Your back-to-school budget

Back-to-school ads and flyers are a sure sign that summer is coming to an end. Paying for school expenses like supplies and clothes, as well as extra-curricular activities and tutoring, can add up. Here’s how to create a spending plan for all your educational costs.

Back-to-school list
Your kids will need a variety of supplies for school, so start by making a detailed list. Here are the main categories:

1. Stationery supplies (notebooks, pencils, ruler)
2. Books (textbooks, dictionary)
3. Clothing (school, gym, outdoors)
4. Class tools (geometry set, calculator)
5. Accessories (lunchbox, book bag)

Your children’s school may send you a list of recommended supplies. Compare it to your list, and then see which items you already have around the house. Stationery and art supplies can be used year after year. Also, check whether your kids still fit into last year’s clothes.

Build a budget for school expenses
Getting your kids involved can ensure their school wish lists get considered while also teaching them about money.

  • Decide on a maximum amount of back-to-school money to spend.
  • Go over the shopping list with your kids, distinguishing between must-haves and wants.
  • If your child wants something outside the budget, such as designer clothes, ask him or her to pay part of the cost.

Get more tips about budgeting at FinanceAZ. The interactive budget planner lets you build a budget and see how much things will cost.

Save on supplies
In August, collect all the back-to-school flyers, then go through them to find the best deals. Also, look online for coupons from sites such as Couponcabin.com or Dealcatcher.com or do an Internet search for back-to-school coupon codes. When shopping for books, get used ones if possible, either from second-hand stores or online booksellers like Amazon.com. For clothing, shop at discount stores or trade with friends and family.

What to buy now
If you can find good deals on must-have back-to-school supplies, buy them now. Also, make sure your child has a lunchbox, backpack, pencils and notebooks to start the school year. Look for end-of-summer clothing sales to outfit your child until the cool weather sets in.

What to buy later
Sales happen early, but sometimes the best time to save back-to-school money is after school has started, so wait to purchase cooler-weather clothing or school supplies that your child doesn’t need right away. If you can hold off on purchases for a few months, Thanksgiving is the start of the pre-Christmas sales.

Where to shop
Discount and kid’s stores, such as Walmart and Toys ‘R’ Us, are good places to shop for everything from crayons to lunchboxes, but also check drug stores, dollar stores and your local supermarket. Research prices for school expenses online, and bring flyers from competing stores so you can ask retailers to match the price.

Extra-curricular activities
If your child shows an interest in a new sport or music lessons, borrow equipment and sign up for a few weeks of lessons at first. Don’t pay for expensive equipment or a year of lessons until you’re sure your child is committed.

Tutoring
Do you feel your child needs extra tutoring? Ask if there is a peer-tutoring program at your child’s school that matches younger children with a gifted older student. Local libraries and community centers often have free homework clubs that pair students with a volunteer who can help them with their assignments.

By starting early and involving the kids in back-to-school shopping, you can save money while teaching your children valuable lessons about life and finances.


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Posted by on Aug 19 2010. Filed under Budgeting, Save money. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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