Whether you’re sending a little one off to kindergarten for the first time, getting your teenager ready for another year of high school, or preparing for the first year of post-secondary education, back-to-school season can be an exciting time for the whole family.
Along with new teachers, new classes, and new routines, however, comes a long list of expenses. School supplies, clothing, shoes, technology, lunches, extracurricular activities and school fees can add up quickly. That’s why a little advance planning can go a long way towards making sure your family starts the school year on the right financial footing.
Here’s a look at some ways to keep those back-to-school dollars under control.
Start by figuring out what you can afford to spend
Before you head out shopping, look at your household budget and decide how much you can comfortably put towards back-to-school expenses. If you have more than one child, consider setting an overall family budget and then dividing it between each child based on their individual needs.
If possible, start setting money aside several months before school begins. Even setting aside a small amount from each pay can make a difference when September rolls around. If you haven’t been saving specifically for back-to-school costs, don’t panic. Take a look at your current budget and determine what you can reasonably spend without relying on credit or dipping too deeply into your emergency savings.
Take inventory before you go shopping
It’s easy to get caught up in the excitement of buying new school supplies, but before you fill in your shopping cart, check what you already have at home.
Last year’s backpack may still have plenty of life left in it. Pencils, notebooks, lunch containers, calculators and other supplies may also be perfectly usable. Clothing and shoes are another area where taking inventory can help. If something still fits and is in good condition, there may be no reason to replace it.
Making a list of what you actually need can help prevent duplicate purchases and keep unnecessary spending to a minimum.
Separate the needs from the wants
Back-to-school shopping can sometimes turn into a battle between what your child needs and what they really want. While it’s perfectly understandable that kids may want the latest shoes, trendiest backpacks or newest technology, not every item needs to make it into the shopping cart.
Try separating purchases into two categories: essentials and extras. Take care of the essentials first and then see what your budget allows for the things that aren’t necessities. This can also be a great opportunity to teach children about budgeting. Giving them a set amount to spend on certain items can help them understand that money is limited and that making one choice may mean giving up another.
Look for ways to save without sacrificing quality
Once you know what you need, shop around before making your purchases. Compare prices between stores, look for sales and take advantage of coupons or loyalty programs where appropriate. Larger purchases, such as laptops, tablets or other technology, don’t feel pressured to buy the most expensive option. Consider what your child actually needs for school and compare features, prices and warranties before making a decision. You may also be able to save money by purchasing certain items in bulk, buying generic brands for everyday supplies, or shopping second-hand and other essentials.
Remember that September isn’t the end of the expenses
One of the easiest mistakes to make is to assume that back-to-school spending ends once the school year begins. Throughout the year, there may be field trips, sports fees, extracurricular activities, school events, project supplies and other unexpected costs. If possible, build a small amount into your monthly budget for these expenses. That way, when an unexpected school cost comes home in your child’s backpack, it won’t necessarily throw your entire budget off track.
A little planning can make a big difference. By setting a realistic budget, shopping with a list, prioritizing needs and planning for expenses throughout the school year, you can get your family ready for the classroom without putting unnecessary pressure on your finances.
Back-to-school season should be about new beginnings, not financial stress. Plan ahead, spend wisely, and make sure your money is working as hard as your kids are this school year.
