Every year there is extreme hype over back to school because we want to make sure that our children are ready for the first day of school. We follow the school supply list and buy everything on it. We are prepared for the first day, but don’t prepare for all the expenses to come. I want to share how to make sure you are prepared financially for the entire school year and not just the first month.

Pencils don’t last forever

Eventually the paper, pencils, and note cards that you bought in August are going to run out so you need to be prepared to buy more, multiple times throughout the year. My tip for you is to sign up for all the office supply store emails so that you know when school items go on sale throughout the year. This is the best way to save money over and over. You don’t want to pay full price for anything and this will make sure you don’t!

More Money Will Be Needed

It is so important to have a monthly spending plan that includes school expenses. You may not have additional school expenses in September, but the expenses are coming. There will be field trips, classroom parties, school pictures, teacher appreciation week, and much more. What I have found out in the few years that my children have been in school is that a teacher will spring a field trip on you the week before. If you have not planned for this expense it could put a wrench in your monthly spending plan.

Also as your children get older the field trips get more expensive because they are overnight trips. Instead of spending $15 on a four hour field trip you are having to spend $400 for a three day trip! Each month leave spending room for all the extras that come with having a child in school.

Think Beyond Elementary

Whether your child is in elementary school or high school it is time to plan for the future. That means putting money away for college. College is not cheap and the more you save now the better off you will be when that child goes to college. There are different ways to invest for college and a financial advisor can help you with that! It does not matter how long you have before that child goes to college, still save money. Every penny will help!

School does not end in August or September so make sure you financially prepare so that there are no surprises.

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International Financial Literacy Speaker and Author

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