Back to School Budgeting!

The back-to-school season can be exciting, but the costs can add up quickly. Between school supplies, clothing, technology, lunches, extracurricular activities, and everything in between, it’s easy to stretch beyond what you planned. The good news? A little planning can go a long way.

Start with what you already have:

Before heading to the store, take inventory of school supplies, clothing, and other items you already have at home. You may be surprised by how much you can cross off your list without spending anything.

Make a list and stick to it:

A written shopping list can help keep wants from becoming unexpected expenses. For bigger purchases, consider comparing prices from several retailers before buying.

Separate needs from wants:

Not every back-to-school purchase has to be brand new. Talk with your children about the difference between things they need for school and things they’d simply like to have. “Ask your child to set a goal for something they want and talk about the steps it would take to get it. Over time, check in to see how the steps are going and whether the goal is still important.”¹

Give yourself a spending limit:

Decide how much your family can comfortably spend before you start shopping. If you have multiple children, consider setting an individual budget for each child so everyone knows what they have available.

Plan for expenses that come later:

School costs don’t necessarily end when the first bell rings. Sports fees, field trips, school pictures, fundraisers and other activities may come up throughout the year. Consider setting aside a little money now so expenses don’t catch you by surprise.

Back-to-school shopping can also be a great opportunity to involve your children in financial decisions. Helping them set a spending limit, compare prices, and make choices within that limit can teach money skills they’ll use long after the school year ends. If you don’t know where to start having financial conversations with your kids, ConsumerFinance.gov has many resources built to help you teach your kids smart financial habits.²

¹https://www.consumerfinance.gov/consumer-tools/money-as-you-grow/school-age-children-preteens/explore-planning/ ²https://www.consumerfinance.gov/consumer-tools/money-as-you-grow/?sf208102174=1