By Henry Orbe, NYLAG Senior Financial Counselor
As summer ends and the new school year begins, many parents face the financial burden of back-to-school expenses. Buying school supplies, clothes, and paying for activities can get expensive. For many families in New York City, this can be tough, but with some planning and smart money tips, you can handle these costs with less stress. Here are some helpful ideas.
- Create a Back-to-School Budget
First, make a list of everything your kids need for school. This might include:
- School supplies (notebooks, pens, backpacks, etc.)
- Clothing and uniforms
- Sports equipment or musical instruments
- Technology (laptops, tablets, calculators)
- Extracurricular activity fees
Once you have your list, find the price of each item (or estimate) and add up all the costs to get the total expected costs. Creating a list and setting a clear budget helps you prioritize spending and avoid impulse purchases.
2. Use What You Already Have
Before you shop, take inventory of what you already have at home. You might be surprised at how many items from last year are still in good condition and can be reused. Teaching kids to reuse items is good for your wallet and the environment.
3. Shop Smart with Discounts and Deals
Retailers often offer back-to-school sales and promotions. Keep an eye out for discounts both in-store and online. Utilize websites and apps like RetailMeNot, Honey, and Rakuten to find coupon codes and cash-back offers. Shopping during tax-free weekends, if available in your state, can also lead to significant savings.
Tip: If you need free school supplies, backpacks, or uniforms, contact your school district. They can connect you with the right resources or inform you about upcoming supply drives and events.
4. Buy in Bulk and Share Costs
Buying things like notebooks, pencils, and paper in bulk can be cheaper. You can team up with other parents to buy these items and split the costs. This way, everyone saves money.
5. Thrift and Second-Hand Stores
Thrift stores, consignment shops, and online sites like eBay and Facebook Marketplace can have great deals on gently used clothes, backpacks, and other school items. You can find high-quality items for a lot less money.
However, be aware of online scams. Always take necessary steps to ensure you are dealing with a trusted vendor.
Tip: For more information on how to protect yourself from fraud, check out our old blog post here.
6. Plan for Extracurricular Activities
Extracurricular activities like sports, music, and clubs can be a significant expense. Research community programs and local organizations that offer lower-cost or free activities. Look for second-hand sports equipment or rent instruments instead of buying them new.
7. Set Aside a Contingency Fund
Unexpected expenses can arise throughout the school year. Setting aside a small contingency fund within your budget can help you handle these surprises without disrupting your finances. Even a modest amount can provide peace of mind and financial flexibility.
By creating a budget, taking inventory, shopping smart, and utilizing available resources, you can manage back-to-school expenses more effectively. Remember, planning ahead and being resourceful can make a significant difference in easing the financial burden of the new school year.
Still have questions?
NYLAG Financial Counselors help you create a plan to secure a financially stable future.
- If you are working with a NYLAG financial counselor, contact them to schedule an appointment.
