It’s August. This means September morning, when schools reopen is fast approaching. Many parents rejoice and breathe a sigh of relief, as the kids will now be out of the house, but fear the costs associated with getting them prepared.

Here are some tips to from us to help you manage the back-to-school costs.

1. Start with a Budget:

• Look at Your Finances: Examine your income, and your expenses to see how much you can realistically spend on back-to-school shopping.
• Prioritize Needs Over Wants: Make a list of essential items first, such as uniforms, textbooks, and supplies, before considering extras like the latest phone, and other trendy gadgets or accessories.

2. Create a Back-to-School Shopping List:

• Check What You Already Have: Before shopping, go through last year’s supplies. Reusing items like bags, stationery, and even uniforms can save a lot of money.
• Stick to the List: Avoid impulse buys by sticking to your shopping list. This helps prevent overspending.

3. Compare Prices and Shop Smart:

• Check Prices Before Buying: The major bookstores now have online portals where you can just put in the name of the book and see how much it will cost. Use the option, this will save you time and money.
• Look for Sales and Discounts: Many stores offer back-to-school sales. Take advantage of these deals but be sure to compare prices across different outlets.
• Use up your Coupons, Vouchers and Cashback Offers: Utilize any available coupons, any voucher or cashback offers to reduce costs.

4. Buy in Bulk When Possible:

• Team Up with Other Parents: Buying in bulk can be cheaper. Consider teaming up with other parents to purchase items like notebooks, pencils, pens, and other supplies in larger quantities.

5. Plan for Recurring Expenses:

• Uniforms and Lunches: Set aside a portion of your budget for recurring expenses like school lunches and uniforms that may need replacing during the year.

6. Include Your Child in the Budgeting Process:

• Teach Financial Literacy: This is a great opportunity to teach your child about budgeting. Let them help with making the shopping list or comparing prices. It will also help them to understand why they must care for the things you have bought them because they’re not cheap.

7. Consider Other Options:

• Second-Hand Items: Don’t shy away from second-hand textbooks. Ask around, ask co-workers, ask friends, and ask at your children’s school if they have the textbooks. Also, if you can get bags, shoes, or uniforms second-hand and in good condition – jump at it.

8. Review and Adjust as Needed:

• Post-Budget Review: After shopping, review your spending to see if you stayed within your budget. If you overspent, adjust your budget for other areas to make up for it.

9. Seek Out Financial Assistance if Necessary:

• Utilize Available Resources: If you have friends or family overseas, ask if they can send some money to help you out, or if you’re a member of a credit union, many offer special back-to-school loans to help with expenses. Or even banks, you can access an unsecured loan to help manage the back-to-school costs.

10. Set Aside an Emergency Fund for the rest of the school year:

• Prepare for Unexpected Costs: It’s always wise to have a little extra set aside for unexpected expenses, such as extra-lessons, class trips or new supplies that might be needed mid-year.

Are there any tips we might have missed? Share them with us on our social media pages @gkfgja on Instagram or GraceKennedy Financial Group on Facebook.