It’s almost time for kids to go back to school, which means school shopping is about to be in full swing. David Murphy, President at MMCCU, shares some tips on how to save money during what can be an expensive time of year for families, as well as how to use it as an educational opportunity.
“Back-to-school time can be stressful on the budget, but with careful planning it doesn’t have to be,” said Murphy. “It’s also a great time to teach kids about finances – spending, saving, and basic budgeting. Involve your child in the shopping experience and help them understand the value of money.”
MMCCU offers a Kids Rewards Club account that encourages kids to save and win prizes.
“Setting up an account for your child is a great first step,” said Murphy. “Another idea is to involve your child in back-to-school shopping. Use it as an opportunity to teach them about prices, budgeting, saving, and spending.”
To get the best deals when supply shopping, it’s advisable to start shopping early to avoid last-minute crowds and to take advantage of sales. However, there are some items that make more sense to wait to buy.
“Items to buy sooner rather than later include tablet/computer technology, clothing, and backpacks,” said Murphy. “These are typically the items that have the best back-to-school sales and sell out the quickest.”
There are some items that aren’t as urgent and by waiting to purchase can save money in the long run. These include notebooks, pens, and brand-name items.
“Most kids will need some type of notebook for class, but teachers often have a specific kind they want, so it makes sense to wait to purchase these,” said Murphy. “Plus, quality is not as big of an issue with these so it’s reasonable to buy at a bargain store. The same goes for pens. Your child might not even need them and there is never a shortage of options.”
He added that brand name options are another way to save back-to-school money.
“Every kid wants the brand name item because they think it’s needed to fit in, but buying all brand name items is typically a waste,” said Murphy. “Instead, consider shopping quality secondhand stores or compromising with your child and getting just one brand name outfit. Use it as a learning opportunity, if you can!”
To learn more financial tips, contact MMCCU today!