Let’s start 2024 by planning ahead. One of the last things parents and guardians like thinking about is getting ready for back to school during the holidays, but it pays to plan ahead to help stay in front of your back-to-school expenses. As soon as you can, make a list of all the things your kids need for the new school year. Make a detailed list including school supplies, backpacks, shoes, new uniforms (especially if your kids have grown over the holidays) and any school fees payable throughout the year. Keeping this list handy will be very helpful for budgeting and if you stick to it you can avoid overbuying which is easier to do when you’re unprepared. The same reason why you don’t go grocery shopping without a list (or on an empty stomach!)
After you’ve made your list start researching prices. Don’t worry, retailers are prepared for this time of year so watch out for all those ‘Back to School’ sales and take advantage of the deals.
Set aside money each month. It’s not a bad idea to keep some money aside throughout the year for incidentals for school. Your child may start off with a Summer uniform wardrobe but then the temperature drops and you’ve got jumpers, stockings and beanies to buy – this will depend on how cold it gets where you live of course. And then there’s extra school excursions, technology, camps and sports equipment, so keeping a few dollars aside to anticipate extra expenses will definitely help along the way.
Teaching kids about saving. Encourage kids to start setting aside some of their pocket money (or Christmas gift $$ from Gran) to help them establish good savings habits early.
If your kids have a transaction or savings account set up with MyState they can use Insights on the mobile app to help predict their money ins and outs. Preferably they’ll have more going in than out!
As a family you can get through another school year better prepared and learn some good savings habits along the way.
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