The summer goes by quickly, and it's time to get ready for the back-to-school season. This comes with plenty of costs for families, especially for those with multiple children. From school fees to supplies and new clothes, this time of year can take a significant chunk out of your bank account if you aren't prepared. Following are some tips for budgeting for back to school.
Compile a List
First, you'll need to figure out everything your kids need to have when school starts. Check for your child's classroom supply list. Look on the school's website if you haven't received communication about it yet. Go through their closet and/or dresser to determine what clothing they need. Chances are they have outgrown some of the items they wore last year. Do they need new shoes? A new backpack? A lunchbox? Will they be buying school lunch? That may need to be factored into the budget. What registration fees will you need to pay for? Will they need a haircut before the first day? Compile a list of every possible cost you can think of and start adding the numbers up to determine the total of what you'll need to pay for.
Determine If You Can Use Items You Already Have
Determine if you already have some items on hand that can be used. Do you already have any of the items on the supply list? Are there items they used last year that they can continue to use?
"Reuse what you can," says Thrivent.* "In many cases, your child likely has some back-to-school basics that are “buy once, use many”—from backpacks and folders to computers and sporting gear for extracurriculars. Before you head to the store, take inventory of items you already have that can be used again. You also may encourage your child to prioritize gently used, “new to you” items that are handed down from a friend, neighbor or older sibling. Or items purchased for a low price at your local thrift store."
Compare Prices Before Buying
When you're ready to go back-to-school shopping, compare prices at multiple stores to get the most for your money.
"This is a crucial time of year to shop around," says Melinda Opperman at Credit.org.** "Use web sites and newspaper ads to compare prices, and remember that a lot of stores will stock up on school supplies where they normally wouldn’t, so don’t just look at the obvious retailers. Office supply stores are a good inclusion on your list for school shopping. Also remember dollar stores and the discount aisle of your local big-box retailer. You can afford to buy cheap when it comes to things like pencils and paper, since your kids are going to use those items up throughout the school year. Save your extra dollars for items that need to last, like backpacks."
Set Limits
When it comes to supplies, the lists often feature very specific items and certain numbers of them. Set limits where you can, such as with clothes and shoes. Know what you can afford and don't go overboard if money is tight. It's likely that your kids can still wear at least some of the items they already have, but even when buying new things, you can have a price range in mind for totals and for specific items. Depending on your kids' preferences, you may have to reach some compromises. Be fair, but know your limit and try not to exceed it. Make sure the basics are covered, but if kids are picky about certain brands, set limits for them as well.
Have the Kids Help
Use this time to give your kids a lesson on financial literacy. Have them help with the back-to-school shopping and budgeting. They can help you compare prices online, choose between items within a price range, contribute money from chores or summer jobs, and learn to prioritize needs over wants. The lessons they take away can serve them in life as they get older.
Keep the Whole School Year in Mind
Unless you plan on doing additional school shopping over the course of the year, make sure to keep the entire school year in mind when you do your shopping. Don't just plan for the current season. Think about the fall, winter, spring, and beginning of next summer. Just be sure to take their physical growth into account.
If you feel overwhelmed by all of the costs associated with the kids going back to school, consider getting better prepared for next year by saving now. Set up a savings account specifically for this purpose and add to it throughout the year so you have a nice fund to work from this time next year.