Expert Offers Shopping Tips During Oklahoma Tax Free Weekend

Friday, August 1st 2014, 8:39 am
By: News 9

Tax free weekend is underway in Oklahoma. The three-day sales tax holiday started at midnight, and will go through midnight Sunday.

The Oklahoma Tax Commission says clothing and shoes qualify as long as they are less than $100. Backpacks and school supplies likes crayons and paper do not qualify.

A lot of our viewers want to take advantage of a good deal. But Amanda Brackney of Edmond who is behind has a few things for you to keep in mind before you hit the mall this weekend.

First, set a budget. Impulse buying will lead you to spend more money.

Second, do your homework. Find out what you really need to buy. Dig through your kids closets. Do they really need new jeans this school year or are last year's still in good shape?

Third, look through the ads of the local stores. What’s on sale? Are the coupons to go on top of those sales? Because when you stack those two things along without paying taxes you're definitely getting the deal.

"You just have to boil it down to what am I actually saving? People think ‘tax free...we're going to get everything we need and save all this money.’ You're really just saving about ten percent or less depending on the sales tax in your area, so it's not really that big of a savings," Brackney said.

Brackney also said a lot of summer clothes are on clearance. So if you can buy bathing suits, shorts, tank tops one size up for those growing kids at home for them to wear next summer.

Meanwhile, our friends at the Oklahoma Society of CPAs said this can be a great financial literacy lesson for kids. Talk to them about budgets and prioritizing needs and wants. Let them help pick out the clothes and shoes knowing they have to stay within a limit. That also lets them decide if they want to use their own allowance for some items.