Back to school always sneaks up on you. After several weeks of “do what you want when you want,” suddenly there’s a deadline: the first day of school. And your kids have grown over the summer.
It’s easy for back-to-school expenses to add up quickly, but with a little planning you don’t have to blow your budget. Here are some great tips from Rachel Cruze, author of “Smart Money Smart Kids,” co-written with her father, Dave Ramsey.
Families with K-12 kids will end up spending approximately $863.86 on back-to-school shopping this season, according to the National Retail Federation. Got a college student? That expense balloons up to $1,437.79. Gulp. This is why you want to find ways to save on your shopping.
Shop Your Closets
What do you already have at home? You don’t have to replace something just because it’s a new year. Look around for unused notebooks, pencils and pouches, etc. Use what you have first then buy only what you actually need.
Set a Budget Before You Head Out
When you know your budget before you shop, you’re much less likely to overspend in the moment, says Cruze. Decide how much you’ll spend on supplies, clothes, shoes and electronics. And remember, you don’t have to have everything right away. Here in Tennessee it will be warm into October, so wearing warm-weather clothing works in August and September. Get the minimum that you need to launch the school year for your kids and plan on hitting up local fall consignment sales starting at the end of this month.
Wait to Buy What You Don’t Need Right Away
You don’t have to check every box right away — in fact, you shouldn’t. Will the kids need new winter coats? Unless it’s deeply discounted, wait. Same for other pricey items like those graphing calculators. Find out when they will actually be needed and wait. Spreading out big ticket expenses can make your present budget easier to manage.
Make it a Teaching Moment — Include the Kids
Give each of your kids (the ones who are old enough to understand) a set amount of money for clothes and shoes and let them decide how to spend it. They will quickly see what you are up against in the cost of living. But they will also learn to start comparing prices and deciding about what’s worth buying. Remind your kids to stay within the budget. Of course, smart teens bent on getting the expensive sneakers they really, really want may try to negotiate with you for more money, so be prepared. Be creative. We’ll just leave that right there.
Don’t Be Tricked By Sales
Buying something you weren’t planning on buying isn’t saving money. And retailers are smart; they know you’re shopping for back to school and aim to lure you in with discounts. If an item that your kid wants isn’t on your list to begin with, a discount doesn’t suddenly make it a good purchase.
Save Ahead
This is a smart approach, but not a lot of people are good at it: setting aside a little money each month for next year’s school expenses … or things that will come up during the year. Setting aside $25 – $50 a month can help you with surprise needs.
Don’t Break the Bank
Kids want what the cool kids have but is that the way to go? Maybe let them save up themselves for the “stuff” they want to impress their friends with in the hallways. Your kids don’t need the newest everything, they need parents who can make smart financial decisions and show them how to handle money well.
Be intentional with your money, send the kids back to school with what they need and keep making progress on your family’s financial goals. That’s good for the entire family.
