The start of a new school year is always stressful. This year, however, with the inflation rate over 9%, it won’t be easy to afford the clothes, shoes, electronics and supplies that your children need. We’ve already seen large increases in grocery bills, gasoline and much more. And, it doesn’t look like the economy will improve anytime soon. Last year, the total spent in the U.S. for back-to-school was over $82 billion. The most money was spent on clothes and shoes. Coming in second was electronics, then supplies. All will most likely increase this year.
So, it’s more important than ever before to have a plan that includes everything your children need. Then, you can create a budget.
- As you begin the budget process, make a list of everything your children need in order of importance. That way you can spread out the expenses when necessary.
- Go through your children’s closets with them to find out what they need. Some clothing items from last year might still fit. Also remember that summer temperatures will go into the first couple of months of school which allows you to buy fall and winter clothing a little later.
- For supplies, do price comparisons between stores like Walmart and Target. Also remember to check the dollar stores in your area as they often have some of the items on the supply list.
- Don’t forget to check for coupons online and in the newspaper. You’ll be able to save a lot of money so it will be worth the time and the effort required to clip and click for coupons.
- Find out which stores price match and shop at those.
- Take advantage of the tax-free weekend Aug. 5-7. Eligible items include clothing, diapers, footwear, backpacks and school supplies (up to $100 per item).
- You do not have to say yes to every extracurricular activity that your children mention. They are both time-consuming and expensive. Pick what your budget, and your time constraints, can cover.
- If you are financially able, begin setting aside a little each month when school starts this year, to cover expenses the next year. Even if you cannot save the entire amount, every little bit saved will help.
Sources: https://www.mykidstime.com/school/44-simple-ways-save-money-back-school/