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Create a Budget for Back-to-School

Let’s prepare for the semester ahead!

As summer begins to wind down, those of you who are parents are probably planning your back to school shopping. If you haven’t already, it’s never too late to create a budget, especially considering how much families are planning to spend before school starts this year.

According to recent data provided by Statista, it’s expected that the average planned back to school spending per household in the United States will reach about $890 in 2023.

With all of that spending in mind, Clearview has some tips to help you create a budget and make your back-to-school shopping much smoother!

Create a budget

The word can sometimes be a dreaded one, but budgeting can help you make sure you don’t overspend on something that isn’t really needed as much as it’s wanted. When creating a budget, it’ll be helpful to organize your list in order of most important or most needed to least important. This will give you a visual of what’s a necessity versus items that can wait to be purchased later in the school year.

For an added benefit if you’re a parent, involve your kids in the budget planning to start them off with some good money management skills. Maybe even give them a sneak peek into how you use our free budgeting tool, Money Management!

Don’t forget to reuse

While the temptation to grab that shiny new backpack from the store can be strong, especially for kids, consider reusing their same backpack from last year to save. Before the semester begins, grab the kids and do some digging! Old rulers, pencils and pens, or even last year’s binders are still able to be used in one way or another – and you never know where they might be hiding around the house. Reusing supplies is not only a sustainable choice, but it can help you save some money in your budget.

Shop around

The back-to-school season is notorious for being one of the busiest times of year for businesses, so there’s certainly no shortage of deals and sales to be had for consumers! Keep an eye on local store flyers, online advertisements, or television commercials for those back-to-school savings specials and clearance sales. Be sure to do your homework and compare prices as much as possible to ensure you’re getting the best bang for your buck. Saving a few dollars here and there with these deals can quickly add up and benefit your budget in the long run.

When you successfully create a budget for your back-to-school shopping, you’re able to see a full picture of what you need and where you need to allot your money. Also, remember that now’s the perfect time to use your cash back credit card. Cards like our Premium World® Mastercard® will reward you for every back-to-school purchase you make this year!

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