Back to School Money Tips

Back-to-school money saving ideas!

It always seems that school starts earlier and earlier each fall.

Planning ahead can help you get ready for the school year with less money stress.  And we all know less money stress can affect all areas of our life.

Consider these suggestions:

• Determine exactly what is needed and make a list. I love lists. In fact, sometimes I add something to my list just to cross it off because it’s already done!
• Establish a spending limit. The earlier you plan for this one, the less likely it will be to throw your finances out of whack that first month back in school. But most importantly, stick to the limit you set!
• In anticipation of the spending limit, start early to set funds aside (envelope system?). Name it! Consider working extra hours or getting a side gig.
• Consider a saving challenge for back-to-school needs. Things like stashing change throughout the year can add up.  What about saving $5 bills, or even cut eating out a couple of times a month and save that money instead? You can even try a no-spend week or month during the summer to set money aside for school needs.
• Of course, checking sales, comparing prices, and cash-back apps can help you save through the shopping process. Consider “needs vs. wants” when choosing items.
• And if you can, wait until after school starts for some of the items. Take advantage of the clearance prices that first or second week back. Determine what items may not be needed immediately.
• Here’s another tip I read online: Shop without your kids! That can remove some of the pressure to purchase things they want. This is a great idea and I know it works because I send my husband out shopping without me every week.  Yip, that’s my money saving tip!
• I love this idea too: Help your kids learn the value of money by letting them cover some of the fun things that aren’t necessary. Let them use allowances or birthday money to cover the cost.  Or consider creating a small “fun budget” for them to use.  Sometimes their priorities change when they have to pay for it!

And my favorite back-to-school money tip is to add it to your monthly budget.  Determine the total amount you will need, divide it by twelve, then save a little every month into the “school fund” (we have great club accounts for that!).

If you’re ready to get started, I can help! CLICK HERE to schedule your Personal Financial Coaching session.

Lisa Atkinson
TFCU | Personal Financial Coach
latkinson@tucsonfcu.com

As a Personal Financial Coach, I do not provide legal or tax advice. Tucson Federal Credit Union does not guarantee that this service will achieve any particular objective or outcome. For any legal advice, please seek the advice of an attorney or tax professional.