Your Back to School Savings Cheat Sheet

It is hard to believe that we are getting to send our children back to school!! Have you adequately prepared? Most of the time, we haven’t. Somehow we just have too much fun relaxing, vacationing, and in general enjoying the break from the usual routine. Well, I have news for you… School starts at about the same time each year so why not plan accordingly? How about we make preparations for what is ahead by starting now? Let me help you think through how to prepare.

First of all, you want to make sure that back-to-school shopping doesn’t put you into credit card debt. Look at your budget and think about ways you can make room to spend in preparation. This may mean you halt payments on debt reduction or savings just for one month in order to make room for all the shopping you will do.

Here are some tips to consider as you get ready for this new school year:

1. Before you spend any money. Look at what you already have. Make your kids clean their rooms, open the drawers, and take inventory. This goes for clothes and school supplies. Make a list of what they need so you don’t spend on too many “wants”.

2. Search out and pay attention to the sales, coupons, and tax-free shopping days. If you plan ahead, you can save money without much effort.

3. Create a storage tub with all unused school supplies. Stock up at Staples and Office Max when certain supplies are penny deals and then dump them in the tub so you know where to look when you need it.

4. Buy clothes in larger sizes throughout the year when they are on clearance. This way you don’t need to budget a large amount for clothing on the heels of a vacation.

5. Get an idea of what activities, electives, and sports your kids want to partake in early. Next, determine what makes sense for your schedule and budget. Finally, inform your kids of the ones they can participate in before the sign-up date.

6. Summer is expensive with vacations, camps, activities, etc. We have to keep everyone busy right? Well, why not save for these events throughout the year? Sign up for your dependent care account at work so you get a tax break. Only put in the amount of money for child care, camps, etc that you know you will spend because the money is gone at the end of the year. Also, open a vacation savings account. Add up what you spent this summer and set aside the monthly amount automatically. Now that we are getting back to normal after this pandemic vacation spending is definitely on the rise.

7. Shopping is easy when you have to buy school uniforms since it is all the same. However, it can be costly. Scout out families with kids either older or younger than yours and consider a clothing exchange. And definitely keep the older kids' clothes in your home for younger ones.

Budgeting is the key to success with money. It helps you plan for what is ahead and gives you a basis for change when the unexpected happens. Preparing to send your kids to school is no different. Budgeting will relieve the stress, and in turn, put the power back in your hands. Here’s to a great school year!