Money Management Newsletter

Shopping Series

Back-to-School

Dr. Jo Turner, Professor, Family and Consumer Economics

There are many necessities to be considered when getting children ready for school.  Some are clothes, school supplies, transportation, lunches and methods of money management.  The family needs to consider each of these when budgeting school costs.

One of the first and most obvious areas for back-to-school spending is clothes and shoes.  Shopping for the new back-to-school outfit is still a popular practice in Florida.

You may find sales on school clothes and shoes offering as much as 30 percent off on "in season" stock.

It is important for families to make the most of the family clothing allowance.  There are a number of ways to do this.

First, find out what is needed for each child.  Then take a clothing inventory to determine what clothes can be recycled or passed on to another child.  Make a shopping list for new purchases that are needed to fill the wardrobe gap and plan shopping trips to take advantage of sales.

School supplies are another large expenditure in back-to-school preparation.  If you can obtain a list of supplies needed and can plan ahead to take advantage of sales, you will be able to save as much as 20 to 40 percent on school supplies bought during the sales.  Anticipating the child's needs for supplies throughout the year and buying them now can further save money, if you have storage space and can control waste.

Transportation is another expenditure that should be included in the back-to-school budget.  The way children get to school affects the cost.  If parents drive children to school figure about 30 to 35 cents for each mile traveled.  Car-pooling can reduce this cost.  A bicycle may be an alternative for school transportation if the distance is not too far and the traffic is not too hazardous.  Walking or taking the bus may be other less expensive alternatives for school transportation.

Lunches are a big expense to be considered.  Estimate the amount children will be spending for lunches during the entire school year, whether they take their lunch or buy it at school already prepared.  If the child takes lunch to school, you can carefully plan the menu using low-cost, but nutritious foods.

Each school-age child will have some money to handle during the school year.  The child will learn about handling money by the method of money management that the family uses.

Most experts on family finance suggest that children, first grade and up, be given an allowance to help them learn techniques of money management.  It is recommended that parents talk with children and that together they realistically look at costs of items needed.

The parent and child together can decide what an allowance is to cover.  It is recommended that the allowance be planned according to the child's needs and some money left over so the child can make his or her own decisions and develop his or her own method of money management.