Expert advice on how to budget for the entire school year

(InvestigateTV) — The National Retail Federation reported that parents will spend $875 per household on back-to-school supplies this year, but that doesn’t include replenishing supplies or extra-curricular activities throughout the year.

Cherry Dale, a financial coach with the Virginia Credit Union, said whether it’s band trips or buying athletic gear, many parents face extra fees associated with school throughout the school year.

She advised them to start setting aside money now, so they are ready when their child comes home with a permission slip and a letter saying there is a cost associated with an upcoming event.

“Even teacher appreciation weeks will pop up and you’re like ‘Oh my goodness, I need to get a gift card,’” Dale explained. “Well, what if you just set aside $50 every single month for school supplies or for random asks that you know are going to happen with your child’s school.”

This is especially true for high school students participating in any sort of extracurricular activity, which often have fees or specific supplies required.

Dales also reminded there is homecoming and prom that could cost money.

“Is it athletic gear?” she asked. “Are they taking a trip with their fellow students? Are they getting ready to graduate? There’s a lot of cost associated with graduation and what does that look like.”

She said plan for that now at the beginning of the school year. Parents will be much better off and not in panic mode about how they are going to be able to afford those things moving forward.

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