How To Prepare Your Back-To-School Budget
07/20/2022
Without preparation, back-to-school shopping can drain your bank account. However, when you take the time to budget and plan, back-to-school shopping can be an enjoyable experience and even gives you a chance to show your child the importance of budgeting firsthand.
Budgeting is now more important than ever because parents have been expecting to spend more money on back-to-school costs in recent years due to inflation.
Here’s what you need to know about how to prepare your back-to-school budget for any grade level.
DETERMINE NEEDS VS. WANTS
The first step to creating your back-to-school budget is to get the supply list from your child’s school. What you have in mind for your shopping list may not even be on the supply list, so wait and see what the school says is necessary before you go shopping.
Then, determine needs and wants and prioritize your costs. School supplies are a must, but you may be better off buying clothes for school throughout the year. Plus, there are ways to spread out your spending, like if your kids are still growing. There’s no need to buy a year's worth of clothes for school when your child will likely have a growth spurt or need a bigger shoe size within a few months.
CONSIDER WHAT YOU ALREADY HAVE
Before you head to the store, take inventory of what you already have. Maybe you already have pens and pencils in stock at home or buried in last year’s backpack. Anything that’s still in good shape, like binders and folders, can be used again and crossed off your shopping list.
COMPARE PRICES BEFORE YOU SHOP
If you just walk into a store without preparing, you may be tempted to just cross things off your list to get your shopping done without getting the best deals. Check for back-to-school sales and coupons for the stores you plan to visit and compare prices.
Don’t forget to consider ordering supplies online if it’ll be a better deal — just remember to factor in any shipping costs. When you head to the store, bring your list with you so you only get what’s necessary.
CONSIDER EXTRACURRICULARS AND OTHER COSTS
Don’t forget to budget for after-school activities! Whether it’s ballet lessons, the cost of driver's education, soccer gear, marching band fees, or anything else, consider what equipment costs you’ll have for extracurricular activities.
MAKE A BUDGET
In 2021, families with children in elementary through high school planned to spend an average of $848.90 on items for the new school year, according to the National Retail Federation.
Shopping for the new school year can be expensive, but now that you have an idea of what items you actually need to get and where you plan to get your supplies, you can total up the cost of what you need and determine a spending limit. Some items may feel worth it to you to get from a name brand, but basics like scissors and glue can be found at places like dollar stores.
BUDGETING FOR PRESCHOOL THROUGH HIGH SCHOOL
In elementary, middle, and high school, you may wrack up more technology costs depending on your child’s school. Whether it’s a laptop to do school work at home or school-issued technology like iPads, find out what fees you have to pay on top of other school supplies.
School lunch costs should also be part of your budget. Calculate if packing a school lunch is cheaper than paying for it at school. If you plan to pack lunch or give your children after-school snacks, buy them in bulk since it’s often cheaper per unit.
BUDGETING FOR COLLEGE
Heading off to college or returning to college is costly. Keep in mind that if your college-bound student prefers to take notes on a laptop, you may not need to worry much about getting notebooks and some other supplies.
However, if you do need supplies like pens, pencils, binders, and notebooks, buy them from an off-campus store. College bookstores tend to hike up prices since they’re conveniently located on campus or they may have special college logos and branding.
College textbooks can be costly, so compare textbook prices from the campus bookstore, Chegg, Amazon, and other retailers to find the best option. Renting textbooks that you don’t plan to keep is a great way to save money.
EARN REWARDS FOR YOUR SPENDING
When you bank with us at INOVA Federal, we’re always within reach to help you accomplish your financial goals.
We offer multiple ways to help you prepare your back-to-school budget. If you have questions about budgeting, opening an account, or our rewards system — so you can get more bang for your buck — stop in and see us at one of our convenient locations or call 800-826-5465.