As back to school time draws closer, we decided to share some back to school budgeting tips. The most important back-to-school item you’ll need is your budget. Take a look at these tips for creating – and sticking to – a back-to-school budget.
1. Plan it out.
Before you buy even one notebook, estimate how much you can afford to spend overall and what the costs are likely to be. Don’t leave anything out! It’s better to know ahead of time if things will be tight. Check your child’s school “Supply List” of essentials that they need to arrive with on the first day of school. Don’t forget to factor in tax.
2. Start early and take time to get ready.
It seems that sales for back-to-school gets earlier and earlier. The earlier you start, the more likely you’ll be to avoid panic shopping at the last minute – and spending more than you can afford. Think ahead to find the best deals and be on the lookout for the big back-to-school sales. Even the big stores can sell out at the last minute.
3. Get the kids involved.
Back-to-school shopping is a great way to teach them about budgeting and money management. Kids can help compare costs online. You might even put them in charge of looking for deals to stay under budget. Use back-to-school shopping as an opportunity to lay the foundation for helping your children develop sound money management habits early and build organizational skills. Help them understand the difference between needs and wants, and that purchasing one expensive item means less money to buy other items.
4. Get creative.
Who says back-to-school items have to be brand new? You can significantly reduce costs by trading books with other families or renting books. Also, take inventory of leftover items for last year; some may be reused, like pens and pencils. Assessing what you already own beforehand helps avoid buying unnecessary items.
5. Learn from the experience.
Make your savvy back-to-school approach an annual tradition. Keep track of this year’s expenses to help figure out the budget next year. Keep notes about what you discover, like where the best deals are and when the store shelves start to empty. They’ll come in handy a year from now. And if your kids’ cost-savings decisions help you come out ahead, use it as a teachable moment to talk to them about what to do with the money that was saved.
Practice these smart shopping habits each year, and by the time the kids graduate, you’ll have saved a bundle. And they’ll be much more prepared for the real world.
– Tips are courtesy of http://www.practicalmoneyskills.com
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