Newspaper Page Text
The Champion, Thursday, August 4 - 10, 2016
LIFESTYLE
Page 5B
purchases by buying year-round, Singh said.
“Clothing prices are often highest at the start
of season,” he said. “Buying off-season—
coats in warm weather and light clothing
during the cold months—can produce
significant savings,” he said.
Singh noted that no student needs a
complete new wardrobe the first day of
school. It’s smarter, he said, to buy a few
items at the start of the school year and buy
others in a few weeks after prices drop.
Start early
Overspending often is the result of
parents rushing to get everything just before
the start of school. “When parents spend
weeks instead of days buying what their
children need for school, they are less
likely to spend too much for an item just
to because they are tired or stressed and
want to complete their shopping,” Singh
said. “When the family shops for school
needs throughout the year, it provides an
opportunity to take advantage of the best
bargains instead of feeling pressured to do
the shopping all in one or two weekends,” he
added.
While this year’s tax-free weekend has
passed, Singh suggested that in future years
parents start early enough so that this and
other opportunities for major saving aren’t
missed.
Additionally, Singh reminded parents that
many nonprofits have back-to-school events
that include free school supplies and other
school necessities.
Expert:
Back to school
shouldn't break
the boi
1*1
by Kathy Mitchell
The National Retail Federation (NRF)
ranks back-to-school among America’s
top retail spending events, second only to
the winter holidays. According to NRF, the
average family with children in grades K-12
is expected to spend $673.57 on electronics,
apparel and other school needs this year.
Total spending nationwide is expected to
reach $27.3 billion.
According to the survey, among those
doing back-to-school shopping, 95 percent
will purchase new apparel, spending an
average of $235.39, not including the
$126.35 expected to be spent on new
shoes. Approximately 96 percent will buy
school supplies, spending an average of
$107.76.
With most DeKalb County schools
reopening Aug. 10, many households may
be facing a major family expense with back-
to-school shopping, especially where there
are several school-age youngsters. Tom
Singh, senior residence director at Merrill
Lynch, has some suggestions.
“In addition to being a financial advisor,
I’m the father of two,” Singh said. “I have a
4-year-old son and an 8-year-old daughter.
So this is not just advice I give clients; it’s
includes principles I apply in my own family.
I have three basic recommendations,” he
said.
Set a budget
“Perhaps the biggest mistake a family
can make with regard to school shopping
is to go to the stores and start buying
without thinking about what the family can
afford to spend. A budget helps the family
set priorities so parents don’t blow a lot of
money on an expensive pair of designer
shoes when some of that money is needed
for school supplies,” Singh said. “Some
items are ‘must-haves’ and others are ‘want
to haves.’ The must-haves should receive
priority.”
Fie recommended that families set annual
budgets that include school needs. ”lf the
family breadwinner is paid twice a month,
setting aside $28 from each paycheck
instead of coming up with $674 all at once
can be much easier,” Singh said.
Shop smart
“Before doing any shopping, parents
should take inventory and see what their
children already have. Perhaps they don’t
need new shoes or a new book bag right
away and can postpone those purchases for
a few weeks,” Singh said.
Singh recommends searching ads and
online information to find the best prices,
especially on high-ticket items such as
electronics. “Even if it’s not practical to go to
the place with the lowest price, many stores
will match or even better a competitor’s price
for shoppers who present the ad.”
A strategy he recommends for smaller
items such as pens and notebook paper
is buying in bulk. “When you buy 60 pens
instead of six pens, the cost per pen is much
lower. Of course, most families don’t need
60 pens, but they can go in with others and
split the cost as well as the merchandise.”
Consumers can save on clothing