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Smart Strategies for Back to School Savings

Back to school shopping can be a teachable moment for your kids about money management

Back to school shopping can be a teachable moment for your kids about money management

In many parts of Florida, school starts in less than a week! Depending on where you live, what school your children attend, and what grade they are in, back to school supplies can cost the average family anywhere from $100 to $500! Keeping this in mind, it is time to start thinking about a strategy for your back to school shopping. The good news is, the back-to-school tax holiday has been extended from three days to ten days this year!

The tax holiday will begin August 7 and run through August 16. Tax-free items include; clothing, footwear, wallets, bags that cost $100 or less, school supplies that cost $15 or less, and the first $750 of the cost of personal computers and related accessories. Now that you know when and what to shop for, here are some tips on how to shop to make the most of every dollar:

Have a plan

  • Get the supply list for your child’s school and make notes.
  • If you have more than one child, compile a combined list. If your son needs 6 folders and your daughter needs 6 folders, on your list, simply write “12 folders”. This will cut down on the time spent on shopping.

Have a budget

  • Make a list of what your children will need and get an idea of how much it will cost.
  • Use back to school shopping as an opportunity to help your child learn about prioritizing and budgeting. Tell your child how much they have to spend for specific items. For example, they can spend $20 for a backpack, $50 for shoes and $200 for new clothes. If they want the $90 pair of shoes, they will need to get a less expensive backpack or spend less on clothes. This will help you stay within your budget and aid in teaching your children some financial skills. It is a win-win!

Shop around

  • Many stores are having sales right now. If you approach back-to-school shopping like you might do “Black Friday” shopping, you can have a lot of fun with it!
  • Check ads in the Sunday paper for sales on items on your list. Many papers will also have coupons for wipes, paper towels, and other items often found on preschool or elementary school lists. You can also use online coupons, e-coupons, and store loyalty cards for even more savings.
  • Check out stores you may not have considered in the past such as office supply stores, dollar stores, and even thrift stores.

Plan for next semester

  • Now is the time to get all of the supplies you need at a great price. If you find a good deal on some basics, stock up for next semester on items like glue sticks, pens, folders, and notebook paper.

Going back to school can be an expensive time of year; however, it doesn’t have to be with a little planning and budgeting. Put the same energy into back to school shopping that you might do with Christmas shopping. Make it a sport! Remember for next year, at the end of the summer, school is approaching and you can plan for it.  If you are interested in financial management, budgeting, or shopping, consider becoming a 4-H volunteer!  We need volunteers to share their knowledge and skills with youth to teach youth about financial literacy and consumer choices (smart shopping).  If you are interested, contact your local UF IFAS Extension Office, or visit http://florida4h.org./volunteers.

 

“Egg-ceptional” Entrepreneurship

embryologyThe 4-H embryology project focuses on the science of embryology, which is a branch of biology that deals with the development of an embryo from the fertilization of the ovum to the fetus stage.  This 4-H project is often conducted in elementary schools, but can also be done as part of a 4-H club project.  4-H volunteers, or project leaders, help youth set up incubators filled with fertilized eggs and teach them how to maintain adequate conditions for the incubators.  While waiting for the eggs to hatch, youth learn the science of how embryos develop.  Finally the day they’ve all been waiting for…HATCH DAY! Students and teachers experience a day of melodious chirping, fluffy chicks pecking about, and if they’re lucky they may even see a few hatching in action. While this day is bittersweet, who says the 4-H Embryology Project experience has to end here?

That is the exact question that Walton County 4-Her Justin Bolen asked himself when he got involved in the 4-H embryology project.  At age 9, Justin stepped up and expanded his 4-H poultry project into a business. He discovered a demand for free range chicken eggs in his local community and build his business around filling that need. Justin took out a loan with his family to purchase the necessary equipment to start his own business.    He learned skills such as feed management, environment maintenance, record keeping, health care for poultry, and effects on hatch rate.

Justin’s passion wasn’t only 4-H and poultry, but also to learn how to maintain a debt free business. He repaid his loan to his

family by age 11 and was producing 100 dozen eggs per month. At age 13, Justin used his “egg money” to purchase his first horse, Brave, for $1500. Just two years later (as his riding skills advanced) Justin sold Brave and used that money along with more “egg money” to purchase a Lambert Morgan Horse, named Trey, for $4,200. In January 2014, Justin was the first 16 year old to be approved to participate in Chris Cox’s Colt Starting Clinic, for which he again paid tuition of $1,400 with his “egg money.”

Today, at age 17, Justin currently has 22 customers with a whopping 47 dozen eggs per delivery every other week. In order to give back to 4-H, Justin has agreed to provide the Walton County 4-H Embryology Project with fertilized eggs to support the program throughout the county so that other youth can not only learn about the science of embryology, but the business opportunities as well!  Justin’s success story is proof that with “EGG-ceptional” dedication and determination, other youth can have the same experience he did in 4-H and become an entrepreneur themselves!

