Your Money

Saving On School Expenses

Posted: 10/18/2011

It’s important to find resources that help keep your finances on track.

(NAPSI)—Americans are taking a budget-conscious approach to shopping for school supplies and clothes—exploring ways to save and cut costs in tough economic times.

As a result, a recent survey released by Chase Card Services, a division of JPMorgan Chase & Co. [NYSE: JPM], found that only one in five shoppers feels stressed about school shopping this year, with nearly 40 percent reporting “no stress at all.”

The findings also reveal that Americans continue to have a practical mind-set when it comes to their personal financial situations and are approaching this busy shopping season with a focus on necessities. Just as in last year’s survey, only three in 10 Americans believe their personal finances are getting better. Furthermore, the majority of this year’s shoppers expect to spend about the same amount or less than last year and have plans to accomplish their spending goals.

Savvy Consumers

Among those who plan to spend less, there are several methods by which they plan to get the most from their spending:

• 34 percent are most likely to try reusing school-related supplies;

• 26 percent are most likely to try clipping coupons;

• 25 percent are most likely to try shopping at discount stores such as Target. The areas of school-related expenses that families are most likely to focus on when spending less are:

• Clothing: 39 percent

• Supplies: 25 percent

• Extracurricular activities such as sports and art: 18 percent

• Tuition: 15 percent

• Transportation: 15 percent

• Weekend activities: 12 percent

• Extra classes or tutoring: 9 percent.

Americans also recognize the value of setting a school expense budget, with more than half of shoppers indicating that having a shopping budget would be either very helpful (32 percent) or somewhat helpful (26 percent).

Women are more likely to believe in the value of budgets: Sixty-four percent indicate having one would be either very or somewhat helpful, compared to 51 percent of men.

In addition, those who have created budgets this year are more likely to say that their personal finances are getting better (42 percent), compared to those who have not created budgets (28 percent).

It’s important to find the resources that work best to help keep your finances on track. For example, Chase SlateSM with Blueprint® offers features that help shoppers track and manage their spending and pay down balances faster so they can save money on interest.

With Blueprint, Slate customers can decide which purchases they want to pay in full every month, ensuring that they don’t pay interest on purchases like school supplies, clothing and gasoline, even when they carry a balance. It also provides a way to better manage larger purchases, such as a computer or sports equipment. For these, customers can set up a simple plan to pay off the purchase faster so they can save money on interest.

For More Information

You can learn more at www.chase.com/slate.

The areas of school-related expenses that families are most likely to focus on when spending less are:

• Clothing: 39 percent
• Supplies: 25 percent
• Extracurricular activities such as sports and art: 18 percent
• Tuition: 15 percent
• Transportation: 15 percent
• Weekend activities: 12 percent
• Extra classes or tutoring: 9 percent.
  

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