Your 3-Step Process for Winning at Back-to-School Shopping
How much you spend on back-to-school shopping will vary based on age, number of children, and specific needs. To start accounting for your back-to-school expenses, follow these three easy steps:
Step 1: Make a list of what you’ll need to buy
Schools will often send a list of necessary supplies, but it may not arrive with much notice. Some basic items for all grades include:
- backpack
- pocket folders
- notebooks
- scissors
- pencils
- pencil box or pouch
- calculator
- ruler
- three-ring binders
- lunch box or bag
Supplies may vary depending on the specific grade your child is in.
Savings Tip! Some items, such as backpacks, rulers and calculators, can be reused year after year until they’re worn out or outgrown. Other items, such as notebooks or pencils, will need to be replenished at the start of the school year.
Many parents choose to buy their kids clothing during back-to-school season, as well. This not only makes children feel better about returning to the classroom but can also be a great opportunity to update their wardrobe with appropriately sized clothing. Of course, if money is a concern, new clothes don’t have to be purchased in conjunction with the start of the school year. But it’s important to note that many retailers offer back-to-school clothing deals during this time.
On a similar note, it’s grown increasingly important for students to have access to the internet and a working computer. Some parents supply their children with computers or computer accessories, which can be quite expensive. This usually isn’t necessary, as using a shared computer works just fine. Many schools have open computer labs for students to use after hours, or supply school-owned tablets or devices for students to use. Find out what options your kids have before you invest in expensive technology.
Make a list of all the items you will need and include details for how many you need to buy.
Step 2: Research prices to estimate costs
Once you’ve listed out the supplies you’ll likely need to buy, you can start to answer the question: How much does back-to-school shopping cost?
Simply research the cost of the individual items by going to the store, browsing online, or both. You may find helpful back-to-school specials in big box stores or through online retailers. Once you’ve come up with pricing for an item, write down the cost – or calculate the cost of multiple items – and move on to the next item on the list.
Step 3: Add up costs to create your budget
Once you’re finished pricing out your list of school supplies, you can add up the individual costs to reveal your grand total.
With this figure, you can make informed decisions about your budget, including how much you need to save — and whether or not to buy your kids any nonessential items. If you’re ready to start saving, take a minute to learn about reaching your financial goals. It’s always a good idea to brush up on your financial literacy, even if your goals seem easily achievable.
Start Saving With DCU
Back-to-school season can feel stressful, especially when money is tight. But, with the right plan in place, you can plan and budget for the start of the school year, making this time of year less financially burdensome.
Interested in a better way to save for back-to-school expenditures? Check out DCU’s Coverdell Education Savings account, a tax-friendly way to save for your child. Contribute up to $2,000 per year and withdraw your investment gains tax-free for qualified educational expenses.
Federally insured by NCUA.
This article is for informational purposes only. It is not intended to serve as legal, financial, investment or tax advice or indicate that a specific DCU product or service is right for you. For specific advice about your unique circumstances, you may wish to consult a financial professional.
