It seems like only yesterday that summer started, and now school is just around the corner. You’ve likely received the supply list for your kids’ school already, and are dreading the cost. There are many expenses that arise only once or a few times a year, so it can be easy to forget about them. However, doing so can easily derail a budget, particularly if you have a very tight budget and there’s no room for changing it during particular parts of the year. Even if you have an emergency fund, most of these costs wouldn’t qualify as emergencies. It’s best to try to remember these costs and to add in extra money to your budget, or put aside money each month in order to have enough. However, in the midst of a busy year, it can be easy to forget these items. So grab a pen and add these expenses to your budget now.
1. School supplies
School is coming, and your kids probably need new notebooks, pencils, markers, and so on. They may even need a new lunchbox or backpack. Your child’s teacher also might require each child to bring items for the classroom, like tissues or sanitizer. If you have more than one child, you might really be dreading the cost of school supplies. When you add in the fact that your children probably want (or need) new clothes, getting ready for school can get expensive. The National Retail Federation says that families with children in K-12 will spend $669.28 on apparel, shoes, supplies, and electronics this year. School preparation happens every year while kids are living at home, so it’s important to factor into your budget.