Ways To Save Money During Back To School Season

Tackle Your School Supply List

One of the most effective ways to save money during the back-to-school season is through smart shopping. Start by making a comprehensive list of all the supplies your child will need. This will help you stay focused and avoid buying unnecessary items. Plan ahead of time with your child where they can make decisions with you such as picking out the color of their folders. Hopefully this will keep them from the lure of unnecessary items. The millennials know the trap with the lure of the Lisa Frank trapper keeper, am I right?

Look for stores that offer price matching and consider buying generic brands, which are often just as good as name brands. Additionally, buying in bulk can save you money in the long run, especially for items like notebooks and pens that your child will need throughout the year. You might consider buying in bulk and donating any extra supplies to your child's classroom. Teachers really appreciate supply donations that can be used by all of the students throughout the year.

Budgeting for the Entire School Year

Planning ahead is crucial when it comes to saving money and we all know the kids usually need more than what's on the supply list we get from the school. Begin by setting a budget for the entire school year, not just for the back-to-school season. This will help you allocate funds for future expenses such as school pictures, fundraisers, field trips, sports equipment, extracurricular activities, and the science project that you learn about the night before it's due.

Use a spreadsheet or a budgeting app to track your expenses and stick to your budget. By planning ahead, you can avoid last-minute purchases that can add up quickly and strain your finances.

Timing Your Purchases

Timing your purchases can make a big difference in how much you spend. Take advantage of back-to-school sales, tax-free weekends, and clearance events to get the best deals on school supplies and clothing.

Sign up for store newsletters and follow them on social media to stay informed about upcoming sales and exclusive discounts. Also, consider using cashback apps and loyalty programs to get additional savings.

A Lesson Beyond the Classroom

Teaching your child about financial literacy is a lesson that goes beyond the classroom. Use the back-to-school season as an opportunity to discuss important financial concepts such as budgeting, saving, and spending wisely. Have them work with you to make a budget and supply list. This will give them an understanding of the cost of their items and, hopefully, it will encourage them to take care of their supplies when they know how much it costs to replace them. It can also serve as a lesson that needs come before wants and when you have to replace something you need, it is often at the expense of something you want. 

Involve your child in the shopping process and explain the importance of comparing prices and making informed decisions. By instilling these values early on, you are setting them up for a financially responsible future.

Incentivize Good Grades

Opening a Youth Savings Account at Osgood Bank for your child is a great way to teach them the value of saving money. Not only will they learn important financial skills, but they can also earn rewards for their good grades at the end of the school year.

Encourage your child to set aside a portion of their allowance or any gift money they receive into their savings account. This will help them develop good saving habits that will benefit them in the long run.

Osgood Bank offers a great Learning Center on our website where adults and children can receive a great deal of information on budgeting and financial literacy. I encourage you to review some of the courses with your child to show them how important a financial plan is. 

Finally, if your child's classroom isn't teaching financial literacy, encourage their teachers to take advantage of our Banzai! program. Osgood Bank sponsors several area schools and the curriculum meets the Ohio Financial Literacy requirements. Homeschooling? You can also use our courses for free!