Tips on How to Budget for Back-to-School Shopping (Part 1)

September 1, 2013

With a little planning and savvy shopping, parents can avoid spending an excessive amount of money on back-to-school items.

With a little planning and savvy shopping, parents can avoid spending an excessive amount of money on back-to-school items.

With a new school year just around the corner, parents and students nationwide are preparing to go back to school by buying new school supplies, clothing, sporting goods, etc. While the back-to-school season can be an exciting time for many students, it can also be a stressful time, particularly for those who are worried about spending a bunch of money on back-to-school gear. Although there may be a number of things to purchase for children his back-to-school season, the good news is that, with a little planning and savvy shopping, parents can avoid spending an excessive amount of money on back-to-school items.

The following are some tips for parents on how to budget for and save money on back-to-school shopping:

  • Figure out how much you spent on last year’s back-to-school gear: Check your bank statement, old receipts, etc. to figure out how much money you spent in total on last year’s back-to-school needs. While this figure will likely change, it can give you a number to work with before you start spending. If you can’t figure out how much you spent last year, do some research to come up with a realistic number regarding how much you can afford to spend on each child for his or her back-to-school needs.
  • See if you can reuse anything from last year: Although your child may not be able to fit into last year’s clothes, some school supplies – like backpacks, pens or notebooks – may still be in relatively good shape and, as a result, may be able to be used this school year. Take some time to evaluate what items can be reused before you go out and purchase brand new supplies or gear for school.

For more helpful tips on how to save money when shopping for back-to-school gear this year, check out our upcoming Part 2 of this blog.

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Categories: Blog, Budgeting, Finances, Financial Tips, Saving Money