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Top 5 Tips on How to Save for the New School Year

By SDCCU , 24.07.2019 Financial Education
Mother tying daughter's shoes Top 5 Tips on How to Save for the New School Year
It’s back to school time! Which means shopping for your kids can make a serious dent in your wallet. It’s best to prepare your plan before rushing into the plethora of school supplies and follow these 5 tips to help you save:   
  
  1. Take inventory. Go through your drawers and last year’s school supplies to see what you can re-use for the upcoming school year. Look for wear and tear on backpacks and clothing items that need to be replaced instead of buying everything brand new. Once you know what you already have, it will be easy to make a list of what is still needed.
  2. Set a budget. Take your list of items that need to be replaced for the school year and place an estimated cost next to it. Tally up all the items and stick to your shopping budget. If you do not make a list and budget, you will be more likely to spend more than you intended. Use this budget as an opportunity to discuss priorities with your kids and cut down on costs in less essential categories. Get them involved in the budget and encourage them to help you find deals at the store. This can turn into a fun game and help them learn the basics of shopping on a budget.
  3. Check prices online. We all know that online shopping is not only convenient but also has competitive pricing. Look for bargains and don’t forget to look for student discounts and coupon codes.
  4. Buy in bulk. Buying in bulk can cost you more up front but may save you in the long run. Make sure you are doing the math and that the price per item is actually a better deal. When buying in bulk, the main rule is to never buy it if you are sure you won’t use that many. If your kids go through a lot of pens and pencils, it makes sense to buy in bulk. 
  5. Shop throughout the year. The best way to save money is to start planning ahead. Keep an eye on your supplies throughout the year. Watching prices can be a great practice to help you know what a reasonable price is and when the best time to snag it up is.
Whether you are sending your kids off to kindergarten or to college, these tips will help prepare them for the new year and you will have gotten away with a few extra bucks in your wallet. A win/win for both of you.

Visit our Financial Knowledge Blog to learn more tips on setting up a solid financial future or join us for Financial Wellness Wednesdays.

 
 

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