Back-to-school season is here — and it’s expensive. According to recent numbers, families are set to spend $858 per household on supplies this year. If you’re in college or have a child in college, that figure climbs to $1,325.
It’s a big expense — but with a little planning, budgeting, and smart investing, you can ease the stress.
1. Start With Your Budget
Before you swipe your card, take a close look at your income and spending from the last month or two. Group your expenses into simple categories:
- Take-home pay
- Rent or mortgage
- Saving and investing
- Groceries
- Bills
- Extras
Look for areas where you can temporarily shift spending to cover back-to-school needs while still investing in your family’s future.
2. Set Aside Money Ahead of Time
Want to have $858 ready for next year? Start now by saving just $72 a month.
Automate this transfer into a dedicated savings account so you don’t even have to think about it.
3. Make Time Work for You
The earlier you invest, the more compounding can grow your money. Set a daily, weekly, or monthly recurring investment to keep building wealth in the background.
If you have kids, consider a UGMA/UTMA account (Uniform Gift/Transfer to Minors). These accounts let you invest for their future — whether that’s paying for a first car, covering college textbooks, or any expense that benefits the child. Once they reach the age of majority (18–25, depending on your state), the remaining balance transfers to them.
Some providers, like Acorns Early Invest, even offer perks like a 1% match on Early investments for Gold members.
💡 Bottom line: Back-to-school season doesn’t have to wreck your finances. Review your budget, automate your savings, and start investing early. You’ll thank yourself — and so will your kids.
💡 Get more practical money tips at MoneyMentor.app.
