It’s that time of year again, and students are gearing up to return to school! While a new school year can be an exciting time for both students and parents, it can also be a stressful and expensive season. According to a survey by Communities in Schools, average back-to-school costs exceed $1,000 per student.
Don’t be stressed—take some time to budget and prepare for this year’s school supply shopping season! American 1 Credit Union has your back with a few tips to lighten the load.
Review the school supply list.
Most schools will provide a recommended list of school supplies. Get your students’ lists early to plan accordingly!
Create a budget.
Take some time to make a budget. Look at the entire school year and extracurriculars to ensure a comprehensive budget is developed to cover all the expenses that occur over the year. Get your kids involved in determining how much to spend on various items to foster valuable money management skills.
Take inventory.
There are likely leftover or reusable school supplies from previous school years around the house. Figure out what you already have. The best way to save money may be to avoid spending altogether, so check around the house before shopping.
Shop and sell secondhand.
Take any outgrown or no longer needed, gently used items to local consignment shops to sell. This could provide you with money toward this year’s purchases! Consider also looking around consignment shops for affordable, gently used school supplies and clothing.
Shop after school starts.
Skip the August shopping rush by having the kids use what they already have for the first few weeks of school. Waiting to shop will allow you to see if additional supplies are necessary. You can also take advantage of Labor Day sales and back-to-school clearance deals!
Look for bargains, use coupons, and leverage student discounts.
Retailers often have in-store-only promotions. Check your mailbox for weekly coupons and online for printable or downloadable coupons. Use student discounts whenever possible, especially when purchasing expensive items (computers, tablets, printers, etc.).
For a helpful student discount guide, visit www.teachthought.com/education/organizations-that-offer-student-discounts/
A personal loan could help.
If you are low on funds and need a little help to get your kids the items they need for the school year, a personal loan could be the solution. Click here to learn more about a personal loan.
Plus, when you have an American 1 Rewards Credit Card, rewards points can be redeemed for everything from gas discounts and gift cards to airfare and air fryers. Click here to learn more about a rewards credit card.
Visit any American 1 Credit Union branch to talk to a lending expert about your options.
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