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Before these students hear the school bell, businesses everywhere hear the ringing of cash registers.

According to the National Retail Federation, K-12 and college spending is expected to hit $55 billion this year. Making it the second largest shopping event behind Christmas.

So, how can you save money and make sure your student is going to make the grade? Here are the ABCs of back to school savings.

Before you go clothes shopping, five fundamentals of cheap fashion.

First, inventory what you have.

Second, make a list of things you need.

Three: Get friends together for a clothes swapping party.

Four: Checked used: consignment shops, Goodwill, etc.

Five: coupons and sales.

Lot of the same rules apply for other school supplies. Inventory first...then list, then used. Then, look for the sales and coupons.

Consider buying in bulk and sharing the cost of supplies with a friend.

Harness social media: follow stores on Twitter and Facebook for back to school specials and coupons.

And the best lesson? Learn to use your imagination instead of money. Example?

White board at the office supply store, $50 bucks. Go to the building supply store, get a 4 by 8 sheet of white board like this for $12 bucks.

Want more ideas to save on back to school? They're waiting for you right here at moneytalksnews.com.