School is Almost Here: Budgeting for the School Year

Each year the school year begins at the same time, at the end of summer right around Labor Day. Yet somehow, parents are surprised each time at the large expense of back to school shopping. School is almost here and you don’t have to go broke buying all of the necessary supplies. Here are some tips on budgeting for the school year.

Make a List of Necessary Purchases

In order to accurately budget for back to school shopping, you need to know what you are going to buy. Usually your school district will have a list of necessary supplies that are required for the year. Take a look at this list and add on any other school supplies you’d like to add on. Don’t forget the costs of buying new clothing and shoes for the upcoming year. Also consider the expense of a new backpack, lunch box and food storage containers.

Here’s a list of school supplies to consider:

Clothing:

• Uniforms

• Clothing

• Shoes

School Supplies:

• Notebooks/ Binders/ Paper

• Writing Utensils

• Backpack

• Lunch Box

• Food Storage

• Electronics

• Rulers

• Scissors

• Glue

Extra Curricular:

• Club Dues

• Sports Membership Fees

• Sports Uniforms

• Hobby Gear/ Equipment

Take Advantage of Tax- Free Days

Each year the state offers a tax-free day of shopping in your area. Take advantage of this day to do the bulk of your back to school shopping. These tax-free days are great for making large purchases such as buying clothing, backpacks, and shoes for the upcoming year.

Make a Plan for Ongoing School Expenses

Although the bulk of your school shopping will likely occur around the beginning of the school year, you can also expect to have more school expenses throughout the year. Don’t forget to set aside money for restocking your school supplies. Inevitably binders will be lost, paper will be used up and pencils will break. Take advantage of the back to school prices and stock up on these supplies to last you through the school year.

Don’t forget the ongoing school expenses throughout the year. Field trips, yearbooks and club dues all cost money. Factor in these costs and save some money in a separate account for these various costs.

Consider Donating to Your School

All school districts are operating on tight budgets and there is always a need for donations. While doing your back to school shopping, consider buying a few reams of paper, or other school supplies for your child’s classroom. Save your receipt from the supplies bought for the school as a tax write off.

Start Setting Aside For Next Year

Just because you buy most of your school supplies at once, doesn’t mean you need to spend all of your money at once. With some planning ahead you can set aside enough money throughout the year to cover this large expense. Keep all of your receipts from school supply shopping this year. Divide the total amount spent by 12 and start setting aside that amount of money each month. By the time the next school year comes around, you’ll have enough money saved to pay for your school supplies without having to budget for it all at once.

Plan Beyond Primary Schooling

The school years of Kindergarten through High school go by much quicker than you expect. During this time don’t forget to begin saving money for college tuition expenses. There are a few options for investment vehicles designed to save money for secondary education. Speak with one of our financial advisors about what educational savings accounts are best for you.

Preparing for the new school year does not have to be difficult; with some preparation and smart shopping you can buy school supplies affordably. Email Carolina Money Minders today to speak with a trusted finance professional about how to best manage your personal finances throughout the upcoming school year and beyond.