Back-to-school season brings excitement for students and families, but it can also bring unexpected expenses. From school supplies and new clothes to club fees and classroom necessities, the costs can add up quickly.
The good news? With a little planning, you can create a back-to-school budget, find ways to save money on school supplies, and avoid unnecessary spending. Here are a few simple strategies to help your family prepare for the new school year while keeping your finances on track.
1. Create a Back-to-School Budget
A budget is one of the best tools for managing back-to-school expenses. Before you shop, make a list of everything your child needs and determine how much you can comfortably spend.
Consider breaking your budget into categories like:
- School supplies
- Clothing and shoes
- Technology or calculators
- Lunch supplies
- Sports or extracurricular fees
Having a spending plan helps you prioritize necessities, avoid impulse purchases, and stay within your financial goals. As you shop, you can also maximize your purchases by using our Cashback Rewards Checking Account. Use your debit card to earn rewards while purchasing those back-to-school essentials.
2. Shop Your Home Before the Store
Before filling your shopping cart, take a look around your home. You may already have many of the supplies on your child's list. Make it a fun activity for the whole family by making it into a scavenger hunt. Reward the person who finds the most items on the list with a prize of your choice. Not only can this help you check school supplies off your list, but it also gets your kids involved while making back-to-school prep more fun.
Check backpacks, desks, drawers, and storage bins for items such as:
- Pencils and pens
- Notebooks and folders
- Scissors
- Glue sticks
- Calculators
- Art supplies
- Tissue boxes
Using what you already own can significantly reduce your shopping list and leave more room in your budget for items you truly need.
3. Compare Prices and Shop Seasonal Sales
Back-to-school sales and Labor Day promotions can offer opportunities to save. Compare prices online before heading to the store, look for store coupons, and consider purchasing store brands for everyday school supplies.
If your child's school allows flexibility, waiting until after the first rush of back-to-school shopping can also help you find discounts on clothing, backpacks, and other essentials.
4. Buy Only What's Needed
It can be tempting to purchase trendy supplies or upgrade everything each year, but replacing only what's necessary can help keep costs under control.
Before making a purchase, ask:
- Does my child already have something that works?
- Is this item required by the school?
- Can I buy this later if it's needed?
Small decisions like these can make a noticeable difference in your overall spending.
5. Consider Skip-a-Pay for Added Flexibility
If you’re a Credit Union of Denver member with an eligible loan, our Skip-a-Pay program may help provide extra room in your budget during back-to-school season. By skipping a qualifying loan payment, you can use those funds for school expenses like supplies, clothing, and club fees.
Skip-a-Pay can be a helpful option when seasonal expenses stack up, but it's important to remember that interest will continue to accrue and extending your loan term may increase the total cost of your loan. Review the program details and eligibility requirements to determine whether it's the right choice for you.
6. Start Saving for Next School Year
One of the easiest ways to reduce financial stress is to plan ahead. Setting aside even a small amount each month can help cover future back-to-school expenses without relying on credit cards or dipping into your emergency savings.
A Youth Savings Account can also help children learn healthy financial habits while working toward future goals. By involving them in the savings process, you're helping build skills they'll use for years to come.
Let Credit Union of Denver Help You Reach Your Savings Goals
Whether you're preparing for back-to-school shopping or planning for future expenses, having a savings strategy can help your family feel more confident and financially prepared.
At Credit Union of Denver, we're committed to helping our members build healthy financial habits through every stage of life. From everyday savings accounts to resources that support your financial goals, we're here to help you make the most of every dollar.
If you or someone you know needs additional assistance explore these programs below:
- Kenzi’s Causes
- The Action Center
- 4 Colorado Kids