Family 411: Back-to-school budgeting

The expenses can take a toll on your bank account during the back-to-school season. (MGN Online)

The expenses can take a toll on your bank account during the back-to-school season.

New school year means new classroom supplies.

And for 10-year-old Addison Gray, something extra.

"Sports can add up. There's a lot of things that come with it, whether it's the attire."

Addison is an avid soccer player.

Her mom, Meredith, tries to budget for it all.

"It's a little overwhelming"

Parents expect to pay for notebooks, pens, pencils, clothing and shoes.

Extracurricular activities can kick up the running tally.

"Kids are doing multiple things they're not just doing one activity anymore and so those multiple activities really add up."

Krista Cavalieri with 'Evolve Capital' helps young families with financial planning.

She says back to school should be in the family budget.

"Make a line item, put 150 dollars a month away every month so that when the expense comes, you're not scrambling to find the money."

A separate savings account can help ease pressure on the pocketbook.

"If you have vacations you want to plan for, open a vacation savings account, same for the schooling."

Cavalieri says it can be a great teaching moment for children about money habits.

"Let them know it's a limited amount of resources due to your time and money so let's prioritize what you really want to do."

Meredith says with a first and fifth grader, expenses won't be as high now.

"I think once they get into junior high and high school, it's probably going to be a lot more."

Cavalieri says some families can't afford to pay for it all, but can find ways to cut costs.

"They should definitely talk to the administrators because they're not going to be the only family. There might be a sliding scale they can use."

Meredith saves money by stretching out her kids summer wardrobe.

"Right now, they haven't grown out of everything that we got from the beginning of the summer, so we're going to use that as much as we can."

Cavalieri says parents can prepare by figuring out the costs of each activity.

She recommends talking with other parents, coaches and administrators.

close video ad
Unmutetoggle ad audio on off