{"id":6287,"date":"2019-08-20T15:56:25","date_gmt":"2019-08-20T19:56:25","guid":{"rendered":"https:\/\/goday.ca\/blog\/?p=6287"},"modified":"2021-09-30T10:43:18","modified_gmt":"2021-09-30T14:43:18","slug":"budgeting-for-back-to-school","status":"publish","type":"post","link":"https:\/\/goday.ca\/blog\/budgeting-for-back-to-school\/","title":{"rendered":"Budgeting for Back to School"},"content":{"rendered":"\n

\u2018Tis the season! Back to school is fast approaching. Can you believe it? Where did the summer go?

For some of us we\u2019re mourning the end of summer, but for a lot of us, we are itching for our kids to head back to school to give us a bit of a break. Or maybe you\u2019re heading back to college or university yourself and you\u2019re excited for the new journey but also concerned with the cost.

No matter which team you\u2019re on, it\u2019s time to think about back to school and what that means for your budget<\/a>. Budgeting isn\u2019t usually anyone\u2019s favourite thing. Let\u2019s face it, we don\u2019t have the time to think about it, or at least we claim we don\u2019t but really we just don\u2019t want to deal with it. However, back to school can be costly and financially stressful. There are so many things our growing kids need and the list can seem bottomless. <\/p>\n\n\n\n

Previously we had talked about some of the biggest expenses<\/a> when it comes to going back to school such as:

Electronics <\/strong>
If your kid is young enough to not need these yet, that\u2019s great, but the time is coming so you should start planning for it. Specific software, accessories, warranties, or whatever the case when you\u2019re heading back to college in-particular can blow your wallet quick. Saving on electronics can be challenging, but if you plan in advance you\u2019ll have the ability to keep your eyes on the sales and savings leading up to back to school<\/a>. When you\u2019re in a hurry and purchase last minute, you won\u2019t have time to shop around and find the best deal. <\/p>\n\n\n\n

Tuition<\/strong>
<\/strong>Unfortunately you can\u2019t really save much on tuition. However, there are usually different payment options for paying it, so make sure you look into what options are available to you at your school. Another way to cut costs is to look in advance for scholarships or grants that you can apply for. Usually applications for these are accepted well in advance to back to school, so make sure you are on top of it so you don\u2019t miss out on essentially free money. <\/p>\n\n\n\n

Textbooks
<\/strong>Textbooks are ridiculously expensive no matter what your program. Unfortunately these overpriced books are necessary for your success, but how can you save? First off, look for used versions of the books either in your school bookstore, online, or from previous students selling them. Next, wait until school begins before you buy your books. Often times you don\u2019t actually need them for your course, or hardly refer to them, so make sure you get your teachers recommendation before you go and spend an arm and a leg on the books. <\/p>\n\n\n\n

Here<\/em><\/strong><\/a> are some other tips for saving money when heading back to college. <\/em><\/strong><\/p><\/blockquote>\n\n\n\n

But you are probably wondering what are biggest tips are for building a budget for back to school time and sticking to it. Whether heading to university or sending your kids off to elementary school, here is our advice for building a budget<\/a> and sticking to it when spending.\u00a0<\/p>\n\n\n\n

It\u2019s said <\/em><\/strong><\/a>that on average a family will spend $662 USD for elementary students, $1,000 for middle school students and $1,480 for high school students in back to school shopping.<\/em><\/strong><\/p><\/blockquote>\n\n\n\n

Start early but hold off

<\/strong>The summer goes by so quickly. Like how are we almost in September already? So when the end of August comes, you\u2019re often scrambling to get all the things you need for back to school. To make this process less overwhelming, start thinking about back to school <\/a>time in advance. I know it\u2019s tough to think about fall when you\u2019re enjoying the summer, but it\u2019ll really help you save, and stop you from going crazy and scrambling at the last minute.\u00a0<\/p>\n\n\n\n

To start, think about how much you can afford to spend on back to school, and divide that by each kid. Also take a look at what your kids actually need or what they want. Can you reuse stuff from last year versus buying everything new? Buy the absolute necessities and leave the rest of the items on your list to see if the teacher requests it, or they actually need it once school is in full swing. Holding off can also mean you hit better sales and savings<\/a>!<\/p>\n\n\n\n

Involve the kids<\/strong><\/p>\n\n\n\n

Don\u2019t just involve your kids in the shopping aka the fun part, but also in the preparations and budget making<\/a>. This can be a great opportunity to teach them about money and how much they are spending on the things they want vs. need for back to school. Get them to create a list of all the things they want and go through it with them identifying the wants versus needs. Then breakdown how much they have to spend and how much all those things will cost them. This will help things be put into perspective for them. <\/p>\n\n\n\n

If you\u2019re going off to college, this can also be a valuable lesson. We lack financial literacy training in school and you\u2019ll want to set your college student off on the right foot heading into a very expensive few years of school. <\/p>\n\n\n\n

Get creative <\/strong>
<\/strong>
<\/strong>Look for ways to cut costs and save money. The biggest part of your budget for back to school will likely be clothing. However, there are so many ways you can buy clothes other than buying brand new or a full wardrobe. Ask around to friends and put on a clothing swap, go to second hand stores, garage sales or even cheaper stores than your typical brand names. Especially if your kids are still growing and these clothes won\u2019t last them long. Also, remember to ask yourself what the kids need verses want. Could they make do in their summer sneakers for the fall too versus buying a brand new pair? <\/p>\n\n\n\n

Look for sales <\/strong><\/p>\n\n\n\n

This seems like a no brainer but still, many people leave back to school <\/a>shopping for the last minute so they can\u2019t cash in on sales. Keep your eye on sales and key items that you want to buy for your kids. When you see a good deal, stock up. For example, is your kid likely to go through multiple sets of pencil crayons during the year? If you see them on sale, buy a couple of sets. However, make sure you aren\u2019t overstocking too many things you\u2019ll never get to or need. <\/p>\n\n\n\n

Don\u2019t just think about shopping<\/strong>
<\/strong>
<\/strong>With September hitting, you automatically think about all the things you need to head back to school and into fall but you also forget that there are several other expenses that come along with fall such as extracurricular activities starting back up. Make sure to not overlook this when budgeting. What equipment will your kids need? When are fees due? To save money in this area: <\/p>\n\n\n\n