As a 4-H volunteer, you can share your personal interests and expertise in a variety of subjects including gardening, shooting sports, robotics, animal science, sewing/crafting, public speaking, foods and nutrition, and much more.  In 4-H, you can leverage your experience and skills to help a young person find their own passions and interests and possibly even ignite a future career!  4-H is an opportunity we wish every young person could have because research shows it is a step forward.  More than 60 million of our nation’s most successful statesmen, business leaders, and scientists credit 4-H with setting them on a positive, productive path.  When you share your experiences with 4-Hers, you make a difference by helping youth become caring and competent citizens with a desire to contribute to their communities.  To find out how to become a 4-H volunteer, contact your local extension office or visit http://florida4h.org/volunteers.

Justin and his horse, Trey.

Justin and his horse, Trey.

Egg Delivery_Justin Bolen

Justin delivering eggs to customers.

This article was written by Jena Brooks, Walton County 4-H Agent brooks15@ufl.edu.

 

 

Simple Steps to Savings

empty_walletWith the holiday season wrapping up, are you finding yourself saying things like:  How did this happen? Why did I spend all that money?  I can’t believe I did.  Why did I wait until the last minute to shop? At least I found a great deal on that TV I’ve been eyeing. I don’t even want to think about how long it is going to take me to pay off the credit cards. I hope I didn’t take too much money out of the ATM machine. Did I buy my mom the same gift twice?  I should have done this differently. I should have had a plan.

With 2014 here, some of us are making resolutions, others are vowing to break bad habits and some are in recovery mode from their holiday spending sprees.  While we are teaching fiscal responsibility to our 4-H youth, could we use a reminder ourselves?

Birthdays, Valentine’s Day, Mother’s Day, Father’s Day, Grandparent’s Day, baby showers, wedding showers, retirements, housewarmings, and of course Christmas – it seems every month we are buying something for someone!  Marketing ploys and advertising for the latest and greatest gadgets, toys, clothing and shoes target us all making it a challenge to overcome but not impossible.  Focusing on the real meaning of giving and receiving should help lower stress levels and direct our paths to fiscal responsibility.  Being knowledgeable about your specific situation, making informed decisions and communicating with loved ones can reduce the effects of spending stressors.

By developing a spending plan and making a budget, you can purposefully plan for gifts that come up during the year and prepare for in advance for the next holiday season.

Ask yourself:

  • How much have I saved?
  • How much can I save each month?
  • What dollar limit can I set on gifts?
  • Am I comfortable creating debt?
  • Am I comfortable saying “no”?

Start with knowing how much you can spend and have a spending plan; your spending plan is critical for successful money management for not only the holidays but all year long.  Surplus monies, after fixed and variable expenses, are what you should use for your gift budget. If your gift budget shows you spending more money than you have, you’ll likely take on debt.   If this is the case, you should also create a plan for paying off purchases made with credit.  Prioritize your purchases and consider omitting purchases that require taking on debt.

Create a list of everyone that you know you will purchase gifts for during the year including holidays.  Factor in decorations, cards, postage, gift wrap, food/entertainment and travel.  These are additional costs that can make a drastic impact on the gift budget.

Once you’ve researched and set your budget, you’re ready to start shopping. Remember your list and check it twice. Know for whom you’re buying, what you plan to buy, and where you’re going to buy from.  Plan ahead and spread out purchases if possible. Shopping early keeps you on budget and reduces stress, and if that’s not enough, it can also keep you from buying a bad gift. The sky’s the limit and creativity is key for saving on gift giving and all the extras.   Take advantage of coupons, special offers and/or extended hours BUT always be prepared to walk away. Be willing to prioritize and make necessary changes to your spending plan. Don’t forget…your name is not on your list. If you see something you like, write it down and suggest or hint it to someone else.

If you have a large family, start by thinking outside the box. Consider a gift exchange by drawing names from a hat.  While many families do this during the holidays, you can apply it for birthday gifts as well.  This method allows you to put more thought than money into selecting a single gift. Thoughtful and often times more creative gifts can come from shopping with local businesses. Locally grown fruit and vegetables, honey or an item from a local artist are just a few suggestions of local products. Another idea is to donate to charity in someone’s name instead of gift giving.  You could also give a “gift of time.”  By creating a coupon book or certificate, you can give loved one a gift such as a specific chore, a trip to the park, babysitting or a slumber party for the kids.  If you are feeling crafty, you could make and give arrangements like centerpieces and decorations. For the holiday season, consider purchasing a single gift for an entire family — perhaps an entertainment basket filled with DVDs and microwave popcorn.

This should go without saying, but use cash and/or debit cards when at all possible.  Money coming directly out of your pocket will likely make you think harder about your purchase.  If you are going to use a credit card, make sure you have a plan in place to pay it off when the bill is due.  You also need to understand the allure of paying with credit.   When you’re not paying with “real” money, but are instead charging your purchases, your buying can easily get out of control, and the shopping process may not seem as painful in that moment. That’s why those buy-now-pay-later campaigns are so successful. Be careful; paying with credit (unless you pay off the purchase when the bill is due) means it could cost you more (interest), not less. Record what you actually spent next to the estimated cost on your spending plan. Make necessary adjustments and remember to communicate your plan to loved ones. Special occasions are about spending time with family and loved ones. Don’t let the gifts become the main focus and risk busting your budget.

Authors
Julie Pigott Dillard, CED & 4-H Youth Development Agent, Washington County
Ricki McWilliams, Family & Consumer Science Agent, Walton County