Many families are feeling the financial squeeze as back-to-school expenses begin piling up this month. With rising costs and tighter budgets, the need for smart money-saving strategies is more urgent.
Families with children in elementary through high school plan to spend almost $850 on clothing, shoes, electronics and school supplies for the new school year, according to the National Retail Federation. On top of that, a study by WalletHub found that 86% of parents think the cost of education is out of control.
“Every year, there are certain expenses families just can’t avoid,” said Keith Manze, community relations specialist at First Florida Credit Union. “But there are plenty of tips and tricks to help lower those costs wherever possible.”
Start by checking what you already have at home, Manze said. Before you rush out to buy new supplies, take a moment to sift through last year’s stash. Reusing or repurposing items you still have can make a big difference to your wallet.
Once you've assessed what supplies you already have and identified what you still need, the next step is to make a list and set a coordinating budget. Begin by listing the essential items that your child’s school requires for their specific grade level. Set a budget for each category, keeping in mind the total amount you’re willing to spend.
For example, a family with an elementary school student might set a budget of $75. They can allocate $30 for a backpack, $10 for five notebooks, $5 for a 24-pack of pencils, $3 for a box of crayons and $4 for a pack of glue sticks, totaling $52.
“When you set out a clear budget and plan these expenses, it stops you from putting the $75 backpack in your cart,” Manze said. “It also leaves $23 for any additional or unexpected expenses, that we know always arises during the first month of school.”
Manze also says check for back-to-school sales, tax-free weekends and discount codes before heading to the store. The 2024 Back-to-School Sales Tax Holiday, that runs through Sunday, Aug. 11, exempts qualifying school supplies from tax during this period.
Stores like Target, Walmart and Staples frequently offer storewide sales. A quick Google search can help you find the best deals in your area. Don’t forget to check retailer websites and apps for coupons or promo codes — you might find some great discounts. Websites like RetailMeNot or Honey often list current deals and codes. And remember to take advantage of price-matching policies at retailers. If you find a lower price at another store, some stores will match it.
While it’s easy to focus on stocking up on educational materials and clothing, ensuring your pantry and fridge are well-stocked with nutritious food is equally important. The transition back to school brings new routines making it essential to plan meals and snacks that support your family’s needs. Effective grocery shopping during this time can help manage expenses and ensure that your children have the fuel they need for a successful school year.
Just like we suggest for school supplies, it’s smart to build out a strict list and budget for groceries. This helps avoid impulse purchases and ensures you buy only what you need. But before heading to the grocery store, take stock of weekly store circulars and online coupon sites. By aligning your shopping list with these promotions, you can avoid paying full price for essentials.
Purchasing nonperishable items such as cereal, pasta, rice and canned goods in bulk can also be a savvy financial move. Then, utilize these bulk purchases to prepare and freeze meals in advance. This strategy can be a lifesaver on busy weeknights, ensuring that you have healthy, home-cooked meals ready to go.
“Navigating back-to-school expenses requires a bit of planning, but with these strategies, you can manage your budget more effectively,” Manze said.
It’s all about being proactive. With a little preparation, you’ll be able to handle the back-to-school season smoothly and keep your family’s finances on track.
