7 Back to School Financial Tips

As summer winds down, parents are gearing up for the back-to-school season. Along with the excitement and anticipation, this time of year can bring financial challenges. From school supplies to extracurricular activities, expenses can quickly add up. However, with careful planning and smart budgeting, you can ensure a smooth transition while keeping your finances in check. In this blog post, we will provide parents with some valuable financial back-to-school tips to help you prepare for the upcoming academic year without breaking the bank.

1. Plan and Budget Ahead: Start by creating a back-to-school budget that includes all anticipated expenses. Consider items such as school supplies, uniforms or clothing, backpacks, lunchboxes, and any additional fees for extracurricular activities. Set a realistic budget and prioritize your child's needs over wants. Planning ahead will help you avoid last-minute overspending and unnecessary stress.
2. Take Advantage of Sales and Discounts: Back-to-school sales are a prime opportunity to save money on essential items. Keep an eye out for sales and discounts at local stores, both online and offline. Look for deals on school supplies, clothing, shoes, and backpacks. Consider buying in bulk to take advantage of volume discounts or join forces with other parents to purchase items together. Don't forget to explore secondhand stores, consignment shops, and online marketplaces for affordable options.
3. Plan Meals and Snacks: Packing lunches and snacks for your child can save a significant amount of money over the course of a school year. Prepare a weekly meal plan and include your child in the process. Make a shopping list and stick to it to avoid impulse purchases. Opt for healthy, homemade options instead of pre-packaged snacks, as they are not only more economical but also healthier for your child.
4. Explore Free or Low-Cost Extracurricular Activities: Extracurricular activities can be a significant expense for parents. Look for free or low-cost activities offered by your child's school or community organizations. Many libraries, parks, and community centers offer educational programs and recreational activities at little or no cost. Encourage your child to explore their interests while being mindful of your budget.
5. Utilize Hand-Me-Downs and Borrowed Items: Don't shy away from accepting hand-me-downs from friends, relatives, or neighbors. Young children outgrow their belongings quickly, and you can save a substantial amount by accepting gently used items such as clothes, backpacks, or sports equipment. Additionally, consider borrowing items that your child may only need temporarily, such as musical instruments for a trial period. Local parent listservs or Facebook groups are a great place to start.
6. Teach Financial Responsibility: Use the back-to-school season as an opportunity to teach your child about money and financial responsibility. Involve them in budgeting discussions, encourage them to make wise purchasing decisions, and explain the importance of saving. By instilling these values early on, you are equipping them with essential life skills that will benefit them in the long run.

In conclusion: Preparing your young children for the back-to-school season doesn't have to be a financial burden. By following these financial back-to-school tips, you can navigate this period with confidence and keep your finances on track. Remember that setting a budget, shopping strategically, and exploring cost-saving options will not only save you money but also teach your children valuable lessons about money management. With careful planning and a focus on financial responsibility, you can ensure a successful academic year for your child without compromising your financial well-being.

Sincerely,

Kevin Ostergaard, CFP®, CIMA®

Financial Advisor

 About Wolf Group Capital Advisors

At Wolf Group Capital Advisors, a comprehensive wealth management firm and Registered Investment Advisor (RIA) based in Fairfax, VA, nothing is more important than the fiduciary responsibility we have in managing your wealth. Taking the utmost care, we focus on providing advice tailored to your specific circumstances. With more than two decades advising U.S. expatriates and non-US citizens employed by international organizations, we are qualified in investment strategies addressing global issues. Empathy and curiosity—combined with our experience in life planning and investment management—enable you to explore a wider set of possibilities that can lead to a fulfilling life you’ve worked hard to attain.

Disclosure:

The information presented is not an offer or a solicitation to buy or sell securities. The information contained in this presentation has been compiled from third-party sources and is believed to be reliable; however, its accuracy is not guaranteed and should not be relied upon in any way whatsoever. This presentation may not be construed as investment, tax or legal advice and does not give investment recommendations. Any opinion included in this report constitutes our judgment as of the date of this report and is subject to change without notice.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2 available upon request or at the SEC’s Investment Adviser Public Disclosure website. Past performance is not a guarantee of future results.