Money Lessons

Unless it's already happened where you live, the new school year will descend upon you any minute now. Are you and your kids ready?

With fuel and food costs rising and the economy slumping, it may be more crucial than ever for you to give considerable forethought to back-to-school purchases this year.

The following tips can help you avoid spending too much on the clothes, shoes, backpacks, notebooks, paper, pencils, pens, protractors and art supplies your children will need – not to mention the high-tech gear you might get tapped to provide.

1. Begin by shopping at home. One way to get around spending hundreds of dollars per child is to avoid buying everything new. Take an inventory of what your family already owns. Have your kids really outgrown all of their shoes and clothing? Do you have an abundance of pens, pencils, folders and rulers? (Note: It's not hard to hide company logos on folders and notebooks with stickers!)

2. Start sleuthing for bargains. Now is an excellent time to become highly attuned to clearance sales in your area and coupons that can help you at this time of year. When you find a good sale for school supplies, stock up for the entire year, not just the immediate future. Be aware that some of the best sales for backpacks, Thermoses and lunch boxes are likely to surface in September after school has already started. Can your kids make due until then?

3. Get thee to a dollar store. You might be surprised by the selection of paper products and other school supplies you'll find there. Bring your child – a potential bargain-hound-in-training! – to the store with you to get his or her buy-in on any purchases you make.

4. Scour garage sales, thrift stores and consignment shops. These places typically require some legwork, but the bargains to be had are astonishing. On certain days of the week, some thrift stores allow you to fill an entire bag with clothing and buy it all for $3 or $4. Thrift stores and yard sales also can be godsends for young people for this reason: They often serve up designer name-brand finds for $1 to $5, as opposed to $50 to $100. Why not give it a try?

5. Remember eBay and craigslist. If your child simply will die without a specific high-end designer brand, look for new or slightly used clothing online at sites like these. The savings could be substantial, and the process could be less time-consuming than the thrift-store-and-yard-sale route.

6. Set ground rules for clothes shopping. Choose clothes that will give your children room to grow. Pick up extra pairs of shoes in larger sizes when you find a good sale. Solid, neutral colors and classic styles – such as simple pullover shirts – are ideal because they're easy to mix and match and less likely to look dated over time if you have younger kids.