How to save this back-to-school season

As the warm summer months wind down and back-to-school commercials start to pop up, it's a clear sign that the first day of school is just around the corner. Between lengthy supply lists, kids who have outgrown last year's clothes and the added costs of extracurricular activities, it's easy to feel overwhelmed. But don't stress, we've got your back. With a few simple tips, you can stay on budget and start the school year feeling secure in your finances.

1. Prioritze the essentials - Start by reading over your child's supply list and highlighting the required items. Make these your top priority. Focusing on the essentials first helps to prevent overspending on impulse purchases. Keep the list with you as you're shopping and track your spending as you go. Not only will this help you stay on budget, but it can also serve as a baseline for setting a savings goal for next year's shopping trip.
2. Search for deals - Back-to-school sales are everywhere this time of year - take full advantage! Look for student discounts and compare prices across retailers both in-store and online. Doing your research can really help you make the most of your money. You dont' need to buy everything in one trip. Pacing your purchases can help you spot better deals over time.
3. Establish a savings strategy - Consider setting up automatic transfers to a Savings Account. This can help you prepare for ongoing school-related expenses like lunches, field trips and extracurricular activities. Saving regularly also gives you a head start for the next year and can even grow into a college fund. Choose an amount that fits your monthly budget, and let it grow over time.
4. Reduce, reuse and recycle - Electronics for school can be pricey, but you don't always have to buy new. Refurbished or secondhand items often come at a fraction of the cost and can save you hundreds of dollars. Additionally, before you shop, take a quick inventory at home. You might be surprised how many supplies from previous school years like unused notebooks, binders and pencils are still in good condition and ready to use.

This back-to-school season is also a great time to introduce your children to the importance of budgeting. Try giving them a small allowance and let them decide how to spend it on their school supplies. It's a fun, hands-on way to introduce financial responsibility, plus it helps them start developing smart money habits early on. The sooner they begin learning about financial wellness, the better prepared they'll be for the future.

At Abound, we understand the value of education and want to help you stay equipped with the tools you need to save smart and have a successful school year.