As a new school year approaches, you’re likely planning how to prepare for the back-to-school rush. From school supplies to new clothes, the expenses can add up quickly. Here are three practical tips you can use to stay within budget.
Recycle and Reuse
Before you start your shopping spree, check what items you already have. Last year’s backpack, calculator, or lunch box may last you a couple more school years. This will free up more space in your budget and teaches children to prioritize needs over wants.
Take Advantage of the Sales and Discounts
Timing is everything. The back-to-school sales offer significant discounts on supplies. However, don’t stress if you missed any of these sales. Check back around Labor Day to find additional sales, as stores are trying to clear out seasonal inventory.
Create a Dedicated Savings Fund for School
Be prepared for expenses throughout the school year. Open a separate savings account and deposit a set amount each month. When future expenses for lunch, field trips, or extracurricular activities arise, you’ll have money ready to cover those costs.
Bonus Tip: If your child is a teenager, consider opening a Teen Account for them. You can deposit allowance or gift money into their account. Throughout the school year, they’ll see how savings can grow and learn valuable lessons about budgeting and spending wisely.
The back-to-school season doesn’t have to be a financial burden. If you approach it with the right strategy, you’ll be able to cut your costs and help your child succeed!
