With the new school year officially underway, many parents are feeling the stress of back-to-school shopping. One of the main reasons: items are costing more.
Families – many of whom are living paycheck to paycheck – are projected to spend more than $700 on average, which is about $200 more than last year. Since its inception, Goodwill Industries of Central Florida has been a go-to resource for families under financial strain. From providing affordable goods in our retail stories to offering a free, one on-one financial coaching program (known as Prosperity Planning), we help households manage their finances and ultimately find more stability.
If you’re a parent who’s grappling with the increased cost of living as your kids settle into the school year, there are steps you can take to ease the burden:
- Identify the essentials. To prevent wasting money on items that are wanted, but not needed, sit down with your child, go through their school supplies list together and cross off anything that they typically don’t end up using. You can cut down on spending even further by searching your home for classroom necessities – including pencils, notebooks and binders – that you may have bought in previous years.
- Set a budget. Once you know what supplies your student needs, it’s time to determine how much money you can spend without maxing out your credit cards or relying on “buy now, pay later” services. Take into account not just your weekly expenses but your monthly ones as well to better understand the state of your finances.
- Look for in-store and online savings. Stores have rolled out their back-to-school sales – from student discounts to “Buy One, Get One” offers – but there are also options online. Some retailers post a list of coupons on their website while others give you a discount on your next purchase if you sign up for their e-newsletter. Throughout August, you can add to those savings by taking advantage of Florida’s sales tax holiday, which covers a wide range of items including laptops and flashcards.
- Opt for thrifted goods. The cost of school uniforms can add up fast, particularly if you have several children, but secondhand shopping at stores like Goodwill allows you to find quality clothes at affordable prices, ultimately leaving more wiggle room in your budget. Thrifting can be a family activity too: Have your kid tag along for a chance to find outfits that fit their style without breaking the bank.
- Find community support. Identify organizations in your area – like churches and nonprofits – that are hosting back-to-school giveaways. These events often provide families with pens, binders and other common classroom supplies. It’s okay to ask for help, and don’t hesitate to attend more than one of these events if needed.
Saving money doesn’t have to end once the school year is in full swing. Think of setting aside $10 or $15 each pay period as a small investment with a big return: less stress, fewer last-minute expenses and the peace of mind that comes from being prepared.
Goodwill is here to guide you through every step of your budgeting journey. If you’d like to learn more about our Prosperity Planning program, visit https://www.goodwillcfl.org/.
Elizabeth Rice is the Prosperity Platform Manager at Goodwill Industries of Central Florida (GICF), which has provided vocational and job placement services to Central Floridians for more than 60 years. GICF directly channels more than 90% of its annual revenue into programs that enable individuals to secure meaningful employment, achieve their personal goals and thrive economically.
