Back-To-School Shopping Budget
This year has extra challenges with inflation rising to the highest level in many years, and with higher gas prices, many families are feeling the pinch. If you are looking for strategies and tips to help stay within your budget and shop for a successful back-to-school year, see the list below.
According to Fortune Magazine, parents anticipate spending a whopping $661 on supplies, per child. The National Retail Federation estimates an even higher record average of $864 for back-to-school shopping for children in elementary, middle, or high school and about $1,199 shopping for college-aged kids. That’s a lot of money for pencils and glue (and MacBooks).
What I Need or Want
First, create a list of items that your child needs to start school. Teachers or school districts sometimes provide a list of recommended supply items as a starting point for your child. These items can add up quickly and affect your household budget. It’s nice to buy brand new school materials but if your budget is tight, only purchase the items needed.
Second, take a look around at home, check closets and drawers to see what clothing and shoes your child may already have, and ask yourself:
- Can I reuse anything from last year?
- Do I have office supplies, notebooks, pens, or pencils from last year?
- Does my child need a physical before starting school?
- Do they need a mask or hand sanitizer?
- Do I need to purchase uniforms?
- Will they need any sports equipment?
- Dance lessons?
- Any extra supplies for after-school activities?
- School Pictures?
- PTA fundraisers?
- Book Fairs?
Spending Limits and Budget Goals
You now know what you have, so make a list of necessary supplies to purchase. Creating a spending limit that fits into your budget will help you not to overspend. Review your shopping list to estimate the regular prices of each item. Total your expected spending amount, are you within your budget? If not, adjust your list or look for sales and discounts.
Your child may not need everything at one time. Winter items can be purchased later if the weather is still warm. When the back-to-school rush is over, retailers may offer greater discounts for their merchandise.
Be a Smart Shopper
Set your budget, stick to it, and start shopping. Compare online prices with different store prices. Search for sales, promotions, and good deals, buy generic brands or look for coupons and rebates. Certain states offer a temporary sales tax holiday for certain purchases. Look at the price of shipping vs. the price of gas when driving.
Look for sales before school starts to avoid paying retail prices. Check bulk prices at warehouse stores, especially if buying for more than one child. Some stores offer free back-to-school giveaways.
When your child is older, they often want certain brands or styles, talk to your kids about the cost of school items. Explain how much money is available to spend. Ask what’s important to them, find ways to compromise, and help them make good spending decisions. Allow your child to pick out some items to see if they stay within their budget.
This conversation is an excellent way to start teaching your kids about budgeting, a topic not always covered in many schools. A recent WSFS survey found that 52% of regional respondents cited their parents or guardians as the source for where they learned money management skills, and back-to-school shopping can provide a perfect opportunity for added financial lessons. Budgeting and saving are important lifelong skills.
Plan for Next Year
Planning can be a good thing and it’s never too late to start! Once your household expenses and emergency funds are covered, consider creating a separate savings account. Add small amounts of extra cash during the year for your children’s school expenses for the following year. By the next school year, you will have part of your school budget available to use.
Saving money is not easy, so challenge yourself to put aside a planned dollar amount monthly because it does add up!
Visit our store at https://www.teacherspayteachers.com/Store/Moneymonster-Kids for money lessons, worksheets, and activities for your child.
Visit our Let’s shop page for back-to-school ideas.
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