283 | Budgeting for Back To School Shopping

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In this episode, we tackle the often overwhelming task of budgeting for back-to-school expenses. We chat about common challenges, share our own back-to-school experiences, and give you practical tips to help you, our budget besties, plan effectively for the upcoming school year.

Key Points:

1. Back to School Stress:

2. Are you feeling unprepared for the costs associated with the new school year?

3. It’s common to underestimate these expenses and feel surprised every year.

4. Common Expenses:

5. School Supplies and Tech: Notebooks, pens, computers, and other tech gadgets.

6. Clothing and Uniforms: From everyday wear to sports uniforms and shoes.

7. Fees: Activities, lab fees, parking, graduation, and more.

8. Health and Hygiene: Haircuts, first aid kits, hygiene products.

9. Food and Snacks: Adjusting grocery budgets for school lunches and snacks.

10. Transportation: Car maintenance, parking passes, and more.

11. Extracurriculars: Club dues, sports fees, music lessons, and equipment.

12. Miscellaneous: Home study areas, planners, spirit wear, yearbooks, school photos.

13. Planning Tips:

14. Set Up a Kid's Savings Account: Designate a specific savings bucket for school expenses.

15. Take Advantage of Sales: Utilize back-to-school sales, tax-free weekends, and grocery store deals.

16. Budget Year-Round: Estimate the total cost and start saving monthly to ease the burden when the time comes.

17. Be Selective: Decide on necessary expenses versus optional ones.

18. Practical Steps:

19. Estimate Total Costs: Don’t aim for perfection; a rough estimate is better than none.

20. Monthly Savings: Start saving a specific amount each month starting now for next year's expenses.

Final Thoughts: We emphasize that while back-to-school budgeting can be daunting, planning and setting aside funds throughout the year can significantly reduce stress and financial strain. We encourage you, our budget besties, to take control, be prepared, and enter the new school year with confidence.

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4️⃣ COACHING: Ready to dive deep into your finances? Sign up for 1-on-1 or Group Financial Coaching. It’s the accountability and guidance you need to make real progress ➡︎ https://budgetbesties.com/coaching 

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