What You’ll Learn
Get valuable financial planning and budgeting tips to make this back-to-school season your most affordable one yet. We’ll explain how to manage expenses, ways to save, and the best student bank accounts you should consider.
As the back-to-school season approaches, it’s crucial to consider financial planning for the upcoming school year. Whether you’re a parent preparing your child for school or a college student managing your own finances, having a solid financial strategy can help ease the stress of this busy time.
At Salal Credit Union, with the right financial advice and tools, you can set the stage for a successful school year. Here’s our comprehensive guide to help you confidently navigate the monetary demands of back-to-school season.
The Importance of Financial Planning for the School Year
Financial planning is crucial for managing the various expenses that come with the school year. The costs can add up quickly, from tuition fees and textbooks to extracurricular activities and everyday essentials. Proper planning ensures you are prepared for these expenses without compromising your financial stability.
If you’re a parent with young children, you may want to involve them. Teaching kids about money management from an early age is invaluable – and back-to-school season provides the perfect real-life scenario to get started. Involve them in the budgeting process, show them how to track expenses, and explain the importance of saving.
Budgeting Tips for Back-to-School Expenses
Creating and sticking to a budget can significantly ease the financial burden of back-to-school season. Here are some practical tips to help you budget effectively:
List All expenses
Start by listing all the expenses associated with the school year. This includes tuition, books, uniforms, supplies, extracurricular fees, and transportation costs. Having a comprehensive list ensures that no expense is overlooked.
Prioritize Needs Over Wants
Differentiate between essential items and non-essential ones. Prioritize spending on necessities first, such as tuition, textbooks, and basic supplies, before considering extras like new gadgets or fashionable accessories.
Shop Smart
Take advantage of back-to-school sales and discounts. Buy in bulk for items like pens, pencils, notebooks, highlighters, folders, binders and more to save money in the long run. Compare prices online and in-store to get the best deals.
Plan for Unexpected Costs
Always set aside a portion of your budget for unforeseen expenses. This could include emergency school trips, last-minute supplies, or replacement of lost items.
Use Rewards or Cash-Back Cards
If you have a rewards credit card, like Salal’s Rewards Credit Card, you can use the rewards and cash back offers to reduce your overall expenses.
Consider Second-Hand Options
For items like textbooks and uniforms, consider acquiring them through second-hand channels. Many online platforms offer gently used items at a fraction of the cost of new ones. Some communities have trade-and-swap or “buy nothing” groups on social media sites, where parents can get the supplies they need while donating items their child no longer needs or has outgrown.
Best Student Bank Accounts
Choosing the right bank account is critical for managing your finances effectively during the school year. Salal Credit Union offers a range of accounts tailored to meet the needs of students and their families, including:
- Youth Certificates: A Youth Certificate is an excellent way to encourage savings from a young age. It offers competitive interest rates and teaches children the importance of saving money. It’s a safe and secure way to grow their savings over time.
- IRA for Education: An Individual Retirement Account (IRA) can be a great tool for saving for education expenses. While traditionally used for retirement, the funds can also be utilized for qualified education expenses like tuition and textbooks without tax penalties, making it a strategic way to plan for future educational costs.
- Student Credit Card: Building your credit history early on is crucial for future financial success. Salal’s Student Credit Card is designed to help students do so responsibly. It offers low interest rates, no annual fees, and protection against card theft and fraud.
- Free checking account: Our My Free Checking account is perfect for students. With low minimums to open, no monthly fees, and free online and mobile banking, this account makes managing money simple and convenient for students. Plus, it provides access to surcharge-free ATMs nationwide.
Back-to-school season is a time of new beginnings and opportunities. You can ensure a smooth and successful academic year by taking proactive steps in financial planning and budgeting.
Salal Credit Union offers a range of checking account options designed to help you manage your banking from anywhere, while also supporting your community. Discover our personal banking products and services, along with resources to help you achieve your goals for the upcoming school year.
You can easily open an account online or find more information on our website.
