Whether this summer has whizzed by in a flurry of activities or passed with a tedious slowness, the time for school planning has begun. This time of year the media is full of ‘great deals’ and ‘must-haves,’ yet this time of year is expensive for many of us.

So how do we cut down on the cost?

Here are five of our office’s favourite tips!

Take Inventory

Probably the most time consuming and rewarding aspect when heading back to school: finding out what you already have. Rather than assuming necessities, take the time to go through your closets, pencil cases and backpacks from last year. You may be surprised by what you find and how, with a little organization, you can avoid spending money on new school supplies and clothing. Use this process to get rid of the old and create a list of all the new materials you will need for the year!

 

Shop- Cash in Hand

That’s right. The best way to avoid impulse buying is to shop with the cash in your hand. Use your needs to determine the expense and then leave your credit cards at home! Not only does this prevent impulse buying, but it creates intentionality around your spending decisions.

You control where you spend money!

Buy in Bulk

Depending on your spending plan, this can be a valuable time and money saver down the road. However, it often requires more of an upfront investment which pays off in the long run. Pens, pencils, erasers and other school supplies seem to disappear by mid-October when there are no longer back-to- school sales. Stocking up on the supplies which you were making emergency trips for last year is a great idea at this time of year!

 

Meal-Plan School Lunches

School season means school lunches. Take the time now to create a meal-plan for the first month of lunches. There is nothing more expensive then last minute grocery runs or having to buy prepackaged lunches. Without a plan, we spend more than intended on less healthy food. By planning ahead, you avoid unnecessary emotional and financial stress.

 

Learn to Say No

Sometimes you just have to say ‘no.’ Whether you are paying off debt, your mortgage or just want to be more intentional in your finances, this is an invaluable tool. The requests for the ‘latest and greatest’ will come and if you haven’t planned for it this can be both overwhelming and stressful. To say ‘no’ requires knowing the greater purpose of your money. The truth is if we don’t tell our money what to do it will slip away in $5s, $10s and $20s. When we start to capture these expenses it means saying ‘no’ to small things, so we can say ‘yes’ to the big things. Vacations, retirement, your child’s education all become attainable goals when we learn how to say ‘no’ in seasons like this!

 

 

We hope these things help you during this busy season! If you are interested in other great articles which informed our office, please check out the following great resources:

 

http://www.bankrate.com/finance/personal-finance/6- tips-for- frugal-back- to-school- savings-1.aspx

http://www.consumerhelp.ie/school-expenses

http://www.overstuffedlife.com/2015/08/teach-kids- to-budget- back-to- school-shopping.html

http://www.infarrantlycreative.net/5-ways- to-get- your-house- ready-for- school/