How to Create a Back-to-School Budget (and Stick to It!)

Back-to-school season can be exciting, but also financially stressful. Between school supplies, clothes, shoes and tech gadgets, the costs can increase quickly. With a little planning, you can avoid overspending and feel more in control as you get ready for back-to-school shopping. Let Bank of New Hampshire walk you through how to create a budget that works for you and how you can stick to it.

Review Last Year’s Spending

Take a moment to look at what you spent last year. Identify what was necessary and what went unused. Did you overbuy? Were there any surprises? Dig through old receipts, credit card statements or digital orders to track what was spent.

Make a List

Next, split your shopping into categories, such as school supplies, clothing and shoes, technology (laptop, headphones, calculator) and lunch supplies. Get your children involved so they can understand needs versus wants.

Set a Spending Limit by Category

Once you know what you need, set a budget for each category.

Once you’ve set a budget, now you can search for deals to see where you can save. Use price comparison tools, like PayPal Honey or Rakuten. Check merchant flyers and apps for coupons and weekly deals. Buy in bulk for items like pens, pencils, paper and hand sanitizer. Also, you can cut down on spending by reusing backpacks, lunch bags and other items that may not need to be replaced.

Track as You Spend

Use a simple spreadsheet, budgeting app or a checklist to keep track of what you bought to compare against your set limits, so you can avoid duplicate purchases.

How to Stick to Your Budget

The best way to stick to your budget is to shop alone, particularly if your children influence impulse purchases. Stick to your list−no matter how cute the glitter pen looks! Also, consider visiting thrift stores or participating in group swaps.

Creating a back-to-school budget doesn’t have to be overwhelming. With a little prep and discipline, you can purchase all the essentials for your children without going over budget. Plus, teaching them about budgeting now helps set them up for smart financial habits in the future. Check out our BNH Blog for more tips and support on a variety of topics.