Mastering Back-to-School Budgeting

Written By: David Dixon, EdS ~ 7/17/2023

As summer comes to an end and fall begins, it’s time to start thinking about back-to-school preparations. Among the many things on your to-do list, one of the most important is budgeting for upcoming school expenses. Whether you're a student yourself or a parent of a student, budgeting can be a stressful and daunting task. However, it can also be manageable and rewarding. Here are tips to start your back-to-school budgeting.

1. The First Step - Create a Budget Plan
   This should include all of the expenses you anticipate for the upcoming school year:
   • Tuition
   • Textbooks
   • School supplies
   • Transportation costs
   • Extracurricular activities
   • Living and personal expenses
     
     Once you have a comprehensive list, determine how much you have to spend on each category.
     
     
2. Shop Smart
   This is important and means:
   • taking advantage of sales and discounts
   • Buying in bulk
   • comparing prices before making any purchases.
   • consider purchasing used textbooks/supplies, as they can often be found in good condition and at a fraction of the cost.
     
     
3. Plan for Unexpected Expenses
   This could include:
   • emergency repairs
   • unexpected medical bills
   • unforeseen events
     
     Set aside a portion of your budget for unexpected expenses so you’re prepared.
     
     
4. Set Realistic Goals
   This is key when budgeting for back-to-school.
   • Consider your income and expenses and set achievable goals. Unattainable goals may discourage you and cause you to abandon budgeting altogether.
   • Start with small goals and work your way up as you become more comfortable with your budget.
     
     
5. Monitor Your Spending
   Finally, monitor your spending throughout the school year by keeping track of expenses and adjusting your budget as needed. If you’re consistently overspending in one category, allocate more funds to that category.

In conclusion, budgeting can be a daunting task. With well-thought-out planning and organization, it can be manageable and rewarding. Remember:

• create a budget plan
• shop smart
• plan for unexpected expenses
• set realistic goals
• monitor your spending throughout the school year
• make adjustments, as needed
• repeat

By following these tips, you’re well on your way to a successful and stress-free school year.

"Education is not the filling of a pail, but the lighting of a fire."
William Butler Yeats

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