As another school year approaches, there is ample opportunity for fun, learning, and personal growth. Parents and students will begin to navigate a new school year with new teachers and peers. While an exciting time, it certainly can be busy, and expenses can pile up fast with tuition, school supplies, new trends, and meal prep. With the start of a new school year, it is crucial to remember healthy spending and saving habits. While the impending expenses of the year may appear daunting, consider these tips to help minimize the costs of school:
- Reuse leftover supplies from last year. Some new supplies may still be needed but the cost might be able to be reduced.
- Look for sales! Whether online or in-store, there may be sales on items that your kids need for school. Take 20 minutes to do some research and find the best prices. Many companies will be selling their summer inventory, so browse the sales racks at your local stores to buy clothes!
- When going to any store, even the grocery store, make shopping lists and don’t buy anything you don’t need. These purchases can quickly accumulate unaccounted costs.
- Plan ahead. Set aside money monthly and plan for unexpected costs.
- Save some money for the future! It is never too early to open a savings account for college and take advantage of compounding interest. Attending college can have additional expenses beyond the school supplies required for grades K-12. Having money saved beyond just tuition can be very helpful!
By planning and creating a reasonable budget, you can track your spending and limit unnecessary purchases. These practices can help to resolve unexpected financial burdens and save for expensive purchases, such as houses and cars, and help your kids in the long run. Tips to consider when saving for incoming/current college students:
- Put money into eligible savings bonds and invest in mutual funds.
- Assess your spending and try to cut unnecessary purchases.
- Buy used textbooks! They are much cheaper than new textbooks and work equally well!
- If you haven’t already, open a savings account! It’s never too late to start saving for college and accumulating interest with a savings account.
Prioritizing your spending to save for the important things is so important to the well-being of your family. Giving kids a college education is a fantastic way to prepare them for their lives thereafter. Keep these ideas in mind when shopping this August! Here to help on your family’s journey, First Bank’s savings account is a great spot to save money while accumulating additional wealth with competitive interest rates. Click here to visit First Bank’s savings account page for more information about how to open a savings account.