It’s that time again when families are preparing for the end of summer and kids will soon be headed back to school. With the rising cost of back-to-school shopping, a little planning can really help families reduce financial stress while building healthier money habits for the future. We’ve prepared some tips to help you save money getting the kids ready for the new school year, as well as some opportunities to teach your kids financial literacy to encourage them to be responsible with their own money.
Why Back to School Shopping Feels More Expensive Every Year
If you think that your school shopping seems to get higher and higher every year – you’re not wrong! Rising costs and inflation are always hitting families in the pocketbook, so it’s smart to plan ahead and get creative to ensure your budget is in check to afford the supplies you need.
The Costs Add Up Faster Than You Think
Back to school time usually means some extra expenses for families, and the costs to get the kids ready for school add up faster than you think! No matter whether the kids are in kindergarten or college, everything from school supplies and clothing to technology, extracurricular activities, and lunches, really add up, so it’s smart to have a plan in place for school shopping needs.
Start with a Budget Before You Shop
Back to school shopping can wreak havoc on your budget if you aren’t careful! It’s a smart money move to create a spending plan before shopping so your family can avoid overspending and make more intentional purchasing decisions to ensure you can get everything you need for the new school year.
Smart Shopping Strategies That Can Stretch Your Budget
Every penny counts these days, so here are some smart shopping strategies from the finance professionals at Members Plus Credit Union that can help you stretch your budget for school-related purchases.
- Focus on Needs Before Wants
- When you are on a budget for back-to-school shopping, focusing on the needs before the wants is a practical way to ensure you save money. Preparing a shopping list and sticking to it, comparing prices for all purchases, shopping sales early to get the best deals, reusing supplies from last year when possible, and setting a budget for each child can really help to stay focused on the necessary items for school!
- Make Credit Cards Work for You
- Sometimes back to school shopping expenses are a bit much for the budget, and it often makes it easier for families to use a credit card for purchases. No worries as long as you use the card responsibly. This includes using rewards strategically to get the best deals and cash back, sticking to a predetermined budget as discussed earlier, and paying the balance in full whenever possible to avoid unnecessary interest. Credit cards can be a helpful tool when used in a responsible way and are paid off as soon as possible.
Start Saving for Next School Year Today
Want to get a jump start on next year’s back to school shopping? Savvy shoppers can start saving now with a little help from MPCU for next school year. Here’s how:
Small Deposits Can Make a Big Difference
MPCU offers an amazing program for kids aged 14-17 called the Rising Teen Account. This is a simple way to save throughout the year for recurring expenses like back-to-school shopping. Rising Teen Account offers these perks for members:
- NO FEES!
- Digital Banking
- Early Pay – Direct Deposit
- Remote Check Deposit
- 30,000+ ATMs
- FREE Debit Mastercard®
- Scholarships
- Financial Success
It’s never too early to teach your children smart money habits, including saving consistently throughout the year to help reduce the financial burden of next year's school shopping. It will also give them the chance to splurge on something fun for school with their own money, which reinforces how saving can help them achieve their goals!
Turn Saving Into a Family Habit
It’s a smart money move to introduce your children and teach them about the benefits of saving at a young age. It creates good money habits that will last a lifetime, including how to budget, goal setting, working for things and delayed gratification, and financial responsibility, while helping them better understand the value of money. We invite you to reach out to MPCU today to learn more about the Rising Teen Account to start investing in your child’s financial literacy and future today!
Wishing you all a safe and happy back to school season and an amazing school year!
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