As summer comes to a close, back-to-school season is quickly approaching. For parents, this time can be both exciting and stressful, especially when it comes to managing the associated costs.
With a little planning and some savvy financial strategies, you can navigate the back-to-school rush without breaking the bank. Here are some tips to help set your family up for success this school year!
1. Create a Budget
Before hitting the stores, take some time to create a back-to-school budget. List out all the essentials your kids will need, such as clothes, shoes, backpacks, and school supplies. You can refer to the school supply list provided by your child’s teacher to get you started. However, don’t forget to factor in any additional costs like extracurricular activities, sports gear, and technology needs. Having a clear budget will help you stay on track and avoid unnecessary, impulse purchases.
2. Take Inventory
Before you buy anything new, go through last year’s supplies. You’d be surprised at how many items can be reused. Check for pens, pencils, notebooks, and even backpacks that are still in good condition. This can significantly reduce your shopping list and save you money.
3. Prioritize Purchases
Just because classes are back in session doesn’t mean your child needs new everything right at the start of the school year. Decide what you need to buy now and what you can put off buying for later. Also, make sure you identify the “must-haves” from the “nice-to-haves.” That way you can prioritize necessities before splurging on fun, nonessential items.
4. Shop Sales
When it’s time to shop, look for sales and discounts. Many stores offer back-to-school promotions, and there are often tax-free weekends in various states as well. Take advantage of these opportunities and don’t forget to compare prices online as well – sometimes the best deals can be found with a few clicks!
5. Buy in Bulk
For items that your kids will use throughout the year, consider buying in bulk. This approach can save you money in the long run. Items like pens, folders, and cleaning supplies are often cheaper when purchased in larger quantities. Plus, having a stockpile means you won’t need to make as many trips to the store mid-semester.
6. Plan for Lunches
School lunches can add up quickly. Consider packing lunches at home to save money and provide healthier options. Involve your kids in planning and preparing their lunches – this can be a fun activity that empowers them to take personal responsibility.
7. Schedule a Financial Check-In
Back-to-school season is also a great time to review your overall financial plan. Schedule a check-in with your financial advisor to discuss any adjustments needed for the upcoming school year. Whether it’s saving for college, managing education-related expenses, or ensuring you’re on track with your financial goals, a professional can provide valuable guidance.
At Prime Capital, we want to help set your family up for success this back-to-school season. If you need assistance with your financial plan this school year, our team of advisors is here to help. Call us today for a consultation! You can reach us in Overland Park at (913) 491-6226.
