9 Tips to Keep Your Back-to-School Budget on Track

Reposted from pennyhoarder.com

Back-to-school season comes around every year, but like the holidays, it has a tendency to sneak up on parents and their bank accounts. With inflation and up-and-down gas prices, back-to-school is shaping up to be an even bigger budget challenge this year.

The National Retail Federation estimated last year that parents would spend a record average of $864 for back-to-school shopping for children in elementary, middle or high school and about $1,199 shopping for college-aged kids. That’s a lot of money for pencils and glue (and MacBooks).

If you don’t want to get caught off guard with hundreds of dollars in expenses, you’ll need to plan ahead and be a smart shopper. Here are nine strategies for reining in your back-to-school budget.

9 Tips to Keep Your Back-to-School Budget on Track

  • Assess what is needed
  • Establish a spending limit
  • Pad back-to-school shopping budget
  • Create a sinking fund for school supplies
  • Implement challenges to save money
  • Be a smart shopper
  • Figure out which expenses you can delay
  • Plan ahead for next year
  • Check for free or reduced-price back-to-school supplies

1. Assess What Is Needed

Start with the list of requested school supplies provided by your child’s teacher(s) or school district. Take inventory of what supplies you already have at home. Go through your kid’s dressers and closets to see what clothes and shoes still fit before going out to buy a new wardrobe.

When creating your list, don’t forget the costs that aren’t obvious. For example, will you need to buy uniforms or equipment for sports or other after-school activities? Will your child need a physical before heading back to school?

As you think through obvious back-to-school expenses, don’t forget school pictures, PTA fundraisers and book fairs.