Can you believe it is that time of year again? My kids start school next week, wow has this summer flown. For our family, summer usually does go quickly because our kids are on a year-round calendar for school and summer break is only 6 weeks long. That means it’s time to get out the list of needed school supplies, go shopping as well as trying on clothes, making sure they fit and everyone has what they need.

One thing I have noticed in working with my clients in the past month is that what they want to get for the kids and what they need are two very different things. Don’t get me wrong, I also have to do a gut check and make sure I am looking at our needs and not our wants when deciding what we are going to buy. I thought an appropriate article this month would be some tips to use when purchasing items for back to school. Here are 5 things to consider as you go about preparing for back to school shopping:

1. Take stock of your closet or other areas.

I don’t know about you, but I usually have items that I keep because I figure I can use them later. Then, when later comes, I either do not look for them or can’t find them until I have purchased the new one already. So take some time and scour your home to see if you already have any of the items on your list.

2. Talk to friends who have older kids.

This is an area where we many times need to swallow our pride, however doing this can be very good for our budget. Talk to your friends and see if they have items you need from the previous years that they are no longer using. It can mean big savings especially in the area of clothing. Many schools around Indy have gone to uniforms and they are basic blue or khaki pants or shorts and plan color golf shirts. If that is the case in your area, this makes it very easy to get hand me downs that are too small for others but will work great for your kids.

3. Separate wants from needs.

A child may make a great case for a new computer or iPad, which will cost you $400 or more, even when last year’s computer or a flash drive will do the job very well. Sit down and take a hard realistic look at what your kids need with them. If they are old enough, talk about the budget you have set and let them help decide how they think the money should be spent. I know of many parents who give their high school children the money they would spend on clothing and let them do the shopping, making sure the items meet the home and schools standards. In this case it can be a great learning experience because they can choose the more expensive items and have less or they can look for better deals and buy more. It’s their choice so let them make it if you decide to go this route. It will not be the end of the world if they do not have a different outfit for every day of the week or month in some cases.

4. Swap it out.

Many websites now sponsor trades of used kids’ things. ThredUP.com, a site that allows shoppers to swap children’s clothing and toys, recently added books. Also, check out Swap.com and Swapmamas.com. These can help you stretch your back to school dollars a long way.

5. Shop at the right time.

Many stores are running back to school specials now to entice when we are in the frenzy of the moment. If you have items that they do not need the first day take your time and look around or even wait to grab items when they go on clearance not just on sale. The biggest area where this strategy saves money is clothing. As we all know retailers, keep moving in seasonal items earlier and earlier. By time winter rolls around all of those winter clothing items are on deep discount. One suggestion I always make is when shopping for anything check the clearance racks/bins first to see what they have, Goodwill is another place that you may find exactly what you are looking for at a cost of next to nothing.

Have fun shopping and preparing for your kids to head back to school. One word of caution: use a list of items and keep it with you when you are shopping. We can get into the mindset of “I know it’s not on my list but it is such a great deal” and we buy it anyway and end up blowing the budget. Get the needed items first and if you have extra to spend then go back and buy the great deal.

If you need help figuring out a budget for this area or just getting started send me an email @ jeff@TheFinanceCoach.net or give me a call at 317.858.7270. We can talk and I’ll see if I can help.