son is reusing her first calculator.
If you do not know where last year's supplies are, now is the time to start looking for them. I have a cabinet that holds all the art supplies and school supplies. We keep all the markers, colored pencils, paper, scissors, etc., in this cabinet and the kids only take what is needed and put the items back after they have used them. This helps avoid buying duplicates of what I already have, and it saves time looking for these things.
Sometimes being a procrastinator can save you money; you might run out of time and have to use what you have on hand. It's not such a bad thing. Save money where you can, and don’t forget to budget for registration — schools need the donations. Most schools will itemize exactly where the donations are used down to the penny, which makes you feel a little better about writing that check.
Back to school is an exciting time for kids. They get to see friends they haven’t seen all summer, they'll meet new friends and get back into a routine. To sum it up: enjoy your last few weeks before school starts, shop at home first, buy only what you need, and do your best to only spend on necessities.
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Lori Mackey is an award-winning author, speaker, coach and creator of the Money Mama system, who creates fun financial education products for kids. She is founder of Prosperity4Kids, Inc and is recognized as a leading expert on kids and money. Mackey has appeared on Good Morning America, Fox Business, Fox & Friends and many others.
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Once you get to the college level, the biggest cost shock (aside from tuition and room and board) is that of textbooks, which often run in excess of $100 each, easily tallying more than $500 per semester. One of the key reasons for this expense bloat is that publishers bring out new editions regularly to ensure the likelihood that students won't rely on the earlier, less espensive editions. In most cases, though, it's relatively easy to get the latest edition without paying college bookstore prices. At worst, students can get used editions for less than full price at the bookstore. Far better, though, are Amazon Marketplace and half.com, where current vintage textbooks are often available at well below list price. Knowledgeable students sell their used books there; many are in almost new condition with few, if any markings. The rest of the equation is to go right back to these websites and resell the books at the end of the semester. Do make sure to use stickies rather than highlighters for noting important sections to keep the books in the best possible condition. When listing, set your price toward the lower end of the spectrum and most books will sell quickly. The net result can easily be a savings of more than 50% (with relatively little bother) from what text books will otherwise cost at the local bookstore.
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