Back to School Budget

Posted on August 8, 2024 in Personal Finance

Summer is winding down and schools will be starting in just a few short weeks. We know that can be both exciting and stressful (on your wallet). According to a survey by Communities in Schools, average back to school costs exceed $1,000 per student. We’ve compiled a list with a few back to school tips to help you get started and hopefully save you some money.

1. Create a school supply list. List all potential expenses, including school supplies, clothing and extracurricular activities.
2. Take inventory. Once you look over your supply list, take a look around your house and see what you already have.
3. Create a budget. Be sure to take a look at the entire school year to ensure a comprehensive budget is developed. We encourage you to involve your children in the process of determining how much to spend on supplies to give a better understanding of how much various items cost.
4. Shop thrift and secondhand stores. Check out local thrift stores, consignment shops, or even online marketplaces for affordable, gently used school supplies and clothing.
5. Compare prices and shop for bargains before you buy. Look at your favorite retailers and check for in-store, printable or online promotions. Check for cashback apps to save extra money when possible.
6. Shop after school starts. For items not needed at the beginning of the school year, skip the August rush and use what you already have to get started. Maybe you’ll even find out that some things on your supply list aren’t all that necessary after all. Another benefit to waiting is you can take advantage of Labor Day sales as well as back to school clearance deals.
7. Reuse and recycle. Encourage the reuse of supplies that are still in good condition. You can even get creative and personalize and revamp old items.
8. Monitor and adjust. Throughout the year, be sure to keep track of your spending. As unexpected expenses arise, you may need to adjust your budget.
9. Shop local. When you shop local you’re supporting local businesses that make our communities a better place to live and work.

We hope that the resources above help you manage your finances effectively and ensure that your children are all set to make this the best school year yet!