Before you know it, summer will come to a close. You’ll not only feel it in cooler days, but also in the school supply lists that start piling into your mailbox. We all know back-to-school expenses can take a large chunk of money out of the family budget. To really plan and cut those expenses, you need to take inventory. Figure out what you already have, what still fits and specific needs your kids have for the new school year.
First thing’s first: make a budget. “Making a budget is the most important thing you can do because then you will be able to understand where your money is going and where you can afford to make cuts,” says Meg Favreau, senior editor of Wisebread. Get the kids involved, it’s a good way to teach financial responsibility. You should also stay on the hunt for back-to-school deals and sales, which there will be no shortage of as the warm months come to an end. Keep your eyes open, your wallets closed and remember that you don’t have to spend a fortune when school starts. You can start with these money-saving tips.
1. State Tax Holiday
Most states have tax holidays that include back-to-school goods. Take advantage of your state’s tax holiday by checking its Department of Revenue website. If one doesn’t exist where you live, consider driving to a nearby state to participate in their tax holiday. You’ll more than save the cost of the gas.
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