How to Prepare Your Budget for Back-to-School Season
 
Credit: Alexandr Podvalny via Pexels
With kids heading back to classrooms this fall, it’s a return to your usual back-to-school spending.
 
How much did you used to spend getting your kids ready for another year? Pre-pandemic, the average mom spent about $500. This year, the National Retail Federation predicts parents will spend record amounts, especially now that technology has a prominent place in the classroom.
 
The high cost of outfitting your kids with the latest supplies and clothes might come as a shock if you saved money from online learning. Here are some tips to help you balance your budget and your children’s needs.
 
1. Add Your Back-to-School Spending to Your Monthly Budget
One of the reasons why back-to-school spending can be so hard for moms is because it comes as a huge bill all at once. If you could break this bill down into smaller payments, it might be a lot easier to stomach, right?
 
You can do that by making your back-to-school shopping a part of your monthly budget. Squirreling away $20 a month can be as painless as saying no to two takeout lunches, but after 12 months, you’ll have $240 to spend on supplies.
 
Don’t worry if the first day of class is right around the corner. You can start this budgeting technique now for next year.
 
2. Don’t Forgo Other Savings
A healthy budget can juggle multiple savings accounts at once. While your priority right now might be to save money for school supplies and trips, don’t skip your monthly contribution to your emergency fund.
 
An emergency fund is at its strongest when you consistently sock away money. Your fund might not stand up to your next emergency into this account if you don’t.
 
What can your family do when your emergency fund can’t handle an unexpected emergency? You can compare the different types of cash advances that help cover unexpected expenses. See how installment loans differ from same day loans and lines of credit.
 
They’re all designed to help in emergencies, but their rates and terms may vary. Spending the time to compare them can help you find the best cash advance for your finances.
 
3. Cut out Unnecessary Expenses
Your budget is a plan that tells your money where to go each month. But it isn’t set in stone. Every month, you can shake things up by reprioritizing where your spending goes.
 
If $20/month doesn’t accumulate enough money for fall expenses, sit down with your budget to figure out to put away $50 or even $100.
 
Non-essential spending will always be the easier way to cut costs because, well, they’re non-essential. While you might miss having Disney+ in addition to Netflix, your family doesn’t absolutely require this streaming account. Check out these other common non-essentials you can cut to free up more money.
 
4. Sniff out Deals
Retailers know they’re pretty much guaranteed a visit from parents in the fall. But that doesn’t mean you should pay full price for anything on your child’s list. From clothing and shoes to supplies and tech, you can always find a discount on what you need.
 
Check out these apps to find services that offer rebates, coupons, and even price comparisons. Combine them together, and you can find the cheapest option and get paid to buy it.
 
5. Don’t Be Afraid to Buy Second Hand
Clothes can be one of your biggest expenses, especially considering how quickly your kids outgrow their jeans and t-shirts. What you buy at the top of the school year may not fit by the end. With this in mind, it makes sense to buy second-hand.
 
Fortunately, no one but you will know your kids are wearing used clothes. You can find brand-name items for a fraction of the price using the latest second-hand clothing apps and thrift stores.

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