Parents everywhere look at this time of year with both nostalgia and excitement. Children tend to have varied perspectives about it. Retailers are overjoyed at this time of year. If you didn’t know better, you might think I’m talking about Christmas kind of early. In actuality, this is Back to School season, and you should understand some of the business behind it while shopping and making money decisions.
According to a July 27th article in the Chicago Tribune, Back to School is the second biggest shopping season of the year in the U.S. The article also stated that last year, according to the market research firm The NPD group, over 70 percent of that shopping was done in the traditional brick and mortar stores. Going into a store also comes with the marketing overload of signage inspiring you to spend more. However, the option of shopping online is available and growing as a sensible shopping alternative for back to school and lets you get exactly what you want without being bombarded with visuals imploring you to spend.
As with anything else we advise, don’t go into this or any spending spree without a plan. If your school has provided a list of what each child needs for class, that’s a start. In addition, plot out what your needs are based on the grade your child is advancing into. Traditional retailers like Staples, Target and Walmart along with Amazon and other online options have back to school lists through their websites to aid in making purchases. Although convenient, be advised to use these as a guide or template only to avoid spending more than you intend.
Circulars in the mail still provide shopping options. The various dollar stores in your area could be worth a look for some of these supplies, but dollars can add up quickly and some supplies may be cheaper elsewhere. The point of this is to say, do your homework before doing your school shopping to avoid going back to overspending.
We at DNA Financial Services want you to put this in your awareness file, because the retailers are waiting for you. They are pushing backpacks, calculators and clothes at you now in the same way you will have dolls, toys and video game marketing bombarding you and your children come November and December. The excitement of kids going back to school with the latest of the greatest is financially tempting to give the kiddos all that they want. However, the most prudent moves won’t always be the most popular when it comes to budgeting what you want to spend.
Stay aware and continue in your wise financial decisions, and if you need help in that, DNA Financial Services is always here to assist.
Founded in 2015, DNA Financial Services LLC has pledged to Educate, Empower and Equip the financial DNA of clients now and for generations to come. The company offers a number of financial services designed to bridge the gap in wealth building education while aiding and advocating for the financial literacy of people from all walks of life.