35.6 F
Indianapolis
Tuesday, February 11, 2025

Back-to-school budgeting: Tips for spending and saving

More by this author

In preparation for back-to-school time, the Indianapolis Recorder reached out to Catrina Tate, vice president of Retail at Everwise Credit Union, for some tips on managing expenses.

Recorder: What are some of the biggest back-to-school spending challenges families in Indianapolis face?

Tate: Families have a lot on their plate when it comes to back-to-school expenses. Of course, thereā€™s the rising cost of school supplies and clothes. Plus, you have extra expenses like technology needs, transportation, extracurricular activities, and lunch money. Budgeting carefully and tapping into community resources can really help.

While rising costs are an added stressor for families, the elimination of fees for curricular materials in Indiana helps alleviate some of the pressure. This means that families no longer need to budget for things like textbooks, reading books, and technology and software to access materials online, which can greatly ease financial strain.

Recorder: What are some ways families can take advantage of sales and discounts without falling into the trap of unnecessary purchases?

Tate: It pays to do your homework. Setting a budget and prioritizing essentials helps keep spending in check. Comparing prices across stores and using coupons and loyalty programs adds extra savings. You can also group up with other families and purchase items in bulk to be more cost-effective.  Oftentimes, there are supplies that were not used to their full extent and can be reused this year.

Recorder: Can you elaborate on the tips & money management strategies Everwise Credit Union recommends for back-to-school shopping to ease these burdens and avoid overspending?

Tate: Having a plan before you start is key. Setting a clear budget and sticking to just the essentials will help avoid impulse buys and overspending. Be sure to price compare, make a list and involve your child. Try to avoid paying for supplies with credit cards as the interest on these purchases can add up and you end up paying more for them in the long run.

Recorder: Beyond financial strategies, does Everwise offer any additional resources or programs to help Indianapolis families navigate the back-to-school season?

Tate: We have Financial Planning & Education resources and online tools to help with budgeting and financial planning, empowering families to prepare effectively for back-to-school costs.

Plus, Everwise members earn a .50% cash back rebate on non-PIN purchases when they use their Everwise Debit MastercardĀ®. These reward dollars can be saved all year, and then used to purchase essential supplies during the back-to-school season. With Everwise Mobile & Online Banking, families can conveniently monitor their spending activity, track their rebate progress, and decide when to cash out their rewards, making financial management simpler and more efficient.

Recorder: What are some long-term financial habits that families can adopt to ease the burden of seasonal expenses like back-to-school shopping?

Tate: Families should be tracking expenses and income every month to create a budget. Once you know how much money is coming in and going out each month, you can start saving money. We recommend an emergency fund with 3-6 months of living expenses. You can also set seasonal savings goals for expenses like back-to-school, Christmas shopping, vacations, etc. Shopping year-round and avoiding debt by paying with cash or savings can also reduce financial strain. Finally, regularly reviewing and adjusting financial plans based on changes in income or expenses will help ease the burden.

Recorder: How can parents involve their children in the budgeting and spending process to teach them about money management?

Tate: Just discussing money with children is an important milestone that will create excitement about gaining ā€œbig kidā€ responsibilities. Involve them in the family budget, including planning for specific expenses like back-to-school shopping or vacations. Explain the consequences of financial decisions and needs vs. wants. Let them weigh in on decisions like getting a new backpack or the more expensive shoes. Modeling good financial behavior, such as budgeting and thoughtful spending, also provides practical lessons that children can carry into their own lives.

- Advertisement -

Upcoming Online Townhalls

- Advertisement -

Subscribe to our newsletter

To be updated with all the latest local news.

Stay connected

1FansLike
1FollowersFollow
1FollowersFollow
1SubscribersSubscribe

Related articles

Popular articles

EspaƱol + Translate Ā»
Skip to content