Are you feeling stressed about the expenses that come with the “Back-to-School” spending? Just like the holiday season, back-to-school season comes around at the same time every year yet it tends to sneak up on us. With inflation, this year’s spending might be a bigger challenge for your budget.
School shopping is one of the most essential consumer spending occasions of the year. The list seems endless; new clothes, shoes, uniforms, school supplies, electronics, sports equipment, etc. The National Retail Federation estimates that “families with children in elementary through high school plan to spend an average of $863.86 on back-to-school items this year, approximately $6 more than last year’s record of $858.07. On average, parents will spend $300 on electronics, $256 on clothing and accessories, $174 on shoes and around $146 on school supplies per child depending on local prices.
These costs do not include some other fees associated with going back to school.
- Club and Sports Fees
- Pictures, Planners and other General Fees
- Food, Transportation and Parking Fees
- Special Class Material Fees
- College Prep Testing, Drivers Ed and AP Class Testing
Planning
Planning ahead is the best way to start the new year. Putting back-to-school spending into your household budget reduces the stress and helps you be a savvy consumer. Even if you haven’t set aside an amount for your shopping needs, there are some things you can do to stay within your budgetary limits.
Family Involvement
First of all, get the whole family involved in the process. This is a great time to talk to children about managing money, understanding the difference between needs vs. wants, comparing costs and keeping within budget. Talk to your children about what is important to them. Then, as a family, determine how much you can afford and establish a spending limit that you feel comfortable with. As you are shopping, encourage everyone to make thoughtful choices as you may need to remind them about priorities and budget expectations.
Prioritize List
Using the supply list provided by your child’s school, create your own list based upon what supplies you already have at home. Make an inventory of not only school supplies, but go through your child’s dresser and closets to figure out what still fits and what items might need to be purchased.
Prioritize your list and begin shipping for the essentials first. If possible, consider staggering some of the purchases for a later time. Waiting to purchase some items until the seasonal discounts may allow you to keep within the budget. Additionally, keep track of your spending so you know when your budget has reached its limit.
Get Creative
How creative can your family be? Are there alternatives to buying new that allows you to stretch your budget? Think about reusing backpacks, lunch boxes and other supplies from the previous year or other family members. Check out second hand stores that might have backpacks, lunch boxes, clothing and other school supplies. Maybe you have some great neighbors that you can swap supplies with.
Going back to school is always an exciting time, however, you also want to be aware of the drain on your wallet to make it a less stressful time for you and your family.
Live Smart Colorado feature articles, developed by Colorado State University Extension specialists, provide research-based, practical information to support lifelong nutrition, physical, financial, and emotional health and well-being for Coloradans.