Back-to-School Savings Add up

Military consumers will be bringing their frugal spending habits to back-to-school shopping this year, with many families committing to buy less and pursue discount strategies according to research compiled by Sentient Decision Science, Inc. for First Command Financial Services.

The latest findings of the First Command Financial Behaviors Index® reveal that roughly half of military families making at least $50,000 a year will be in the market for school clothes and supplies this year. And 32 percent of them say they plan to spend less during the traditional back-to-school shopping season.

Military shoppers will be cutting back through a variety of frugal strategies. The top 10 methods identified by survey respondents include:

·         Spending less money on back-to-school clothing (56 percent).

·         Shopping at discount stores (53 percent).

·         Buying fewer school supplies (50 percent).

·         Shopping for less expensive school supplies (47 percent).

·         Using supplies from past years (47 percent).

·         Not buying new electronics, such as a computer or calculator (41 percent).

·         Keeping college-age children at home rather than moving them into a dorm room (18 percent).

·         Dressing children in hand-me-down clothing (12 percent).

·         Buying items in bulk (9 percent).

·         Buying fewer items for college dorm rooms (9 percent).

“Military families are continuing to make the most of their paychecks by relying on the valuable money-saving behaviors they’ve perfected during the current economic downturn,” said Scott Spiker, CEO of First Command Financial Services, Inc. “Back-to-school shopping has become yet another opportunity for active-duty families to spend less, save more and reduce debt so they can invest in their long-term financial security.”

Schedule an appointment at one of the two Fayetteville offices for some free financial planning advice at 501 Executive Place, (910) 323-4035 or 1995 Skibo Rd # 201, (910) 860-0702.