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Budgeting for back-to-school and beyond

Brandon Lovingier
by Brandon Lovingier
October 3, 2024
Young boy looks at school supplies in a store while back-to-school shopping.
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There seems to be no end to the growing list of back-to-school shopping needs (and wants). And getting kids to the first day of school is only the beginning. Between sports equipment, band instruments, and backpacks bursting at the seams, it can be a real burden on your budget! 

So how do you get ahead of all of it? Here are a few ideas we’ve used to help lessen the load of back-to-school shopping. 

Saving throughout the year

In our house, we set aside money for clothes and other “lumpy” expenses throughout the year. We have a monthly transfer to save money into a high-yield savings account (HYSA) that we label the “Yearly Expenses” fund. We update the amount each year based on how much we spent the year before. 

By saving throughout the year, we have money available to take advantage of sales. Even better, we’ve always got something to handle unexpected expenses (you outgrew your shoes already!?). For example, the outlet store where we were on vacation this summer had 50% off store wide. We stacked our military discount on top and got name-brand clothes and a nicer backpack for thrift store prices. 

Being thrifty pays off 

Speaking of thrift stores, lightly used items are a great way to save money. With the rise of community groups online (not just for the drama), we’ve saved hundreds, if not thousands, over the years. We typically mix used items with new items, so our son still gets the excitement of having new stuff. 

RELATED: Mid-year credit check tips for military families

This is especially handy for sports equipment. A little baking soda and all-purpose spray can breathe new life into some items. I was pretty proud of how nicely the soccer cleats we got from the Buy Nothing group turned out! 

Be realistic with needs and wants

We all want to give our children the very best. However, when we’re on a fixed income, we have to remind ourselves of real limitations. Our son still has way more than we ever did growing up. And no matter how much nice stuff he has, he’ll always find some kid on the internet with a private jet or something to compare to. 

Our main goal is to give him everything he needs to thrive but also maintain healthy limits. When it comes to clothes and shoes, he’ll outgrow them in a few months anyway – even if we make sure to get a size bigger for room to grow. 

Communicate the plan with your whole family

Adding these limitations on new purchases can be tricky to talk about. However, we’ve found that when we’re able to communicate a little bit of the “why” behind our decisions, it helps our son understand why he can’t have everything new. There are some key items we spend a tad more on like backpacks and shoes for durability. He usually gets a few “cool” things like his pizza-shaped pencil holder. This keeps it fun for him. 

We’ve had some really fun conversations, like when I explained where my paycheck goes, and my son bluntly replied, “Bills suck, Dad!” Yeah, buddy, they’re almost as bad as taxes. I was pleasantly surprised at how much a third grader can understand about budgeting and personal finance. 

Don’t forget to utilize community resources

Lastly, don’t forget to use community resources. Many installations have back-to-school drives and even giveaways. If you’re in the front seat of the struggle bus this year (we’ve been there), don’t suffer in silence. Reach out for support. My favorite thing about the military community is their willingness to step in and help each other out! 

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Tags: Back to schoolBudgetingMilitary FamilyMilitary Kids
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Brandon Lovingier

Brandon Lovingier

Brandon Lovingier, ChFC®, MQFP® aka The Enlisted Money Guy™, wasn’t born into money. He joined the Army right out of high school and has served over 18 years on active duty so far – including deployments to Iraq and Afghanistan. When he was younger, he wasted money on trucks, beer, cigarettes, energy drinks, and everything in between. At one point, he and his wife had to put rent on a credit card just to get by. Fast forward, they’re debt-free and building wealth. He established his blog, Enlisted Money, to help enlisted service members avoid the same mistakes he made. He earned his Chartered Financial Consultant – ChFC® designation in 2022 and is one of the first Military Qualified Financial Planner – MQFP® designation holders. He’s been a speaker at MilMoneyCon and loves mentoring other service members on their own financial freedom journey.

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