Diann Douglas: University of Florida Extension/IFAS Madison County
I can’t believe it, it seems like summer just started a couple of weeks ago, but August is here, and it’s time to gear up for a new school year. This year, the tax-free holiday begins today, Aug. 4 and runs through the weekend. It’s a great time to stock up on back-to-school supplies and clothing. According to the Florida Department of Revenue, all clothing and footwear selling for less than $60 per item is tax-free. Certain school supplies selling for $15 or less per item and personal computers and accessories selling for $750 or less per item are also exempt. Your total bill can exceed these amounts if each item is under the designated limit.
Shopping for a new school year can take a chunk out a family’s budget. If you make purchases with credit cards, the balance may not be paid off before the holiday season. So, before you venture out, make a spending plan for your new purchases.
One of the first and most obvious categories for back-to-school spending is clothing. Shopping for new back-to-school clothes is a necessity in more cases because the kids have usually grown over the summer months and may no longer fit in their school clothing from the previous year. It is important for families to make the most of clothing dollars, and there are several ways to do this. Here are a few suggestions from Extension educators to help stretch your dollars:
• Take an inventory of your children’s clothing that is still wearable. Do this with your kids, have them try on clothing from last school year and decide which items can be worn for the start of the new year and make a list of needed items.
• Know the school dress code before you shop. Find out what is permitted to wear and the rules regarding dress code and backpacks.
• Recycle clothing and backpacks whenever possible. Get with family and friends to pass along clothing that is too small to wear. You may become the owners of some great clothing items that are free!
• Set a budget for each child’s back-to-school needs. When shopping, take along a calculator so kids will know how much their choices are adding up to be. This activity helps them become more selective and stay within the family budget.
• Make a plan to space out purchases over several months. For example, with our warm temperatures, long pants may not be a necessity to buy until late fall.
• Resist impulse buying. Make a list and stick to your plan to keep from overspending.
• Pay cash whenever possible. Use a credit card if you can pay the amount in full when the bill comes.
Planning for back-to-school expenses helps keep you on track with purchases that won’t put you into debt for months to come. Let your children be a part of the planning process, this helps them develop money skills for the future. It is also a good lesson to know that planned spending helps you get the most for your dollars without overspending.
The University of Florida Extension/IFAS – Madison County is an Equal Employment Opportunity Institution.