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Whether you’re enjoying the slower days of summer or they’re winding down, it’s a good time to think about and plan for the upcoming back-to-school season. The costs add up quickly between school supplies, new clothes and electronics, but with some careful planning, you can prepare your finances for back-to-school season without breaking the bank. Read on to see our tips to help you tackle back-to-school shopping with confidence.
1. Take inventory of what you have and what you will need.
This is an important first step that can save you a lot just by knowing what you already have on hand versus what you need to purchase. It also helps you avoid impulse purchasing at the store when you’re unsure what you already have available. You may be surprised to find that you already have many items on your child’s school supply list, such as pens, pencils, and notebooks. An older sibling may already have that expensive calculator, multiple packs of colored pencils, or some locker accessories to share. By using what you already have, you can reduce the amount of money you need to spend on new supplies.
2. Create your back-to-school budget.
Before you start adding to your physical or online cart, take time to review your list and create your budget. Start with your list of school supplies, clothing, and other essentials, and then determine how much you can afford to spend. Although not necessary for this step, it’s helpful to have your overall monthly budget in place, and we have some tools available to help you assess your overall financial picture and goals on our blog. Once you have your shopping list and budget gameplan, consider using budgeting tools or apps to track your expenses as you go to avoid overspending. Additionally, prioritize your purchases based on what your child truly needs versus what they want. Having them help with this part of the process may make this part easier while also giving them opportunity to learn about budgeting.
3. Save more with the Summer Spending Challenge.
The summer season offers plenty of opportunities for fun, relaxation and adventure. Along with the fun, it can also be a season of increased spending with vacations, higher energy bills and increased childcare or back-to-school costs. But don’t sweat it: With a little bit of creativity and focus, you can start a Summer Savings Challenge that not only helps you cut costs but also boosts your savings as you plan for back-to-school expenses. Read our Summer Savings Challenge blog post to explore some fun and innovative approaches to save money while still enjoying all the fun summer has to offer.
4. Shop for the best deals.
One of the best ways to save money on back-to-school shopping is to start early and take advantage of sales and discounts. Keep an eye out for back-to-school sales at your favorite retailers, and don’t forget to comparison shop to find the best deals. Comparison shop both online and with brick-and-mortar stores to look for the best deals. You may be surprised to find the differences between retailers. Also consider purchasing generic brands or buying in bulk where it makes sense to save even more money.
5. Take advantage of tax-free holidays.
Many states offer tax-free holidays during the back-to-school season, allowing consumers to purchase certain items without paying the sales tax. This can be a smart time to purchase the items on your list. Check to see if your state participates in this program and familiarize yourself with the rules and restrictions to make the most of the tax-free holiday. For Alabama, the Back-to-School Sales Tax Holiday is always the third full weekend of July, which is Friday, July 19, through Sunday, July 21, 2024. The Mississippi 2024 Sales-Tax Holiday will run from Friday, July 12, to Sunday, July 14, 2024.
6. Reward yourself with the APCO Visa® Rewards Credit Card.
You’re committed to shopping smart this back-to-school season with the items your family needs. Using your APCO Visa® Rewards Credit Card for your purchases lets you reward yourself by earning a highly competitive 1.75% points on every $1.00 you spend. Then you can choose how to reward yourself – statement credit, gift cards, travel or merchandise. You can also pay with your Rewards at checkout with PayPal at millions of online retailers. If you’re interested in learning more or applying for the APCO Visa Rewards Card, visit us online or give us a call. For added convenience, new APCO Visa Rewards Credit Cards can be picked up upon application approval at many branch locations.
Whether you choose to take one of these suggestions or incorporate all of them into your back-to-school shopping, it will be a great step towards smarter spending and saving, and your overall financial wellness. After you finish your back-to-school shopping, you can decide what to do with the money you’ve saved. APCO Employees Credit Union is proud to offer a highly competitive savings rate on Share (Savings) Accounts as well as interest-paid Checking Accounts, both which could offer you a good option for your new-found savings. If you have children, this might be a great time to open an account for them and get them started on a path to financial wellness too. Call us or stop by your local branch for more details.
Keep in mind that back-to-school preparation lends itself to some great and simple teachable moments. Not sure where to start? In your back-to-school preparations, take the opportunity to teach your child some valuable lessons on budgeting and finances as you prepare and shop. Letting them see you work through these steps to inventory, create your list and budget, compare options and retailers allows them to learn and model similar financial behaviors as they are older and begin using money themselves.
Money is a sensitive subject and talking about it, even with those closest to you, can almost seem challenging at times. However, it’s important to discuss money management and financial goals as a family. For more tips on involving your family in financial planning, check out our blog post Talking About Finances as a Family.
The costs of the back-to-school season add up quickly, but with some careful planning, you can prepare your finances for back-to-school season without breaking the bank. Read on to see our tips to help you tackle back-to-school shopping with confidence.
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