3 Tips on How to Manage Back-to-School Expenses
August 30, 2024
It’s back-to-school time and that means it’s back-to-school shopping time. According to the National Retail Federation (NRF), on average, families with school-age children will spend a whopping $875 per child this year! That includes electronics ($309), clothing and accessories ($253), shoes ($171), and school supplies ($142).
Here are three suggestions for keeping your costs under control.
1. Make do with what you have from last year
As you review your child’s teacher’s recommended supply list, before turning it into a shopping list, use it to check your desk drawers or supplies cabinet to see how much you may already have. If you’re shopping for anyone other than your first or only child, you probably still have some supplies from last year. Even with inexpensive items, not having to buy new pencils or file folders can be helpful for your wallet and also for reducing clutter.
2. Make a list, and stick to it!
Far better to make a plan before you make your way to the store. In the store, you can count on colorful displays that’ll tempt you to buy items you don’t really need. Why just buy plain manilla folders, the marketing messages seem to ask, when you could have some with your child’s favorite cartoon characters on the front (at a higher cost, of course)? And remember, that amazing “half-off deal” on something you don’t need isn’t a deal at all, even if “supplies are limited.”
3. Make an agreement.
If your child really wants a new lunchbox, but last year’s lunchbox is still in fine shape, have a conversation about it. If you’re okay with buying a new one, there certainly isn’t any law against that. However, if you’d rather not spend the money, either let your child know that since they already have a perfectly fine lunchbox, a new one will have to be on them. Or, consider splitting the cost.
That’ll introduce them to the real world, where most people have to make trade-offs. And it’ll help you both see just how badly they want a new lunchbox. Given the choice between spending some of their own money or using last year’s lunchbox at no cost to them, last year’s lunchbox may start to look more appealing.
If your child is middle school age or older, have a more detailed conversation about your back-to-school budget. Let him or her know how much you are prepared to spend. Have them be part of the process of allocating those dollars across their various needs and wants—from new shoes to a new calculator.
Involve them in the shopping process as well, encouraging them to compare prices online. Make sure they know how to look for items that are well-used on eBay or Facebook Marketplace. Teaching them how to get the best gear at the best price, all while staying within a predetermined budget, can be an invaluable learning experience.
Back-to-school season doesn’t have to break the bank. Put the above ideas to use, and you’ll help your child get this school year started in the right direction while your finances are on track as well.
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Matt Bell is the author of Trusted: Preparing Your Kids for a Lifetime of God-Honoring Money Management. He speaks at churches and conferences throughout the country and writes the MattAboutMoney blog.
This article should not be considered legal, tax, or financial advice. You may wish to consult a tax or financial advisor about your individual financial situation.
