It feels like that back-to-school day comes earlier and earlier each year – most likely because in many places, it does. One minute you’re on a family vacation across the country, and the next, you’re stocking up on new clothes and backpacks. According to the National Retail Federation’s 2017 survey, parents will spend about $670 just getting one child ready to go back to school.
So how can parents send their kids into the next grade and not just avoid breaking the bank, but saving money in the process? It’s possible.
- When it comes to anything from new backpacks to lunch box items, big-box stores like Costco or Sam’s Club are a great start. Stocking up on nonperishable snacks, such as granola bars, cereal or dried fruit, can go a long way when it comes to lunch planning. You can also save money on backpacks and lunch boxes at stores like this, especially if you know your child wears through backpacks quickly.
- Prior to the start of the school year, talk to your child’s teacher(s) or school administrators about anything in the upcoming year that may cost money. Whether it’s a field trip, a new extracurricular activity, or a class vacation, knowing ahead of time about anything that will cost more than the norm can help with saving money. Opening a Polam FCU Vantage savings account is a great start in planning for these events, with no monthly or annual fees.
- Don’t buy an entire wardrobe at the beginning of the year. Even if your child is in high school, as a parent, you still have to plan around growth and growing pains. Rather than spending a lot of money in August to outfit your child for an entire year, start slow and get the essentials, and plan around your kid’s growth as well as how active they are. If you know your child wears through clothes and/or shoes at a rapid pace, look for deals on quality brands and keep a strong eye on clearance or liquidation sales.
Our team at Polam FCU can get you on the right track when it comes to saving throughout the year for your child, whether it’s with our Vantage savings and checking accounts, or our Visa credit and debit cards. Sending your child off to school for a new year will always have its scary moments – but finances and savings shouldn’t be one of them.