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PRESS RELEASE
Monday, July 20, 2009
Shop Smart this Back-to-School Season
Create a budget and stick to a plan
Dallas - July 20, 2009 - With the first day of school a little more than a month away for most Texas school districts, retailers are already offering major incentives to families looking for good deals on clothing, school supplies and trendy gadgets.
In recent years past, the National Retail Federation reported that families spend an average of $550 to $600 on back-to-school merchandise. With the recession now limiting that budget for many families, Consumer Credit Counseling Service of Greater Dallas (CCCS of Greater Dallas) recommends the following tips for this year's back to school shopping.
Take inventory. Start by taking inventory of what you currently have at home and creating a list of only items your children need. Use this as your reference and stick to only essentials. As the year goes on, you can always purchase items as needed.
Stick to your budget. No matter where you shop, develop a budget and stick to it. If your kids are old enough to shop on their own, teach them to shop wisely by giving them pre-paid gift cards. You can not only monitor where your kids shop, but can restrict their spending amounts, both in-store and online. This is a great opportunity for them to learn how to budget with a limited amount of money. Give them a list of essential items, too. If they're successful in finding sales and have money left over, award them by allowing them to spend the remaining money on something they really want.
Check resale shops and your friends' closets! Several high-end resale shops have opened in the past few years, offering good deals on children's clothing. Remember that kids grow quickly, particularly younger ones. Checking a children's resale shop or even swapping clothes with friends who have younger or older children can result in a fresh wardrobe at a fraction of the price.
Take advantage of tax-free weekend, but don't go over budget. Tax-free weekend in Texas is August 21-23, which means families can save the tax on clothing and school supply items under $100. This doesn't justify the need for a spending spree when you consider these savings are less than 10 percent. While deals can be found with most retailers offering big sales to promote the shopping holiday, you'll need to shop early to avoid crowds and stress that can often lead to over-spending.
Don't open department store credit cards. Retailers will promote extra savings with the opening of a store credit card. These cards usually come along with high interest rates and can easily create a mound of debt. The one-time 10 or 20 percent savings you'll receive by opening one of these cards is not worth the debt and credit rating damage it could cause for years to come.
Buy in bulk. Shop warehouse stores with friends and split the costs of school supplies in bulk. You can also find great deals on lunch box items, clothing and shoes at many of these retailers.
Research and shop online. Save time and money by shopping online. You'll be less likely to buy things you don't need when shopping online. However, watch out for expensive shipping charges, identity theft and credit card fraud. Protect yourself by making sure the online transactions are secure, and when in doubt, pick up the phone and call the toll-free number.
Don't cram - you still have time. You don't need to buy everything before school starts. Once kids see what others are using and wearing, they always seem to have additional wants and needs. Plus sales usually extend into the first month of school.
With a well thought-out plan, you and your kids will be ready for the upcoming school year while staying within the family budget. For more information on budget or credit counseling, or one of our free classes, contact CCCS of Greater Dallas at 800-249-2227 or visit www.cccs.net.
About CCCS of Greater Dallas
Consumer Credit Counseling Service of Greater Dallas, Inc. is a nonprofit, community based credit and housing counseling and debt management service. Established in 1974, CCCS Dallas and its affiliate offices provide free financial education and counseling to consumers in-person, by phone, or Internet through their 24 locations in four states. CCCS Dallas is a HUD approved housing counselor and serves as one of 10 counseling agencies supporting the 888-995-HOPE Hotline. The agency is also a member of the National Foundation for Credit Counseling (NFCC), the nation's largest and longest serving national non-profit credit counseling network. To learn more about CCCS Dallas' free budget and credit counseling and education, or the agency's full range of service offerings, visit www.cccs.net.
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