Three Tips for Back-to-School Shopping
It may be hard to figure out how to balance bills, activities and back-to-school shopping. The good news? With a little planning, families can successfully manage school expenses. Here are three tips to help.
Consider your spending plan.
The sheer number of things that your child may need can be overwhelming. A budget can help you break up the costs, divide your money, and determine how much you truly feel comfortable spending. One of the easiest ways to create a budget is with GreenPath’s budgeting worksheet. You can also use the 50/30/20 rule. These are great ways to track income against expenses and help you get a good handle on your current financial state.
Make a shopping list.
When making your shopping list, ensure it reflects the difference between wants vs. needs and prioritize the needs. What do you need to buy before school starts and what can you purchase later? Take inventory of what you already have on hand like backpacks, clothing and school supplies. Can anything be reused or repurposed? Are you up to date with the latest technology? If new clothes are a need, watch for sales or online stores offering the most competitive pricing.
Make it a family affair.
Bring your child(ren) shopping with you and share the list. When you arrive at the store, tell your child(ren) how much money you have to spend and what the priorities are. Show them why you’re picking one item over another and the difference between needs vs. wants. If they want something that isn’t in the budget, offer them the option to chip in their own money or help them understand why it isn’t a necessity.
These tips were shared by our partners at GreenPath Financial Wellness, a trusted national nonprofit.