As the summer comes to an end, parents and children alike start preparing for the new school year ahead. Back-to-school shopping can be a stressful time for families, with the pressure to purchase supplies, clothing, and extracurricular items adding up quickly. According to a survey conducted by Deloitte in May 2024, parents estimated spending an average of $586 per child on school supplies and clothing, and an additional $582 on extracurricular activities. With these costs in mind, it’s essential to approach back-to-school shopping with a budget-conscious mindset.
One parent, a financial planner, shared her unique approach to back-to-school shopping with her children. She saw this as an opportunity to teach her kids about budgeting and financial responsibility. Together, they would establish a budget, create a shopping list, and allocate funds in cash for each child. This visual representation of spending helped her children understand the value of money and the importance of prioritizing their purchases.
The parent emphasized the importance of sticking to the budget and shopping list to avoid overspending. By involving her children in the process and making it a fun and engaging experience, they learned valuable lessons about financial planning and decision-making. This hands-on approach not only made the shopping trip more memorable but also set a foundation for future financial success.
In addition to setting a budget and sticking to a shopping list, there are other tips to keep back-to-school spending in check. One suggestion is to research online for coupons or promotions before making a purchase. Many retailers offer discounts or deals that can help save money on back-to-school items. Buying in bulk during sales, opting for generic brands, and sticking to the school’s suggested shopping list are also effective ways to manage spending.
It’s important to be cautious about accumulating debt to purchase school supplies. Using credit cards for back-to-school shopping may seem convenient, but it can lead to high-interest charges if the balance is not paid off monthly. Planning ahead, setting aside funds for future back-to-school expenses, and looking for ways to save money throughout the year can help alleviate financial stress during the back-to-school season.
As the new school year approaches, take the time to plan and budget for back-to-school shopping. By involving your children in the process and making it a positive experience, you can teach them valuable lessons about financial responsibility. Remember, the start of a new school year is a time for excitement and new beginnings. So, as you drop off your kids on the first day of school, take a moment to reflect and appreciate the joy of this „Most Wonderful Time of the Year.“