(WXYZ) — Getting your kids ready for the new school year can be expensive. From buying school supplies to new clothes, laptops, and headphones, the list goes on.
According to the National Retail Federation, families with students in elementary through high school are planning to spend an average of $858 on clothing, school supplies, electronics and more. So, how do you not overextend yourself financially?
Watch Alicia Smith's report below
I asked a Financial Center Manager with Bank of America for some advice. Meaghan Madison said you should create a budget.
“Sit down and create a plan first. Don't just go out there and go for what you know. Get actually get in a seat, sit down, create a strategy, right? See exactly what's needed, write that down. So, then when you get out there and you make these different purchases, it will make sense," Meagan said. “Tap into that cash back credit card. So, it won't seem like such a big stretch to get that college kid off the college, or the high school student, or the middle school, or the elementary. You know, make your money work for you, cash back."
Meaghan also recommends you shop only for the fall season, or what the kids need first, at the start of school. That way, you can take advantage of deals in September or October. Also, compare prices at your favorite retail stores before you head out to shop. Consider apps that can help you find deals or rebates, including individual apps for each retailer.
You can find more resources on how to budget or save money at this link.
