Hi Abe! What can I do to prepare for the back-to-school season?
Great question. The back-to-school season is an exciting time, but it can also bring a range of financial challenges if you’re unprepared. We’ve made a checklist to help you prepare for the new school year.
Set a back-to-school budget
List out essential items such as school supplies, clothing, and any technology needs. Differentiate these from non-essential items. Determine how much you can realistically spend on each category and stick to it.
Plan for major expenses
Anticipate significant costs such as tuition, extracurricular activities, and transportation.
Utilize sales and tax-free weekends
Take advantage of sales and tax-free weekends to save on shopping. Many states offer tax-free weekends for school supplies, clothing, and electronics.
Save on school supplies
Purchase items like pens, notebooks, and paper in bulk to save money. Also, check if there are any supplies from last year that can be reused.
Track and categorize expenses
Keep a detailed record of all school-related expenses for budgeting and tax purposes.
Set up an emergency fund
Prepare for unexpected expenses by setting up an emergency fund, and make regular contributions to your fund, even if they are small.
By following this checklist, you can effectively prepare for the school year and manage your expenses without stress.
