As the new school year approaches, parents everywhere are bracing themselves for the financial whirlwind that comes with it.

From school supplies to clothes, footwear, electronics, and other essentials, it can add up quickly. But fear not! With a few savvy budgeting strategies, you can keep your expenses in check without sacrificing quality.

Keep reading to see how you can make this school year successful and financially manageable with some smart budgeting tips. Let’s dive in!

See What You Can Reuse

Before buying everything on your child’s back-to-school list, don’t forget to take stock of what you already have at home.

Start with school supplies from last year. Your child may be able to reuse items like binders, pencil cases, folders, pens, pencils, and highlighters. You can also check the notebooks your child used to see if there’s enough space for another class next year.

Once you’ve taken inventory of the supplies, you can audit long-term necessities like backpacks, gym bags, gym clothes, lunch boxes, footwear, and school clothes. You only have to replace what doesn’t fit anymore or what is too worn out to reuse for another year.

Create a Budget

Your budget is going to depend on many different factors, including how many kids are in your family, personal preference, what grade your kids are going into, and how much you feel comfortable spending.

It may sound obvious, but it’s worth stating: Deciding on a budget ahead of time is incredibly helpful – both financially and mentally. Knowing exactly how much you want to spend and what you want to spend it on will make shopping less stressful and less expensive.

You may already have a good idea of what your budget will be. However, if you want a little more guidance, it may be helpful to follow guidelines like the 50/30/20 rule. Use 50% of your budget on necessities, 30% on “wants”, and reserve 20% for ongoing or unexpected school expenses.

Find When & Where to Get the Best Deals

Nowadays, it’s easier than ever to make impulse purchases – both online and in-store. But the most convenient purchase isn’t always the smartest.

Before you hit “add to cart” or grab an item off a handy store display, take note of the price and compare it to other retailer options. Can you get the same item cheaper at another store? Will it be on sale at a later time? Would a different brand offer better value?

Here’s another pro tip: only buy the clothing and accessories your child needs for the beginning of the year. For any other items, wait until Cyber Monday and Black Friday sales begin later in the fall. Your child may also have a better idea of what they actually want and need by then.

Get Thrifty!

Items that are heavily used, like footwear and backpacks, are probably best purchased new so your child can get the most out of the purchase.

However, if you need basics like jeans, sweatshirts, or athletic equipment, consider thrifting. Buying these items second-hand is an especially good option for children and teens, since other families may donate quality items that their children grew out of or simply stopped using.

Or you could skip the thrift store hunting by joining your local Buy Nothing group on Facebook or by browsing Facebook Marketplace. Both options can help you find quality items without the retail price tag, while also promoting sustainability in your community.

Look Up Sales Tax Exemptions in Your Area

Some states with a sales tax offer a sales tax holiday that allows families to buy most of their back-to-school items at the retail price – with no tax added.

While there is not currently a sales tax holiday for the state of New York or Pennsylvania, you can still use helpful information about sales taxes to get the most bang for your buck during the back-to-school shopping season.

For example, in New York State, footwear and clothing purchased for less than $110 is always free from the state sales tax. You can avoid a sales tax in New York State by buying those items in increments of less than $110. Local sales tax may still apply.

Clothing and footwear sold for less than $110, as well as college textbooks, are exempt from both state and local taxes year-round in New York City and the following eight New York State counties:

  • Chautauqua
  • Chenango
  • Columbia
  • Delaware
  • Greene
  • Hamilton
  • Tioga
  • Wayne

In Pennsylvania, most clothing is exempt from the state sales tax. Textbooks are also exempt from sales tax when sold by an authorized bookstore or school.

Build a Strong Financial Future for Your Family with GCCU

You’re eligible to become a Guthrie Community Credit Union member or borrow from GCCU if you live, work, worship, or attend school in Tompkins, Schuyler, Tioga, Chemung, or Steuben Counties, in New York, or in Bradford or Tioga Counties in Pennsylvania.

Open an account online, see today’s loan rates, or browse the kinds of accounts you can open at GCCU.