The back-to-school season is just around the corner here on the Central Coast. Along with getting the class schedules and preparing for a new grade, many families are also in the process of getting everything sorted for the year ahead.
The new school year also kicks off with a large amount of expenses, from school supplies and clothing to technology and extracurriculars. While the first day of school may be right around the corner, there is still time to make a plan for what expenses are ahead so you can reduce a bit of the stress that comes with the financial burden and keep your spending on track throughout the year.
Back-to-school shopping goes beyond the notebooks and new shoes. Before heading to the store, take note of what your child already has and identify the items that need to be bought. As you build your list, consider categories such as:
Many schools provide supply lists on their websites or will send out back-to-school communications to parents. Checking those resources can help make sure you purchase everything you need.
Creating a list before going to the stores can also help reduce impulse purchases and keep your spending focused on the items you listed.
Once you have your list, the next step is estimating the cost of each category and outlining a budget. Knowing how much you can spend in each category before you begin shopping can help you stay organized and within your spending limits.
A detailed plan can be especially helpful for expenses that may not occur right away but are expected later in the school year.
It is important to distinguish between which items your child needs on the first day of school and items that can wait until later in the year. Knowing which items are essential and prioritizing them can provide greater flexibility and reduce pressure on your family’s finances as you can save for those purchases down the line.
A prime example is sports. If your child plays basketball but the season doesn’t start until winter, those costs don’t need to be covered for now. Instead, you can proactively start saving now by setting aside a small amount from each paycheck so that when basketball season comes around, you’ll be ready. That said, some sports may have offseason training or practices that begin earlier in the year, so it’s important to plan accordingly.
Back-to-school shopping can also be a great opportunity to teach children healthy financial habits.
Once you understand the cost of the essentials, consider giving your children some decision-making responsibility for some of the other purchases. You can let them know how much they have to spend on clothing and personal items ahead of time, and let them decide how they can use it. For older students and teens, a checking account and debit card can provide a practical way to track purchases and monitor spending. By getting your kids involved in the process, school shopping becomes more of a team effort rather than making a series of decisions for them.
You can also encourage your kids with smart spending habits by comparing prices online and seeing what stores have sales, as you evaluate options before going to the stores. Learning how to stretch your budget and get the most bang for your buck without sacrificing the things you want is a skill that can benefit them as they become more resourceful.
Back-to-school season can feel hectic, but it’s worth it to take the time and plan the process along with your spending. Creating a list, separating wants from needs, and sticking to your budget can help your family stay organized with all the moving parts and get ahead for the future months.
For parents interested in helping their children build strong financial habits, we would also recommend reading our blog about kids’ savings accounts and first credit cards.
And if you’re looking beyond just the back-to-school shopping, American Riviera Bank offers resources and tools to help you stay on track throughout the year. Whether you’re managing day-to-day expenses or working toward long-term financial goals, our team is here to help.
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