A new academic year often brings a long list of expenses: school supplies, uniforms, books, gadgets, extracurricular activities. The costs can pile up and spiral out of control. But by adopting certain astute budgeting techniques, you can set your child up for success without draining your wallet.

1. Set a Realistic Budget
Decide how much you can spend overall, then break it down by category: stationery, clothing, fees, etc. Be clear about what’s essential and what can wait. Having a plan prevents impulse purchases and gives you clarity when your child insists on the trendiest (and priciest) items.

2. Shop Smart
Look for deals early. Many stores have back-to-school discounts at the end of summer. Compare prices online, use cashback apps and buy in bulk for items like notebooks, pencils and lunchbox staples. Consider generic brands as they often deliver the same quality at a lower cost. South Indian Bank is currently offering many lucrative and smart shopper perks on its credit and debit cards. Make your back to school even more cost-efficient with these.

5. Involve Your Kids
Teaching kids about budgeting sets them up for financial responsibility. Give them a budget for supplies and let them make choices within the constraints of that budget. You can also sign them up for their own savings account with SIB Gen Next. This way, they can dip their feet into the world of finances and savings early on.

4. Save on Tech
If your child needs a laptop or tablet, check for online offers, student discounts or consider refurbished models from reliable sellers. And don’t forget to ask the school if they provide any devices or subsidies.

5. Plan Ahead
School isn’t just about books, factor in extracurriculars, sports and field trips. Set aside a small “just-in-case” fund so you’re not caught off-guard.

The new school year should be exciting, full of curiosity and fun, not stressful. Kick it off strong with smart planning and clear priorities so your bank account doesn’t have to suffer the consequences.

ALSO READ: Investing in Children’s Education: A Smart Financial Move for Every Parent

Disclaimer: The article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of The South Indian Bank Ltd. or its employees. The South Indian Bank Ltd and/or the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial/non-financial decisions based on the contents and information’s in the blog article. Please consult your financial advisor or the respective field expert before making any decisions.