Back-to-School Budgeting Tips for Families

Summer is winding down and the back-to-school season is approaching, so families are gearing up for a new academic year filled with excitement and anticipation. However, this time of year can also bring a flurry of expenses, from school supplies and extracurricular activities to new clothing and tech. To help you navigate these costs without derailing your budget, we've compiled essential tips and practical advice for managing your expenses efficiently. With a little planning and smart budgeting, you can ensure your family is ready for the school year ahead while keeping your finances in check.

Make a List

Most schools provide a list of required supplies that your little ones need for the coming year. Take inventory of what on this list you already have at home, and what you need to go shopping for. Check your kids' closets to see which of last year's clothes still fit, and search the home office for any pens or pencils they can take to school. Narrowing down exactly what you need can save you from needlessly spending extra money on unnecessary supplies.

Compare Prices Before Purchasing

Spend some extra time before you hit the stores by looking online to see who offers the best prices. Plenty of stores take advantage of the back-to-school rush and offer huge discounts on their school supply selections. By comparing prices and locating the best deals, you can ensure you're getting the best value for your money this shopping season.

Set a Budget and Stick to it

Review your finances and determine exactly how much you should allocate toward back-to-school shopping. Whether it's clothing, pencils, notebooks, tech or whatever else your kids need, it's important to set a spending budget and hold fast to it. This can give you a clear idea of how much you need to spend and keep your finances in order.

Seek Professional Financial Guidance

We understand how overwhelming this time of year can be with all of the shopping and expenses that surround it. At Philadelphia Federal Credit Union, we offer personalized advice and have put together helpful guides to help you navigate your financial goals, from creating a budget, to making the most of your spending. Our experts can help you stay on track, even when big purchases are on the horizon. Let us guide you through this busy back-to-school season so you and your kiddos can enjoy a smooth and stress-free back-to-school experience.  Contact us to learn more about best budgeting practices today!

Yahne Jackson
PFCU Financial Educator
Philadelphia Federal Credit Union
yjackson@PFCU.COM