As the new school year approaches, parents and students alike are gearing up for the back-to-school rush. From school supplies to new clothes, the expenses can quickly add up. But with a bit of planning and smart shopping, you can save money and still get everything you need. Here are some tips to help you stretch your budget this back-to-school season.
Key Takeaways
- Management to track expenses.
- Shop Smart: Save money by shopping sales, using coupons, and buying in bulk or secondhand.
- Reuse and Involve Kids: Reuse old items and involve your children in budgeting to teach financial responsibility.
Make a List and Stick to It
Before you hit the stores, make a detailed list of everything you need. This includes school supplies, clothing, and any other essentials. Having a list helps you stay focused and avoid impulse purchases. Review the list with your child to ensure you’ve covered all the bases, and then commit to sticking to it.
Set a Budget
Determine how much you can afford to spend on back-to-school shopping and set a budget. Divide this budget into categories, such as supplies, clothing, and extracurricular activities. Keep track of your spending to ensure you stay within your limits. Consider using budgeting apps or tools to help you manage your expenses.
Bank Five Nine has budget tools to help you! You can find them in our Financial Education Center, or in your Online Banking account log in!
Check out our Money Management or the Goal Builder tools. Money Management is a main menu item in Online Banking and Goal Builder is available under Additional Services!
Shop During Sales and Use Coupons
Take advantage of back-to-school sales, tax-free weekends, and special promotions to get the best deals. Many stores offer significant discounts on school supplies and clothing during this time. Additionally, look for coupons in newspapers, online coupon sites, and store apps to save even more. Combining sales with coupons can lead to substantial savings.
Buy in Bulk
For items like notebooks, pens, and pencils, buying in bulk can be more cost-effective. Consider purchasing these items from wholesale retailers or warehouse clubs. If you have friends or family members who also need school supplies, consider pooling your resources and buying in bulk together to save even more.
Reuse and Recycle
Before buying new items, check what you already have at home. Last year’s backpack, lunchbox, and other supplies may still be in good condition and can be reused. Encourage your children to get creative and personalize old items to make them feel new again. Recycling and reusing not only save money but also teach valuable lessons about sustainability
Shop Secondhand
Thrift stores, consignment shops, and online marketplaces can be a great spot for gently used clothing and school supplies. Many of these items are in excellent condition and come at a fraction of the cost of new ones. Consider organizing a clothing swap with other families in your community to refresh your child’s wardrobe!.
Take Advantage of Student Discounts
Thrift stores, consignment shops, and online marketplaces can be a great spot for gently used clothing and school supplies. Many of these items are in excellent condition and come at a fraction of the cost of new ones. Consider organizing a clothing swap with other families in your community to refresh your child’s wardrobe!
Plan for the Entire School Year
When budgeting for back-to-school, consider the entire school year. Think about expenses for sports, extracurricular activities, field trips, and special projects. By planning ahead, you can set aside funds throughout the year and avoid last-minute financial stress.
DIY When Possible
Get creative and make some of your school supplies at home. DIY projects can be fun and cost-effective. For example, you can personalize plain notebooks with stickers, washi tape, or fabric covers.
Teach Financial Responsibility
Involve your children in the budgeting and shopping process. Teaching them about money management, comparison shopping, and the importance of sticking to a budget can be valuable life lessons. Give them a set amount of money for their supplies and let them make decisions on how to spend it. This can help them understand the value of money and make more thoughtful purchasing choices.
Utilize Bank Five Nine’s Financial Tools
Bank Five Nine offers a range of financial tools and resources to help you manage your budget effectively. Take advantage of our online banking services to keep track of your expenses in real-time. Our budgeting tools can help you allocate funds for back-to-school shopping and monitor your spending. Plus, check out our special offers and promotions that can provide additional savings during the back-to-school season.
Happy shopping!
