Back to school can stretch your budget

My thanks to retire happy for this idea. As a retired teacher I used to pay attention to this time of year, because I would be returning to work. Students are returning to school and for parents hard pressed to pay the bills, the start of school is an extra burden. Take a look at the following image.

I think that too much money is spent by parents getting their kids ready for school. So here are a few quick tips and thoughts on how to deal with back to school spending

• Set a budget –Averages can be very misleading. Now some people will say that the above average is high, while others say the above average is low. Whatever the case,  at the end of the day, spending is personal and it’s important to spend the number that makes the most sense for you.  Set a budget and do your best to stay in that budget.
• Only buy what you need – On similar lines, make sure you make a list of what you really need.  Impulsive buying is always to greatest key to overspending because retailers really know how to get you to spend more than what you intended.  The key is to make a list and do your best to stick you only what you need.  Go around the house to see if you have some items on the list that can be used without buying more.  When I was teaching I would see students coming to school with way more than what they needed because the family did not buy what you need. Many school supplies can be purchased throughout the year and do not need to be purchased in Sept.
• Some sales are not great deals – Staples was advertising their Staples brand paper was a super back to school sale price.  While it was slightly cheaper than the normal price, they neglected to advertise that the HP brand of paper was actually a better sale.  Some stores are great at packaging deals where you get 2 for $5 but if you just bought one, it’s $2.50.
• Are brand name supplies better?  In some cases, the answer may be yes but many time, the answer is a clear no.  
• Involve the kids – I think back to school spending is a great time to involve kids and use it as an opportunity to teach them about not only money but also to reinforce the relative value of money and that spending a little more here and there can really add up.