August Financial Literacy Series: Smart Back-to-School Shopping & Planning

Welcome to our Financial Literacy Series for August!

As the new school year approaches, it's easy to get caught up in the excitement (and stress) of back-to-school shopping. But with a little planning and financial savvy, you can ensure that your family is prepared without breaking the bank. This month, our financial literacy series is focused on helping you navigate back-to-school expenses with confidence and ease. 

Week 1: Create a Back-to-School Budget Before you hit the stores, sit down and create a detailed budget for your back-to-school needs. List out everything from supplies and clothing to extracurricular activities and tech gadgets. Prioritize essential items and set a spending limit for each category. A clear budget will help you avoid impulse buys and stay on track financially. 

Week 2: Shop Smart, Save Big Take advantage of sales, coupons, and tax-free weekends to maximize your savings. Compare prices online and in-store to ensure you’re getting the best deals. Don’t forget to check out secondhand stores and consignment shops for gently used clothing and supplies. Remember, it’s not about how much you spend, but how wisely you spend it. 

Week 3: Involve Your Kids in Financial Planning Back-to-school shopping is a great opportunity to teach your children about money management. Involve them in the budgeting process and explain the importance of making smart financial choices. Encourage them to prioritize needs over wants and give them a small budget to manage for their own school supplies. This hands-on experience will build their financial literacy from an early age. 

Week 4: Plan Ahead for a Financially Healthy School Year Back-to-school shopping is just the beginning. As the school year progresses, plan for upcoming expenses like field trips, extracurricular fees, and school fundraisers. Set aside a small portion of your budget each month to cover these costs, so you’re not caught off guard later in the year. Financial planning is a year-round effort, and it’s key to maintaining your family’s financial health. 

Bonus Tip: Revisit Your Budget Regularly Throughout the month, revisit your back-to-school budget to track your spending and adjust as needed. If you find yourself under budget in one category, consider saving the difference or using it to cover any unexpected expenses that may arise.