Back-to-school spending: Personal finance expert shares tips to save

As families prepare for the back-to-school season, many are looking for ways to manage costs.

Nearly 60% of Americans say they are optimistic about reaching their financial goals during this shopping period, according to Ramsey Solutions.

Personal finance expert Rachel Cruze shared practical tips for keeping expenses in check.

Shop Your Home First

Cruze advises families to take inventory of supplies already at home before buying new items.

"Look around and see what we already have," she said.

Reusing backpacks or leftover supplies can reduce spending and help families stick to their budget. Cruze recommends budgeting apps like EveryDollar to track expenses.

Budgeting For Supplies

The average family spends nearly $900 on back-to-school items, including electronics, calculators, shoes, and backpacks.

Cruze encouraged parents to identify areas where they can cut costs, such as shopping at discount stores or limiting dining out.

Lunches And Meal Planning

Families should also consider back-to-school lunch expenses. A typical school meal costs about $3, but it can add up over time.

Cruze suggests comparing cafeteria prices with home-packed lunches and being mindful of grocery store choices.

"Where you shop is the number one indicator," she said. Some districts, like Tulsa Public Schools, offer free lunches for all students.

After-School Activities

Extracurricular activities can quickly inflate the back-to-school budget. Cruze warns families to avoid overspending on sports or travel programs.

"Can you afford it?" she asked. She also recommends balancing schedules to reduce household stress and create a sense of peace for children and parents alike.

Expert Advice

Cruze emphasizes teaching kids about money early by involving them in shopping decisions and explaining costs. This approach helps children understand budgeting, delayed gratification, and financial responsibility.