The summer break is almost over, and the first day of school will soon be upon us. It usually arrives much quicker than expected! While there’s excitement and anticipation in the air, there is no doubt some anxiety lingering as well. As a parent, you want to make sure that everything goes smoothly for the upcoming school year, as your children advance to the next grade. Reviewing your budget for the school year is a very important part of the process as you prepare to spend your money and resources in an economic and wise way.
Your job as a parent is endless, and you want to set your child up for success. So do your own homework in preparation for the new school year. For example, from my personal experience, I would always stick to my budget plan and the list of items that we had put together, being careful not to deviate from what we had already created in our written plan. One form of savings to consider is the reuse of select items purchased in the previous school year (e.g., computers, calculators, backpacks, etc.).
When preparing to go shopping for the school year, I would always take my son with me, as I knew this would not only help reinforce the importance of my budgeting to him, but also taught good, smart money habits, which he would be able to use in his adult life. One sure way I would leverage the use of my credit cards would be to earn rewards and cash back along the way, which I would accumulate for future spending. In addition, I would always compare prices between the stores I would visit, as some stores will match or beat competitor pricing. Actually, this is something I do year-round! And I make sure to check out the discount stores (e.g., Dollar Tree, Dollar General etc.) for school supplies like pencils, pens, paper and binders.
Another cost savings I’d utilize would be the use of gift cards I received that I would probably not use otherwise. Also, I do not discount reaching out to my church or any local non-profit organization to get free school supplies or backpacks. And, while Texas is a state that does not charge a state income tax, I would always take advantage of tax-free weekends prior to the school year. Keep in mind that as your children get older and reach higher grade levels, especially college, many of the costs will rise accordingly.
These are just a few of the practical strategies and tips I used over the years to accomplish my task of staying within my back-to-school budget. Even though my son has turned out to be very diligent and responsible in his spending, the one thing I wish I would have done differently was to add him as an authorized user on my credit card, so he would have a better understanding of how credit cards work and how it could affect your creditworthiness when you are ready to make those big life changing purchases, such as a car or a home.
Following these simple tips and ideas can help you stay on a path to financial stability and take away some of the anxiety that can get in the way of an exciting time for you and your children.
