Budgeting for Back-to-School Expenses
I hate to say it, but back-to-school expenses are coming. 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!
I know for me, last year was hard. Maybe that was because it was the first school year for our family of five–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 $100 of wiggle room in your budget each month for the school year and especially back-to-school expenses. I know that sounds like a lot of money (and it definitely is.) However, 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 purchases.
How to Find Extra Cash for Back-to-School Expenses
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 for back-to-school expenses:
1. Cell Phones
Regardless if it’s just you and your spouse or the whole family on your 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 but without the high cell phone bill (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.” However, if you haven’t called around lately to gather new quotes for your different insurance needs, I highly suggest you do. You could save yourself hundreds of dollars a year just from a simple phone call.
3. Subscription Services
It’s happened to me before. I completely forget that I have a subscription service deducting money from my bank account. It’s like I put it on autopilot and fail to evaluate if it’s a necessary expense or not.
The next thing to do is check for any recurring subscriptions, maybe now is the time to evaluate if they are still necessary. Spend a little time going through and canceling the unnecessary ones. This should add a little more wiggle room to your budget for those back-to-school expenses.
4. Be Inconvenienced
I’m a firm believer in the fact that sometimes, we are just paying way too much for convenience. It’s possible that if we allow ourselves to be inconvenienced, we could save $1,000’s 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. That one small change has resulted in saving 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.) 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.” 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
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, as a result, you must make sure that you add a line item accounting for that.
For instance, 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.) 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 back-to-school expenses.
Hopefully, this helps you if you’re getting geared up for the back-to-school season. Even if this isn’t a stage of life you’re currently dealing with, send this onto a friend that is in this season to give them a boost!
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, Real Life on a Budget, where she shares her family’s real-life on a budget in order to inspire others to learn 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 rescue dog named Belle.
Additional Resources
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