Earn or Burn Money Challenge

With the new school year underway, many parents may be thinking about all of the money spent on school clothes and supplies. If you are wondering "how did I spend so much," then here are a few tips to save more throughout the school year on additional items from clothes to sports gear.

Clothing, Accessories and School Supplies

Swap Parties! Students outgrow their clothes quickly or become bored with what they have, so a great solution is to have a swap party! The key word here is ‘party’–everyone loves a party. Parents can coordinate swap parties with family and friends who have students the same age/gender. Each parent can bring a dish and the kids can bring clothes they want to swap with their family/friends. It’s a great way to add new items/accessories to your wardrobe without spending money. This also works great with students who wear uniforms. And, if you’re not comfortable swapping clothes, consider swapping accessories that are in good condition or rarely used: purses, backpacks, scarves, belts.

Shop Online! This will not only save you from driving all around town looking for deals, it will also give your student a chance to shop on a budget. Many retailers offer online only deals and shipping doesn’t have to be expensive. Overstock.com, for example, offers a very low shipping rate. Others offer free shipping when you buy $50 or more. If that’s more than you wanted to spend, you might find a friend or family member who wants to buy from the same retailer so the order can be placed together.

Deals & Coupons! Of course, if shopping is your preference, retailers are constantly offering special deals and coupons. The key is not to get carried away or buy more than what you really need. And don’t forget about outlet malls!

Food

School Lunch v. Brown Bag! The average cost for a school lunch is about $2.50 per student/per day and this could be $5.00 or more if your student prefers to buy lunch at the school snack bar. The best thing to do is weigh the cost of purchasing meals versus packing a lunch. Depending on the number of children in your household, school lunches may not be a problem. But, if you have 2 or more kids, the cost for school lunches really adds up to over $800 annually.

Prepare Meals! As parents, the best thing we can do when it comes to food is to prepare and be organized. Most of the time, cooking at home seems to save us the most money. This might put more pressure on us as parents to wake up early and cook breakfast or to make lunches the night before, but every little penny counts when you’re on a budget. Also, when you prepare the meals, it is easy to monitor your child’s nutrition. Make it fun by getting your kids involved with preparing the meals.

* Check with your child’s school to see if you qualify for discounted meals.

Sports and Extra Curricular Activities

Pick a Sport! Give your kid the choice to pick only one sport/activity depending on your budget or number of kids in your family. Talk to the school to see if any programs are available to offset some of the costs.

Shop Craigslist.com! Shop for used equipment/instruments on web sites like craigslist.com.

Free Trials! If the activity is outside of your child’s school (i.e. karate, dance or Little League), ask for a free trial to find out if your child really is interested.

Outside Income! Encourage your child (if they are old enough) to work several hours a week to earn extra income. Babysitting is one great way to earn cash.

Budgeting

Budget! Remember to budget! No matter what your situation is or what you might face during the school year, it is important to prepare in advance and save as much as you can for these expenses. Set money aside now for items that you will need in the winter and spring, especially if you pay for before/after school care or have additional educational monthly expenses. Also, remember to plan for expenses such as school pictures, school trips, extra supplies/clothes and school dances/prom.

Debt

Pay of Balances! If you recently used credit cards to pay for school clothes and supplies, work on getting those balances paid off quickly. Look for ways to bring in some extra income by selling items your kids no longer play with or use.

If you have any tips or ideas on ways to save money during the school year, shout back and let us know!