What's Your Back-to-School Budget Spending Plan?
School is out for summer, and many of us are looking forward to relaxing. Planning for the 2024-25 school year may be in the far reaches of our minds; however, let’s not push it too far back. If you do, you could risk the potential of spending more money than intended. Here are some helpful tips for back to school on a budget:
Take inventory. Identify what your child already has and recycle their gently used clothing. Children constantly are growing, so instead of replacing their entire closet all at once, prioritize items that you need now. If you are in a region that experiences all four seasons, a plan for replacing seasonal staples especially around common sale or tax holiday timeframes can positively impact your budget and maximize your yearly savings.
Plan and create your budget. Before you head to the stores, plan out the necessities, such as clothing, shoes, school supplies, etc. Once you create your list, build a budget that is comfortable for your total family income while still allowing a “bucket” for each child if you have multiple children. Be realistic about your budget and prepare for inflation cost. Be sure to stick to the budget you create.
If you are interested in learning how to create a budget, check out Developing a Spending Plan on MarineNet’s eLearning Ecosystem. Log in and click “Catalog” at the top. Filter for self-paced courses and “Family and Readiness” courses.
Categorize your budget. Label each item on your budget as monthly or quarterly school expenses/fees, extracurricular expenses, or one-time expenses, etc. Contact your school’s front office and ask what you can expect to pay for the year your child is going to next (i.e., if your child is going to be a freshman in high school, how much are class dues?) or look on the school’s website for an Online Payment Portal that lists all possible upcoming fees and is where you can make the payment.
Spread out your spending. Aim to spread your spending over several months. Avoid purchasing items at one time to prevent a large decrease in your bank account. This will give you the opportunity to track upcoming sales, price comparisons, discounts, and prepare for tax-free weekends. Your pocketbook will be relieved by doing this best practice.
Prioritize. Focus on purchasing quality vs. quantity. While you should be on the lookout for deals, you want to look for opportunities to get great deals on quality products rather than a large quantity of low-cost items. That might mean going for brands known for durability or longevity rather than popularity.
It's all about preparing for back to school with a budget. Planning for back to school is very stressful, but taking advantage of some of these tips will help your finances go a long way.
