Get Your Money Right for Back-to-School

It has been a little over a month since school ended. The excitement of graduation has slowed down, and most folks are settling into summer—taking vacations, maximizing extended daylight hours, working seasonal jobs, or simply catching up on some much-needed downtime.

Whatever your circumstances, now is a good time to start thinking about back-to-school plans. In the Evansville area, EVSC students return to school on August 10—about six weeks away. Returning to school after summer can feel chaotic even for the most prepared families, but financial challenges can turn normal stress into overwhelm.

This four-week strategy will help you prepare mentally and financially for the start of the school year.

Week 1: Get Organized

Have a Family Meeting

Oftentimes, parents exclude their children from financial decisions, but back-to-school season is a great opportunity to teach healthy financial habits as a family.

Every person in the household can have a role, but it starts with clear communication and setting the goal: a stress-free return to school. This is especially helpful if you have older children who work. They may be able to contribute toward some back-to-school expenses.

Handle Routine Tasks

Most back-to-school responsibilities are routine. Your student may need school supplies, uniforms or clothing, physicals, immunizations, registration updates, fees, or tuition payments.

During this week, create a checklist outlining these tasks, schedule outstanding appointments, complete paperwork, and sign any required agreements.

Establish a Back-to-School Fund

Set up a dedicated back-to-school savings fund. This can be a savings account, a shoebox under your bed, or an envelope system with categories such as “Clothing,” “Supplies,” and “Fees.”

These expenses add up quickly, especially if you have multiple children. Any amount you save now will reduce the financial burden later. During this first week, commit to adding something to the fund—even if it’s only $20.

Week 2: Determine Needs

Identify Back-to-School Needs

Now that you’ve listed routine tasks and started your savings fund, determine exactly what your student needs and what those items may cost.

If you have multiple children, consider using a spreadsheet to keep everything organized. List fees first, followed by clothing and supplies. School supplies should be your final category because there may be opportunities to receive them through local giveaways and community events.

At this stage, focus on needs—not wants.

Complete a Home Audit

This can be the most enjoyable part of the process because it allows you to involve your student.

For younger children, turn it into a scavenger hunt and challenge them to search the house for unused school supplies. You may be surprised by how many supplies remain from the previous school year—and how many parents never fully check those end-of-year backpacks.

If clothing is needed, hold a family fashion show. Even older children can have fun with this. The goal is to determine what still fits, what can be kept, and what should be donated.

As an added bonus, stores such as Plato’s Closet may purchase gently used clothing, allowing you to put that money toward future expenses.

Update Your Spreadsheet

After completing your audit, document your student’s actual needs.

For example, if your student has three usable shirts but needs five, then you only need to purchase two. If every pair of socks has a hole, then new socks move to the top of the list.

Record school supply needs, but remember there may be community events that can help reduce those costs.

Set a Savings Goal

Now that you have a clearer picture of expenses, estimate the total amount you need to save.

Then determine how much you need to save weekly or biweekly to reach your goal. For example, if you need $400 and have four weeks remaining, you’ll need to save $100 per week.

Once the goal is set, begin saving immediately. This may require temporarily reducing discretionary spending, but every dollar saved now helps reduce stress later.

Week 3: Pace Yourself

Eliminate the Pressure to Do Everything at Once

One way to maximize your back-to-school budget is to avoid feeling like everything must be purchased immediately.

Not all clothing for the entire school year needs to be bought before the first day of school. For example, if it’s still summer, consider waiting until fall to purchase cold-weather clothing.

Likewise, if school fees can be divided into payments, take advantage of payment plans whenever possible.

Week 4: Shop Smart

Bargain Shopping

By now, you should have made several contributions to your savings fund and be feeling more confident about your plan.

This is the time to watch for sales, discounts, digital coupons, and rewards programs. Consider purchasing certain items in bulk and dividing them among your children or even coordinating purchases with family and friends.

Use Technology to Save Money

Technology can help you stretch your back-to-school budget even further. Before making purchases, take a few minutes to compare prices and search for discounts using free apps and rewards programs.

Flipp allows users to browse weekly ads from major retailers in one place, making it easier to find the best deals on school supplies. Fetch rewards users for uploading receipts from everyday purchases, allowing points to be redeemed for gift cards. Rakuten offers cash back on purchases made through participating online retailers.

Don’t forget to take advantage of store-specific apps such as Target Circle and Walmart, which often provide digital coupons, rewards, and exclusive back-to-school promotions.

A few minutes of planning and price comparison can save you a surprising amount of money, especially if you are shopping for multiple children.

You Are Ready!

Six weeks is not a lot of time, but a little planning can reduce the shock of a large back-to-school bill.

By starting early, identifying needs, setting savings goals, and shopping strategically, you can enter the school year with less financial stress and more confidence.

Remember: progress is more important than perfection. Start where you are, save what you can, and take it one week at a time.