Tax-Free Weekend Tips

: Chris Lee Law Firm

  Filed under: Money Management

tax free weekendIn some states, school starts as early as next week. Many stores are gearing up for a big sales weekend as parents take their kids back-to-school shopping for clothes and school supplies. Luckily, many states offer a “tax-free weekend” to help ease the financial burden of this popular time for retail stores. However, not everyone knows how to make the most of the savings earned during this time.

Money Matters

Not all states have a sales tax, but for those that do it can really add up during large purchases. For those already struggling with credit debt, the temptation to charge back-to-school purchases canĀ  lead to costly mistakes. Here is how to make the most out of your tax-free weekend:

Don’t use credit cards to make purchases. What you save in sales tax will easily be nullified by the interest fees you will pay on the purchases.

Don’t overspend. Just because you save 8% on purchases isn’t a license to buy 8% more in items. Create a list of what is needed and stick to purchasing only from that list.

Don’t take the tags off just yet. Even though you may be saving in sales tax, some stores will hike up the prices to compensate. Keep the tags on clothing and revisit stores in a week or two to see if they are on sale. If so, ask for the difference in your purchase price and the current sales price to be refunded.

 


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