As summer winds down and school looms dark on the horizon, it is time to think about back-to-school shopping. Do you have a plan? Do you have a budget? Did you forget to budget and are now in a panic? If you have school-age children then school supplies and school clothes must be a part of your monthly budget. The age of the children will, in some cases, didctate the budget anount. Tim and I homeschool our children, so clothes are low on the budget, but books and curiculum eat up a much larger chunk.

Elementary school kids may be able to get by with minimal clothes or consignment sale clothing and a few necessary school supplies. It seems like the list coming home from schools these days gets longer every year. This is why it is essential to place this in your monthly budget and save throughout the year for the event. If you spend $200 this year on clothes and supplies, divide that number by 12 and save  $17 a month for next year’s back to school.

Teens are a little different story. For them I would still sugest that you save each month for the school supplies, sports fees, annuals and dances. For the clothing I would try and calculate how much you spend per year on thier clothing, divide that by 12 and place them on a budget. If you can afford it, have them open a checking account and put 3 months worth of clothing costs into the account. They get to decide how and when to spend it, bit this is all they have for those 12 weeks.

Like all categories in your budget, a plan is necessary. If the expense is yearly then allocated savings is a must so that you can stay on the path to financial wellness and not be derailed by the unplanned expenses. Back-to-school season is already almost behind us … remeber, though, Christmas is in Decmeber again this year!

Kathryn and Tim Gerken are financial coaches in Newcastle, WA. They coach people throughout the greater Seattle area and are available for public speaking.