Back-to-school season is just a month away. As families eagerly prepare for the return to the classroom, they may also find themselves facing financial hurdles due to back-to-school expenses.
Making financial preparations for back-to-school is a challenge for many homeowners. Some may feel the pressure of potentially missing a mortgage payment in order to purchase school supplies and clothing. It is critical to remember: no bill or purchase should come before the roof over your head.
Some parents may wait to shop until the last minute, only to find that the school provided shopping list is longer than anticipated. They may also find that their children have outgrown their shoes and clothes, requiring an updated wardrobe. Just like with any financial plan, having a dedicated savings fund for school necessities is key. Here are some tips to help you get started:
- Prepare in advance: Every month, set aside money for back-to-school expenses. This way, you can avoid the temptation of dipping into emergency savings or mortgage funds for school purchases.
- Spread out your purchases: It is important to remember that not everything has to be bought at once. You don’t need to purchase two pairs of sneakers, eight T-shirts and three bottoms in one trip. Buy what is necessary at the start of the school year and get more items later in the season.
- Consider thrifting: Another way to save is by thrifting or shopping at resale stores. Thrifting has recently become an increasingly popular trend among teens. Stores like Once Upon a Child and Plato’s Closet offer great deals on gently used items that can help stretch your budget further.
Living within your means is essential and teaching your children the same lesson is just as valuable. Planning ahead and making mindful choices can ease the financial stress of back-to-school shopping while keeping your mortgage payments on track.
Habitat Orlando & Osceola is also here to help. Consider attending our Habitat U Financial Literacy Series, which covers the basics of budgeting, savings and credit. We also provide free Housing Counseling, offering assistance in financial management and budget planning to support you. Please fill out the interest form here to get connected with our HUD-certified Housing Counseling team.