August 17, 2009


School supplies on a budget

Karen Croke
kcroke1@lohud.com

The rules of back-to-school shopping have changed. This year, it's buy only what you need, check for sales and coupons before you hit the stores, and, like Linda Fraylick of Pleasantville, consider alternative sources for your supplies.

Fraylick has two kids in high school, and their age, she says, helps, because older kids can make do with the bare minimum. "It's so nice not to have that list of things that they must have for each class," she says. "I definitely make the kids reuse anything we have in the house."

When she does shop, it's "Target or wherever they're having a sale, even ShopRite. If I have to, I go to Staples for items my kids have to have that I can't find anywhere else."

And whether that's colored markers for kindergarten, a graphing calculator for high school or a laptop for college, it's just one more thing to budget for.

"I am definitely cutting back," says Katonah's Stacey Cohen, the mother of two girls.

And so are a lot of other parents. Here are six ways to save when and where you can.

1. Needs versus wants: Your daughter wants new skinny jeans, but she needs a backpack. She wants a cute Pylones flash drive, but she really needs a calculator. What to do?

Make a list. The first thing you have to do is to figure out what you actually need. Chances are kids in elementary and middle school will already have a teacher-generated supply list, and those things are essentials.

(Although, honestly, how many glue sticks can one kid really need? Check out savings tip No. 2)

Stick to the list. No matter how much your child complains, cross those essentials off your list before venturing into the "wants" territory. Then consider extra costs that will crop up in the course of the school year, such as field trips, sports equipment, drama club dues, and yearbooks.

"If there's money left in the budget, have your child prioritize their 'wants' and let them get one or two on the list," says North Salem's Ken Mahoney, a financial planner, who has two school-aged boys.

2. Shop at home: Before you buy anything, look over your list and figure out what you already have. You'd be surprised. Last year, Wendy Wechler of Pearl River bought new supplies for all three of her sons - twins age 8, and an 11-year-old middle schooler.

This year, her closet yielded unused floppy binders, two packages of looseleaf paper, graphing paper and two entire boxes of glue sticks (see savings tip No. 1 above) - all items from last year's list. "I guess all those essentials weren't that essential," she laughs.

Even some of the things your kids did use are bound to be in good enough condition to re-use this year, such as rulers, protractors and that trusty Larousse Spanish-English dictionary.

"I definitely am taking stock of what supplies I have in-house," says Cohen, whose daughters are 12 and 15. "In previous years, I would end up buying all the items on the girls' school list without regard of what supplies we already had."

3. Incredible bulk: You do it with paper towels, water, even cleaning supplies, so why not school supplies??Take advantage of bulk discounts on pens, pencils, paper, and you'll have a ready supply to dispense as the year progresses.

4. Buy now and you will not save later: Whether it's that pair of must-have shoes, or a trendy lunch box, it's best to hold off buying some items until after school starts. Why??Once your kids arrive at school and discover everyone else has a different trendy lunch box, they are going to pester you relentlessly to trade in theirs for another model. And that's more money spent.

You can avoid this by planning out a purchase schedule. Determine what you need now, and what you can wait to buy later. Back-to-school shopping is a summerlong process at the Mahoney house. "We don't go out and do it all in one weekend," says Ken Mahoney.

Instead, his wife, Trish, shops all summer long, often going back to stores to see what's on sale.

"There is no big crescendo of shopping,"?he says. "We're out and about, and we make the best of it. It really does help us save a lot of money."

Another way the Mahoneys save: they buy clothes with school spirit. "Our school sells T-shirts and sweats as fundraisers, and ... we buy a lot. It's a win-win."

5. Think outside the pencil box: Consider new other sources for your back-to-school needs. At Futterman's Stationery in Larchmont, owner Minu Shah says the attraction of her small shop is the personal service.

"Customers come in and hand us their school list and get it filled in a half hour," says Shah, who has owned Futterman's with her husband for 23 years.

"It's a small store," she says, "but I?have everything." Shah stocks with the local school-supply lists in mind, and if she sells out of something, no worries.

"If we don't have it, we get if for you in a couple of days," she says.

And shop around. Linda Fraylick goes to ShopRite for basics, and that's good advice because it turns out, if you're not looking for a specific brand or item, supermarkets can be a quick source for pencils, pens and notebook paper, and often have better prices.

6. Shop end-of-summer sales: So it's not the latest style, but end-of-summer sales are great for stocking up on T-shirts, underwear, shorts and even jeans. ?And take advantage of buyer incentives, says Cohen. "There are currently a lot of promotions that I'm paying more attention to." For instance, Staples was offering a $10 card for every $50 you spend. And at Futterman's, most items are 10 percent off the list price.

A Financial Blueprint
by Ken Mahoney

When builders build a house, they start with an architect’s plan--a blueprint prepared by a trained professional. Then, as the project progresses, and as job conditions require changes to the initial design, sometimes the architect is brought back in but, often, the builder makes the necessary adjustments.

The same is true for financial plans, which I believe should be professionally prepared by an advisor who has the necessary experience and tools, then regularly reviewed and, if necessary, modified. Small adjustments can be made on the fly, but major adjustments probably deserve a consultation. Too often, once prepared, financial plans are treated as the “holy grail,” to be put away in a drawer, never again to see the light of day.

I’ve had new clients come into my office with antique financial plans, sometimes decades old that have never been updated to reflect changes in such critical areas as current assets, rates of return, life changes, inflation, and tax rates.

I remind my clients that we’ve established a good starting point, not an irrevocable program, and that, like a golf caddy, not only can I point out the financial water and sand traps, I can help you avoid them.


Perhaps picking a financial advisor doesn’t require the same level of intimate awareness that goes into selecting a life partner, but it does deserve the same care that should go into choosing an auto mechanic, doctor, lawyer, or tax preparer.

Like architects (and doctors and lawyers) financial planners often specialize in a particular area – retirement or estate planning, for example. It is essential to take some time to consider your financial goals and to keep in mind that as you grow older, as your circumstances change, as the market changes, your financial goals will change. Once you have an idea of your goals it is easier to narrow your search for a financial planner and develop a financial blueprint.

The financial planner and the blueprint should compliment your goals. The plan should allow for flexibility in the construction of your financial structure. And the planner should understand not only your goals but you. A good financial planner will understand your risk tolerance and your social preferences (perhaps you want to invest only in eco-friendly companies).

And a good financial planner will want to visit the blueprint from time to time. “Remodeling” is almost always essential to the continuity of a given structure. Taking a look at your financial blueprint from time to time to see where and whether or not improvements are necessary is fundamental to achieving your goals.

Give your financial planner a call and take a look at your financial blueprint today!

This email and its contents is neither a solicitation nor an offer to buy/sell any financial product(s). Information about financial product(s) provided herein may not be suitable for all investors. Moreover, the information contained herein has been obtained from sources believed to be reliable; its accuracy and completeness cannot be guaranteed.