Summer has been flying by and depending on where you are, the school year is quickly creeping up on us (here in Georgia, school started the first week of August!). And I know for me, last school year was hard. Maybe it was because it was the first school year for our family of five so I wasn’t exactly sure how to budget for it or maybe it was because there really are so many various and unexpected school-related expenses that happen during the year.
That’s why, I believe it’s important to make sure you have at least a $100 of wiggle room in your budget each month for the school year. I know that sounds like a lot of money (and it definitely is), but chances are, when you look back over last year’s budget, you’ll notice that you come very close if not over the $100 a month for all those last minute school function things and that whole “snack mom” thing.
How to Find an Extra $100
Here are just a few ways that can hopefully help you figure out how to find an extra $100 (or more!) in your monthly budget:
1. Cell Phones
Regardless if it’s just you and your spouse with a cell phone or it’s a whole family and then some on your cell phone plan, paying for cell service can be a little crazy. That’s why if you haven’t already, I highly suggest you switch over to a company like Republic Wireless (who I personally use) or Ting (several of my friends use them and love them).
You still get to have an awesome smartphone (I have the Moto G) but without the high cell phone bill (seriously, mine is only $25/mo with data!).
2. Insurance
Yeah, I know, you don’t want to talk about this subject because it’s one of those “necessary evils” and it’s a bazillion dollars BUT if you haven’t called around lately to gather new quotes for your different insurance needs, I highly suggest you do that today. You could save yourself hundreds of dollars in a year just from a simple phone call.
3. Subscription Services
I know it has happened to me before where I completely forget that I have a subscription service that takes a certain amount out of my bank account either monthly or yearly. It’s like I put it on autopilot and even though I keep it in the budget, I fail to really evaluate if it’s a necessary expense or not.
So, if you have any recurring subscriptions, maybe now is the time to evaluate if they are still necessary for your current lifestyle. Spend a little time going through and cancelling the unnecessary ones which should add a little more wiggle room in your budget for the upcoming school year.
4. Be Inconvenienced
I’m a firm believer in the fact that sometimes, we are just paying way too much for convenience and sometimes if we allow ourselves to be inconvenienced, we could potential save ourselves $1,000 of dollars a year!
One of my favorite ways to be inconvenienced is by not using paper towels. A few years ago, we switched from using paper towels regularly to using bar mop cloths and it has saved us hundreds over the years! We only have to buy one roll of paper towels twice a year (for draining meats like bacon or ground beef) and honestly, it has affected us very little.
So, look around your home and find little ways that you could save money by simply being “inconvenienced” and you could end up adding a whole lot more to your school budget than just a $100 a month!
What to Do with Your Savings
So those are just a few ways that you can cut your expenses before the start of the school year. But the key to not going broke this school year is to remember that once you add that wiggle room to your budget, you must make sure that you add a line item accounting for that wiggle room.
So let’s say you cut your cell phone bill from $100 to $30 a month (yes, that’s totally possible with Republic Wireless or Ting) so now you have $70 of wiggle room in your budget that must be accounted for.
Now you’d want to add a line item like “School Miscellaneous” or something with $70 as the total.
Example:
- Mortgage: $1,000
- Utilities: $200
- Car Payment: $400
- Insurance: $150
- Cell Phone: $30
- Groceries: $500
- School Miscellaneous: $70
Then whenever those random, “Hey we need each child to bring in a snack for our upcoming event on Thursday” happens, you’ll have the money ready to go in your budget. Just make sure that you account for that expense and deduct the total from your category for school-related stuff.
Hopefully this helps you if you’re getting geared up for back-to-school season and even if this isn’t a stage of life you’re currently dealing with, send this onto a friend that is in this season of life to hopefully help them!
What is a piece of advice that you could offer someone else for not going broke during the school year?
{More about Jessi Fearon}
Jessi Fearon is the founder of the popular personal finance blog, TheBudgetMama.com, where she shares her family’s real life on a budget in order to inspire others learn to how to manage their money better. Jessi’s work has been featured on Buzzfeed, Rockstar Finance, TIME/Motto Magazine, Money Saving Mom, and The Penny Hoarder. Jessi resides in the foothills of the Blue Ridge Mountains of North Georgia with her husband Pat and their three children Conner, Collin, and Charlotte and a crazy Bluetick Coonhound named Blue.
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