With the Minnesota State Fair underway, kids will soon be back in school. While some parents think that clothes shopping will make the biggest dent in the family budget, think again. The list of school-related expenses is a mile long and smaller expenses can add up quickly, from hot lunches and school supplies, to sporting equipment, musical instruments, activity fees and school dances. State budget cuts in many school districts may cause parents to dig even deeper into the family budget than in years past. According to Bankrate.com, families with school-aged children will spend an average of $483 for basic back-to-school items, up 7.2 percent from last year. The message to families is to build an extra financial cushion in your budget. Planning for school expenses can help families to spend wisely and avoid reaching for the credit card to cover all of the expenses. Here are some suggestions before you send the kids off to school in September. School clothes Take an inventory of what your child has and needs. Purchase clothes after school starts, when many clothing stores have sales. If you have older children, give them the allotted amount of money you were planning to spend on their clothes and let them purchase items they want. This strategy will teach them the value of budgeting and making good choices, and will minimize potential conflict between you and your child. School lunches Contact your school and find out the approximate cost of lunches and what type of food is being served. Making your child’s lunch is usually less expensive and often healthier. School supplies School supplies are always less expensive at the beginning of the school year. Buy a year’s supply of notebooks, folders, pens and other supplies that your kids will need. Try to avoid character- or designer-named merchandise that can increase expenses. School activities Talk with your child before school starts and find out what types of extra-curricular activities they plan to participate in. Begin to budget in all costs that might be associated with them. Consider class fees and field trips as well. Other expenses Don’t forget to budget other expenses like yearbook fees, fundraisers and extra gas costs for running kids to activities. If your family needs assistance creating a budget, contact Lutheran Social Service for free budget counseling. The organization also offers financial management and debt reduction through in-office appointments, phone counseling or the Internet. Lutheran Social Service is a member of the National Foundation for Credit Counseling (NFCC). For information, call toll-free at (888) 577-2227 or visit www.lssmn.org/debt.
