Can you guess what period we’re entering? Absolutely correct! It’s the back-to-school time of year. The summer break, which spans nine weeks, is fast approaching its finish line, urging us to ready our kids and establish our school-related budget.
Back in the day, I used to relish the back-to-school season, eager to make acquaintance with my new teacher and classmates. Acquiring a novel backpack and a glossy lunch box was one of the highlights. But now, screening everything from a parental standpoint, it appears considerably more strenuous and costly.
The cost of education just seems to keep escalating. The average spending per student by parents is estimated to be nearly $270, up from around $250 in 2020, as determined by KPMG when they surveyed over 1,000 adults nationwide. Interestingly, parents of preschoolers expect to spend about 32% more this year. For parents of college-goers, the number is a 13% increase. This major rise is partly due to higher enrollment in both preschools and colleges after halting plans last year.
Last year brought about a significant transformation in education, with a shift from classroom to online learning. Parents were also adjusting their school shopping habits and reevaluating the actual needs of their children for the academic year. This year is expected to bring its own unique challenges.
Here are seven suggestions to help devise a functional back-to-school plan:
DEFINE ESSENTIAL SCHOOL SUPPLIES:
Review your child’s school-supplied list of necessary items and assess what items you already have, particularly given the recent e-learning phase. Check existing clothes and shoes for fit before buying more.
CREATE A BUDGET:
Once you have your list, allocate a budget. It’s essential to set a spending limit that you’re comfortable with, keeping in mind the individual needs of each child.
SHOP GRADUALLY:
Rather than purchasing all at once, consider spreading out your shopping. Beginning the year with sufficient clothing and completing the wardrobe as key items go on sale can assist in budget management.
UTILIZE TAX-FREE WEEKENDS:
Tax-free weekends can significantly reduce the cost of school supplies. If your state offers this deal, seize the opportunity.
USE COUPONS:
Make the most of manufacturer and store coupons, especially during July and August. These can be found in magazines, Sunday newspapers, in-store, and inside products.
COMPARE PRICES:
Use apps, like those offered by Walmart, Target, and Best Buy, to compare prices and find the best deals when shopping for supplies and clothes.
SHOP SMART:
Avoid paying full price whenever possible. Look for sales promotions, consider generic items, and evaluate pricing at different stores before making a decision.
In conclusion, adhering to the advice above will guide you to form an effective plan for the upcoming back-to-school season, enabling you to stay within your budget. The key factor is to maintain simplicity and abide by your budget to prevent overspending and maintain financial control.
While back-to-school shopping can be tough and costly, it becomes manageable with a well-thought-out plan and budget. Make thoughtful purchases before the start of school and establish a fund for school supplies for year-round spending which can further ease the stress.
Do you have any other useful strategies for maintaining a back-to-school budget? Visit SmartAsset.com for more details.
