It seems like it was just yesterday when the final school bell for the year rang out, and all the kids went racing into summer. Now, before you know it, school supplies line the aisles at Walmart and “back to school sales” signs pop up on every retail storefront. While we are huge proponents of getting a great education and kids having everything that they need to learn, there are a few budgeting hacks that can make it easier on families with school-age children.
In their 19th year of studies, Deloitte shows that the average American family plans to spend $577 on school supplies and clothing per kid at the start of each school year. We realize that gone are the days of a handful of $0.10 notebooks and a new box of pencils getting you through the year, we also don’t believe that it should cost over $500 per child if you don’t want it to!
Whether your kids go to public school, private school, homeschool, or some combination thereof, we want to help you make smart money decisions.
Key Takeaway: Back-to-school budgeting does not have to mean overspending on supplies and clothes every fall. Taking inventory of what you already have, weighing the value of your own time against small savings, and spacing out clothing purchases throughout the year can all help families spend more wisely. Small business owners can also make a real difference this season by donating supplies, supporting a teacher, or joining a local school supply drive.
1. Take inventory of what you already have for School Supplies
We know, we know, the idea of walking out of the store with brand new everything and starting a new year fresh with shiny new supplies is appealing. However, chances are REALLY good that the same scissors and pencil box your kid used last year will function just fine this year.
Do you need to do a mid-year finance check-in too? Read this post for your mid-year finance checkup.
2. Shop around…or not
There are obvious perks to shopping all the sale ads and comparing prices across multiple websites. If you want to save a few bucks, go ahead and hunt down the best deals on each type of school supply.
However, as a busy small business owner, your TIME is worth money too. So before you go chasing down every $1.00 saving opportunity, take inventory of your time, your to-do list, and what every hour spent shopping is actually
3. Don’t buy a whole new wardrobe for each kid right now
Advertisers will tell you that each kid needs an entirely new wardrobe to start off the school year, but the fact is, they may really not need all new clothes.
Sure, we want them to have some fun new outfits to start off the year, but if your kids grow like some, many of the things you buy in August won’t even remotely fit next April!
Hopefully you already have money set aside for clothes, but if you don’t, implementing this practice in your family finances will help!
Now, you may wonder, how can I help as a local small business? Or, what if I don’t have any kids in school? How does this apply to me as a small business owner?
Key Takeaway: Even without kids in school, small business owners can make a meaningful impact this season by reaching out to local schools, stocking a teacher’s classroom, or joining a school supply drive.
Regardless of whether you have children attending school this year, there is likely a need for help with school supplies in your community.
Here is a short, non-exhaustive list of ways you can help as a small business:
1. Reach out to local schools in your area!
Chances are good that they have a list of supplies that kids without essential resources will need help acquiring.
2. Ask a teacher friend how you can help stock their classroom!
We all know that teachers do not get paid enough for the important work that they do. However, often with school budget cuts, many teachers pay out of pocket for classroom supplies. Having a local business chip in could be a game changer for both the students AND the teachers.
3. Participate in or start a school supply drive.
Many communities already have well-established school supply drives that your business could participate in. Not only is it great for the community, but it’s great for public relations and publicity as well!
Regardless of what you choose to spend on your own kids’ school supplies or how you decide to help out as a small business, we want you to be equipped to make smart financial decisions with the money you work so hard to make.
If you don’t genuinely know how much you can afford to contribute to local fundraising events or how much you can spend on school supplies, then it’s time for you to have a great bookkeeper on your team! Reach out here to book a chat and see if we’re the best fit to serve you.
