New crayons, pencils, calculators, dorm-room decor, and laptops certainly make the list of things affected by inflation.
Parents of school-aged children will spend about $660 per child for back-to-school supplies this year. Supplies for more senior students can be even pricier. Let’s take a look at some ways that can help you cut costs and stick to a budget that works for your family.
Plan Ahead to Save
Here are some tips that can help you save money:
Breaking up Costs: Saving up a pool of money that you add to over time can help break up larger purchases. If you’ll spend $700 for back-to-school supplies and get paid four times before school begins, set aside $175 in your sinking fund on each pay day.
Be a Smart Consumer: Given sales and promotions right now, there is no need to pay full retail prices on school supplies. Take advantage of financial apps and bulk items at warehouse stores. Also, keep in mind that thrift stores and discount dollar stores often have needed items.
Seek Out the Best Deals: Comparing prices online will help you stick to your budget and helps your student learn “best financial practices”. Also, consider signing up for emails at favored retail stores to receive offers for extra savings.
Delay Expenses When Possible: Some items may go on larger discounts after the school year gets rolling or comes to a close. For example, stores generally mark down backpacks or lunch boxes after the school shopping rush ends.
Empower Your Older Students to Practice Financial Literacy
Back-to-school season is a great time to give students the necessary practice it takes to manage their own finances with a Scholar Checking Account at Merchants & Marine Bank.
Studies show financial literacy begins taking root for people between the ages 15 and 25. Whether students are still at home or away at school, a checking account will help set them on the road to financial independence. Students can open a Scholar Saving Account with a $100 minimum deposit, with balances over $100 earning interest. If the account falls below $100, a $2 monthly service charge applies. Account holders can make three withdrawals per month without incurring a charge and extra withdrawals for $2 each. The account provides eStatements, and interest is compounded monthly, credited quarterly.
Want to Know More?
Our team at Merchants & Marine Bank is always here to serve your family’s needs. Contact us today to learn more about our Scholar Checking Account or any other products and services that can help you thrive financially.