Where did summer go? Now we are packing away our swimsuits and fun days at the beach and looking at a new school year and the kids are back in the classroom. One of the main things associated with back to school is the spending we need to get in order for our kids to be ready for a year of learning and being immersed in school activities.
With inflation soaring to record levels this year it is much more expensive to cover back to school expenses. Inflation in some countries are the highest it has been in over 40 years; no wonder we are seeing drastic price increases in the everyday goods and services we use. I mean we have felt the impact of higher prices in the gas prices and at the grocery stores and now we are going to be feeling the cost pressures of higher back to school supplies. So how exactly do we prepare our pockets? What are the money hacks that we can use to take control of back to school spending?
Here are my top 5 money hacks that you can implement right now to take control of back to school shopping, because let’s face it, life continues after back to school so we need to protect our pockets.
- Review your child’s book list and back to school supplies list to see if there are any items you already own and don’t need to repurchase. It’s so easy to get swept into the back to school shopping frenzy and buy items that were already used that last year and are still in good condition. I know many items on the back to school list are only good for one year of use but there must be a few items that carry across the school years. Do your review, check your list twice to ensure you don’t make any duplicate purchases.
- There’s no pressing need to buy all the items on the back to school list before the school year starts. Some items may be used in the second or final terms of the school year so you can possibly delay these purchases until your child is ready for those items. This can give us some flexibility and provide us with the opportunity to use that money for other immediate purchases that are critical for the start of the school year.
- Buy school supplies in bulk and come together and share with a friend who has children who need similar items. It’s much more cost efficient to buy items in bulk and you get to reap the savings when you shop at wholesale stores for items that you may have otherwise bought at elevated prices in smaller boutique stores.
- Spend less in the school cafeteria and pack some lunch items where possible. Buying snacks and juices at the grocery store and packing for our child’s lunch can create significant savings in our monthly spending plan.
- Teach your children the powerful money habit of putting money away consistently into high interest accounts. When we create these positive money habits early on in our children’s lives then we set them up for financial success when they become adults. Let’s help to train the future generations of millionaires and billionaires by teaching our children to actively save a portion of their allowance or lunch money where possible so they can benefit from the future growth of these invested sums.
In a year where there are so many competing forces for our hard earned money, it is imperative that we take control of our finances in every season of the year. It’s not back to school season and my hope is that these hacks provide some meaningful savings for you that you will ultimately use for investing for your future financial needs. Money is possible and it’s my job to show you how to find more money for investing so you can build wealth, buy back your time and reach financial freedom.