To avoid your budget being blown throughout the year, prepare a checklist of needed items and establish a budget each time before you go shopping.
"A budget enables parents to set a good financial example for children. It's an excellent opportunity to teach young people about the importance of paying attention to prices, controlling spending and knowing the difference between needs and wants", says Howard Dvorkin, founder of Consolidated Credit Counseling Services, Inc.
Shopping advice:
1) Let kids pay for some items with their own money. If your fashion-conscious son or daughter wants a pair of pricey designer jeans, for example, you might offer to pay up to the cost of a less expensive non-brand pair and let him or her pay the difference.
2) Consider teaming-up with another family and buy items needed in bulk quantities. By shopping at warehouse discount stores, two or even three families can divide purchases - along with the costs.
3) Budget for the unexpected or the forgotten. In addition to the usual clothing, textbooks and desk supplies; the return to school can bring other assorted expenses - like cafeteria lunches or groceries for brown bag lunches, haircuts, PTA dues and gym uniforms.
Don't buy for the sake of buying. If you can reuse school supplies from the previous year, by all means do so.
4) Use tried-and-true money saving methods. Shop when stores are having sales. Choose generic or store labels over designer names.
See http://www.ConsolidatedCredit.org for more savings and shopping advice.
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