By: Nick Anderson – SVP, Commercial Banking Team Leader
For many, August means fun in the sun and the last month of summer; but for many of us, the stress of back to school planning takes center stage. As the 'Back to School' sections of your local stores begin to pop up, don't panic. We have the tips to help you get back to school ready on budget, so you can soak up the sun and enjoy the last days of summer!
Step One: Take Inventory
Chances are, there are quite a few items from last year that can be reused. Take a quick inventory of the supplies left over to get an accurate idea of what new items are needed. This also applies to clothing and other pieces needing to be purchased before the school year. Once you've completed an inventory, you can start creating your list of back to school necessities to help develop a realistic budget.
Step Two: Set a Budget
Setting a budget before you begin shopping is a great way to set financial boundaries. According to the Huntington Bank Backpack Index, the average cost of back to school supplies ranges from $662 to $1,489. Create your budget by taking a look at your school district's list of needed supplies and doing a quick audit of what your child already has in working condition, the earlier the better!
Step Three: Do Your Research
Many stores are vying for your back to school shopping needs, so shop around to find the best deals! What’s more, you can accomplish this during an afternoon at the pool by shopping online to compare the best prices before setting foot in a store. This method allows you time to plan your trips so you can be efficient with your time, which means more time for summer fun!
Step Four: Do it Together
Including your kids in the budgeting and smart shopping process can help start an important conversation with kids at a young age that will set them up for future financial successes. It is important to share how money and budgeting works, and back to school shopping together can be a fun way for the family to dive into the world of finances together!
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