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