As the back-to-school season approaches, it's time for students and parents to prepare for another exciting year ahead. While this time can bring joy and anticipation, it can also lead to stress and financial strain. To help during this busy time, we've compiled some practical tips to save money and manage your budget effectively:

1. Check the School Supply List

Most schools provide a recommended list of supplies. Get this list early to assess what items they already have and what still needs to be purchased. This proactive approach can help reduce unnecessary spending.

2. Develop a Budget

Once the school supply needs are clear, it’s time to create a budget. This should include not only school supplies but also seasonal clothing, backpacks, lunch boxes, electronics, and any special equipment for extracurricular activities. Involve your children in this budgeting process, teaching them valuable lessons about managing money and understanding the difference between wants and needs.

3. Take Inventory

Before shopping, check for leftover or reusable supplies from previous years. Assessing what is still usable can prevent unnecessary purchases and help them save money. Determine which items can be donated, sold, or discarded.

4. Shop and Sell Secondhand

Sell gently used items that your children have outgrown at local consignment stores. The money earned can then be used for this year's school purchases. Also, you can explore consignment shops for affordable secondhand school supplies and clothing. For older students, purchasing used textbooks can also lead to significant savings.

5. Delay Non-Essential Shopping

Hold off on shopping for a few weeks after school starts. This allows kids to use what they already have and gives them time to observe current trends before making additional purchases. Waiting can also lead to savings during Labor Day sales and clearance events.

6. Look for Discounts and Coupons

Seek out local promotions and check your mailbox for coupons. Whether shopping online or in-store, buying in bulk can yield additional savings. Take advantage of student discounts, especially on larger purchases like computers and tablets.

7. Utilize Sales Tax Holidays

Many states offer sales tax holidays during the back-to-school shopping season. Take advantage of these events to save on state and local taxes, which can be as high as 10% in some areas.

8. BONUS TIP: Support Local Businesses

Connect with local retailers and small businesses for back-to-school promotions. By shopping locally, you can discover unique deals while supporting your community. 

 

At i-bank, we’re committed to supporting our customers in achieving their financial goals, especially during this busy time of year. Here's to a successful and budget-friendly school year ahead!