Back to School Planning

It's the Most Wonderful Time of the Year

... or is it?

Personal feelings aside, the holiday reference is the national Back-to-School ad campaign for Staples ® has multiple meanings. As a shopping ‘season’, Back-to-School spending comes in second only to the Christmas holiday season. What did you plan to spend for this September? How close did you cone in reality? In 2006, a US survey asked parents to predict how much they planned to spend per child for Back-to-School. The answer was $200. In 2005, the average family spent $443.77 with the 2006 marketing prediction increasing that to $527.08. The reality was far greater than the prediction. Why? Why do parents spend more on Back-to-School than they budget? The answers are many, including unforeseen need, price increase and impulse buying.

Here is some practical advice for planning for the next Back-to-School season.

Create a budget, and stick to it.

If you don’t have a household budget set up, this is definitely a great first step.
If you have established a household budget, then this becomes a new budget line.

Talk to your child’s teacher or school administration.

Your child may want new crayons or a spiffy new calculator for school, but their teacher may have other ideas. It can be very helpful to determined exactly what your child needs for school, rather than prefers.

Include your child in the budget and shopping plans.

This is an excellent opportunity to teach your child the basics of budgeting and the reality of living with one.
Be sure to keep it age and experience appropriate—your MFC consultant can help you.

Start early and watch for sales.

Planning is a key to staying on budget. By planning and budgeting in advance, you can take advantage of early sales and clearance items. You can also get stuck with items you do not want or need later, so use this step with caution and only buy what you know you will use.

Wait until after school starts to purchase some items.

Sometimes it pays to wait for items not needed right on the first day of school. You will know exactly what is needed and will be less likely to impulse buy.
Items left over often go on sale a week or so after school starts. However, this can backfire as some items may sell out or become unavailable, so have a backup plan.

Attend an MFC Kids and Allowances seminar.

MFC Consultants offer seminars on budgeting and talking to your children about money. Call your local MFC consultant for specific seminar dates and times.

Use cash.

When purchasing items for back to school, use cash whenever possible. Use credit only if you plan on paying the bill in total. Buying on credit and making minimum payments could mean that your child will graduate from high school before you are finished paying for their Grade 9 supplies!