Helpful Tips For Organizing Back-To-School
Spending "Avoid credit based purchases," urges the ICFE
"Back-to-school time is one of the major spending
promotion times by retailers and credit card issuers
alike," warns the San Diego based, award winning,
nonprofit Institute of Consumer Financial Education (ICFE).
The ICFE is concerned with advertising aimed at consumers,
promoting indiscriminate credit based spending for
back-to-school supplies. The ICFE is dedicated to helping
consumers improve their spending, increase their savings
and use credit more wisely.
Because credit cards have the basic message of: SPEND,
credit card use in this country continues to increase. So
also has the amount of debt carried by cardholders and the
various fees increased.
Try these spending tips from the ICFE for getting better
value when doing your back-to school shopping.
1) Make a list of what is needed by category ; i.e.
clothing, books. etc., sports, or music.
2) Plan ahead. Start watching for store sale flyers, flea
markets, garage sales, clearance sales, etc.
3) Establish a spending-plan and timetable for purchases
over several weeks or months.
4) Comparison shop with at least five different sources
for the best values.
5) Consider not buying all the needed clothing initially
because if it gets even wear, it may all need replacing at
the same time. Spread out these purchases over many weeks.
Allow some flexibility so as to take advantage of sales
and true bargains.
6) Avoid using credit cards to spend income not yet
earned. They are too expensive (users either pay interest
or an annual fee, or both, for the convenience). Some
credit card issuers routinely promote indiscriminate
spending, which so often can result in overspending.
7) When it comes to trendy items for school clothes or
school supplies, encourage children to become independent
and not "go-with-the-flow" demanding all of the latest
product tie-ins, from the summer's hottest movies, for
example. Fads often lose their steam after school starts,
often because nearly every other child has them.
8) If there are several children in your home with back to
school needs, you may want to consider setting aside money
each month of the year for this expense to avoid having to
divert money away from other expenses.
9) Use layaway plans for clothing, supplies, etc. whenever
possible and practical.
10) Purchase previously used text books, lab tools and
supplies, etc. when possible.
Most consumers who do credit-based spending have become
victims to the forces in our society, so*successfully
getting people to spend, even beyond their incomes.
Credit based spending decisions have a far greater
negative impact on one's financial future than any
investment decision one might ever make. These decisions
include how often to eat out (or entertain someone) this
week, how much to spend on back-to-school needs, or
redecorating a room, updating your wardrobe and especially
those unplanned spending trips to the grocery store.
For information about "Mending Spending," monthly
budgeting guidelines, and warning labels and sleeves for
debit and charge cards, visit the ICFE's Web page at:
www.icfe.info. The site also includes helpful sections on
increasing savings, using credit wisely, plus "How to set
up and implement a spending-plan" (with a one page work
sheet) for personal and/or family finances.
To receive the same information by mail, please send $1
and a self-addressed, 60 cent stamped envelope to: ICFE
Money Helps PO Box 34070 San Diego, CA 92163-4070.