Summer is coming to an end and that means kids get to go back to school! Yay! Or maybe not. That also means there is a long list of items you need to buy. End of summer is therefore usually an expensive time of year adding even more consumer debt. Is saving money on back to school shopping even a thing?
Saving Money on Back to School Shopping:
Year after year, the trip to get school supplies gets expensive. Your kids are getting older and now know to demand the trendiest jacket and the pair of sneakers. So, is the money you allocate on your budget really enough? Or is it a better idea to start setting aside every month a little extra now for next year’s shopping?
How can you go about saving money on back to school shopping? Here are some tips!
- Calculate how much you can spend on this expense category. It is a good idea to keep your kids involved in the budgeting process so that you set their expectations in a reasonable middle ground.
- Do you know your list of back to school expenses? Have you got an additional cushion for that unexpected pair of shoes? You can look at your previous year’s purchases for a baseline to do this.
- You might be too late this year. However, starting next year spread out the purchases you can such as clothing. Shopping end of season sales is a good way to score great bargains.
- If you have an older kid there are probably some things that can be passed on to the younger ones. Unused notepads, pens, pencils – they all add up!
- Look for coupons, sales, and bargains. Every penny you save is important.
You have to work hard towards saving money on back to school shopping. So why not use this exercise as a teaching opportunity for your kids? Take them on the shopping trip so that they understand your logic in financial decision making.
You can work with ACCC’s back to school budgeting financial calculator.