School shopping with Liz's mom
Turn back-to-school shopping into a learning experience
[August 4, 2009]
By Elisabeth Hooker, STCU education outreach officer
I never forgave her for not buying the Trapper Keeper.
As a 10-year-old back-to-school shopper, I coveted the Trapper Keeper, the catch-all organizer famous for its Velcro flap. With the Trapper Keeper notebook, I would be smarter, more efficient, and earn better grades.
At least that's the line I used on my Mom. It didn't work; the $9.99 price tag was just too steep for my practical mother. On the first day of school it was me, my old backpack, and a two-bit Pee Chee that boarded the bus.
It's back-to-school time again and the pressure is on for parents. In 2009, according to the National Retail Federation, Americans are expected to spend an average of $549 per household on back-to-school items. Most of it will go toward clothing and accessories. Stores are already lining their shelves with college-ruled paper and pointy new crayons in hopes of getting their piece of the $17 billion pie.
To prevent heart attack from sticker shock, here are a few tips from me and my mother:
- As a parent you can expect 12 years of back-to-school expenses, so why not plan for it all year? Use an STCU First5 account and set aside a little each month. Then you won't be incurring extra expenses in August and September.
- Make back-to-school a lesson in finance by including your kids as you budget and shop.
- Make a list. Most teachers will provide one for you. Combine it with your own, sit down and decide what is a necessity. (Think about all the junk you clean out of their desk at the end of the year!)
- Create a shopping game plan. Check ads, shop online, and know where you are going before you wander aimlessly into Stuffmart.
- Make it a game for your kids to find coupons for items you need.
- Think ahead. Once the kids are back in school, take advantage of the leftover inventory and clearance for next year. Mom kept an entire closet of school supplies at home.
- Summer is a great time for kids to earn some extra income and be creative. Encourage them to set a summer goal. Kids can keep their savings in a free STCU Money Jar, and associate their goal with the excitement of returning to school.
- Be practical, but feel free to splurge on a special item (Trapper Keeper anyone?). Let your kids decide, within reason, what that item will be. When they make the choice instead of you, it's a good lesson in opportunity cost.
- Be true to your school. If you have to spend money for back-to-school items, shop where a portion of the proceeds benefit your child's school or teacher.
- Don't worry about what the other parents are buying. If they jumped off a bridge, would you?
Be smart with your money, stress less, and enjoy these fleeting moments more. I have a lifetime of memories thanks to my mother's thrifty ways, Trapper Keeper or no Trapper Keeper.
