Comptroller Mendoza offers back-to-school shopping tips

Comptroller urges parents to use shopping trips as a lesson in budgeting

This time of year can be expensive as kids get ready to head back to school. Comptroller Susana Mendoza is urging families to set up a game plan before they venture out to buy school supplies, and stick to a set budget so they don’t accidentally overspend.

“Every child deserves a strong start to the school year. By planning ahead and shopping smart, Illinois families can save money and focus on what matters most—helping students succeed," Comptroller Mendoza said.

Here are some things to keep in mind as you begin shopping for school supplies:

Budgeting:

• Do a check of your house first. You may already have things like calculators, folders, paper and boxes of tissues.
• Most schools provide a list of supplies needed. Try and stick with what’s required to avoid impulse purchases.
• Team up with other parents to buy supplies in bulk to get a better deal. This includes things like pens, pencils, loose leaf paper, folders, etc.
• Scour ads for the best sales in stores and online and plan your trips accordingly.
• Consider buying generic for the “boring” stuff like paper and pencils. Save your spending for items where quality matters more.
• Take advantage of “price alert” features on store website and via browser extensions for bigger ticket items like laptops and headphones. Apps like Rakuten, Fetch and Ibotta can also help you save a few bucks by earning cash back for purchases.

Get the kids involved:

Shopping for school supplies offers a great opportunity to teach children about comparing prices, sticking with a budget and making smart choices.

“Financial literacy starts at home, and back-to-school shopping is a great time to begin. Giving children a budget and involving them in spending decisions helps prepare them for a lifetime of smart money management,” said Comptroller Mendoza.

Here’s a few fun ideas:

• Have you child make a shopping list ahead of time, and then go over the list with them, having them identify whether the item is a “want” or a “need.”
• Set a firm budget so they know what they have to work with. Let them make their own choices using only the money in their budget.
• Teach them to shop for the best price. You can find templates online or make your own chart where kids can list the item and the price at a couple of different stores. This gives children a clear look at where they can get the best deal and teaches them comparison shop.
• Talk to your kids about making smart choices. Price is important, but so is durability when it comes to things like backpacks and lunchboxes that will be used all year. And spending more money on one thing means having to spend less on something else.

Sales Tax Holiday

Now through August 16th, the state’s portion of the sales tax on qualifying purchases drops from 6.25% to 1.25%.

School supplies eligible for the reduced tax rate include bookbags, colored pencils, lunch boxes, markers, notebooks, folders and crayons.

Clothing and shoes are also eligible, so long as each item is less than $125. This may include skirts, dresses, pants, shorts, underwear, school uniforms, shirts, sneakers, boots and other shoes.

The Illinois Department of Revenue has more information.