Back-to-school budget

According to the National Retail Federation, consumers throughout Florida and across the country plan to rein in back-to-school spending this year — decreasing the amount they spend on clothes and supplies. From backpacks to lunchboxes to calculators, the items can quickly add up, putting a dent in the family’s bank account. Here are a few tips to keep your spending under control.

1. Set a budget and prioritize. Before you set foot in a store, take inventory around the house to see what supplies you already have and determine how much you’re able to spend on new items.

2. Take advantage of the Florida sales tax holiday, Aug. 12-14. During this period, no sales tax will be collected on most clothing, footwear and accessories selling for less than $75, or on school supplies less than $15. Go to http://dor.myflorida.com/dor/gta.html for more details.

3. Write it down. Impulse buys and flashy, more expensive items can quickly send your total spiraling out of control. Stick to the basics on your list.

4. Stock up after school starts. Oftentimes, materials on teachers’ lists aren’t needed the first week of school. If you can wait a week or two, some of these supplies may be marked down.

5. Clip coupons and join reward programs. Coupon clipping can trim away extra expense. Rewards programs might also be worth it, depending on the store. But make sure you know whether you’re signing up for a credit card or just a customer incentive program.

6. Rent vs. buy. Before spending the big bucks on expensive new items like musical instruments or sports equipment (which your child might quickly lose interest in), consider renting or buying used items.

7. Prioritize “needs” versus “wants.” Although that new computer may be on sale, do you really need it? If money is tight, don’t shop sales — shop prices. Also, share the decision-making process with the whole family. It’s never too soon to learn how to manage a budget.

8. Evaluate online vs. in-store totals. Shopping online can save money, time and gas. Just make sure to look at the total amount before checking out. Additional fees, shipping costs and other expenses might outweigh the benefit.

9. Monitor prices. Ask about sales adjustments and watch prices after your purchase. Many retailers will honor the discounted amount and provide a refund or credit within a certain timeframe.

10. Check receipts. Inspect sales receipts before leaving the store to ensure your total is correct. Your coupon-clipping doesn’t count if discounts aren’t applied correctly.

Being mindful of every dollar can add up to big savings in the check-out line. And for many Central Florida families that is more important than ever.

If you’re able to help provide school supplies for children whose families can’t, stop by any Fifth Third Bank location to contribute to our school supply drive.

Leo Gonzalez is the Senior Vice President of Retail Banking Executive at Fifth Third Bank (Central Florida). Member FDIC