Phil Harriman in for Matt Gagnon speaks to Jon Paradise from Town & Country Federal Credit Union about some tips on back-to-school spending and tips on how to save money.
The beginning of the school year is an exciting time for families, but it can also put a strain on the household budget. And this year, thanks to mounting inflation and rising consumer prices, Americans can expect back-to-school supplies to cost even more than in the past. Some planning and prioritizing can go a long way to help make back-to-school time a little easier. Here are some ideas to help take control of your back-to-school spending and save some money.
1. Take inventory of what you already have – Before you start shopping, see what clothes fit your kids and what they have outgrown. Clothes from older children may fit a younger sibling just right. Go through leftover school supplies from last year. Even though they are not too expensive, you may not need to buy crayons, pencils, notebooks, binders, and other supplies now. By investing time in a back-to-school inventory it can save some money in the long run.
2. Create a list and prioritize all back-to-school needs – Know what you plan to buy before you head to the store or hop online. Check your child’s school supply list. Work together with your child(ren) to create a list of the things that are essential and those that are just wants.
3. Set a spending budget – Once you know what you need, create a budget to make it all happen. Figure out the costliest expenses to avoid surprises. Older students may need pricy electronics like a computer or graphing calculator. Focus on finding the best value on your most significant expenses first. If your kids are old enough, consider giving them a set amount of money and let them shop for their own supplies and clothes.
4. Shop the sales – To help fight rising prices, look for the best deals and sales with your favorite retailers. Monitor their websites and set up alerts to make sure you don’t miss out on any special buys or sales. Consider buying more store brands and generic products to save. Even a few dollars off can add up fast!
5. Spread out the shopping – Don’t feel like you have to buy your child(ren) a whole new wardrobe before school starts. You don’t need to spend your whole budget in August. Spread out the spending over several months to make it easier on your budget. There will be plenty of sales on clothes and more throughout the fall. Buy a little this month, buy a little next. Plus, you never know when one of your kids will shoot up an inch or two and outgrow their new clothes.
6. Get your child/young adult set up with an account. If your child/young adult doesn’t have an account, the start of the school year is a great time. Unlike some cards that require a fee, some financial institutions offer free debit cards with parental controls/management. This is a great way to give your child some financial independence and still stay in the loop on spending/budgeting.
