55_Money-Saving-Ideas-For-Back-to-School

4 Money Saving Ideas for the School Year

Back-to-school season is one of the most expensive times of the year. There are books to buy and tuition to pay. And If you have little ones, back-to-school clothes, backpacks, computers, fees, and supplies don’t come cheap. But with this impending demand for your dollars, there are a few tricks to save money. Here are 4 money saving ideas for going back to school.

1. Make a Spending Plan

The cost of going back to school is on the rise. In fact, as much as 60% of parents struggle to afford back-to-school supplies. According to a recent study, the average cost of going back to school for elementary school students is $662 per student. And those costs only increase as kids get older. The average cost of sending a middle schooler back to school coming in at just over $1,000 per student and the average cost of sending a high schooler to school coming in at a whopping $1,489. Still, there are ways parents can spend less. And the best place to start is by making a back-to-school spending plan. List everything that you’ll need to buy, create a budget, and try to stick to your plan as best you can.

2. Use a Credit Card Wisely

If you’re currently a little short on cash thanks to all those summer vacations, having a credit card that can pay you back in savings and rewards can be a big help. Find a credit card that fits your lifestyle and gives you extra money-savings perks, like cell phone protection and rewards points that you can redeem for back-to-school shopping gift certificates. When used correctly, a credit card can be a great way to get your shopping done quickly and conveniently. Just remember as a rule of thumb, it’s good to keep your credit card balance below 30% of your credit limit and pay it off before it accrues too much interest.

3. Prioritize Your Purchases

An important part of back-to-school shopping is finding good deals. But it’s also important to prioritize your search for sales. You’ll likely find inexpensive everyday items like pens, pencils, folders, etc. at just about any big box store. But if you or your family has to buy something a little pricier, like a computer, tablet, or phone, you should focus your money-saving efforts there. Starting now, keep an eye out for sales on the expensive stuff you need to buy. Look online, pop by stores, and talk to friends. With a few weeks’ head start, you’re bound to find a good deal for your big-ticket purchases.

4. Open a Checking Account

One great way to save money this back-to-school season is to open up a checking account that fits your lifestyle. With the right checking account, you can earn dividends and/or rewards, and save time and money with on-the-go mobile banking features like mobile deposit and direct deposit. Plus, with all the money you’re spending to go back to school, forgiving overdraft protection can help you shop worry-free. Not all checking accounts are created equal. So, if you’re still taking a one-size-fits-all approach to your checking account, consider finding one that fits your family’s unique needs and makes your back-to-school season a little less stressful.

Yes, going back to school is expensive, but it doesn’t have to break the bank. Create a budget, prioritize your purchases, and use a credit card and checking account that reward you for your purchases to make this back-to-school season a breeze.

News & Events
Oct 11, 2018 / Local Utah

There’s a lot to think about when deciding where to put your money. But if local ownership, personalized service and attention, and commitment to community are important to you, there’s a good chance you’ll want to consider a credit union. But which one? With so many Utah credit...

Oct 03, 2018 / Money Tips

Life is all about compromise. A concession here and a settlement there; you meet in the middle and move forward with a decision. You might not get everything you want, but you’re happy with the end result because that’s how life works, right? The ability to compromise is a strength,...

Sep 26, 2018 / Money Tips

We’ve all been there before – that moment at the checkout counter when you swipe your card with one hand and cross your fingers with the other, hoping that you have enough funds to cover the purchase. If you don’t have overdraft protection, the transaction could get declined. And...

Corporate
200 E South Temple
Salt Lake City, Utah 84111
800-234-0729
Monday - Friday: 9:00 am - 5:30 pm
View In Google Maps
Routing & Transit Number: 324079500
NMLS # 446035

Utah First Federal Credit Union is federally insured
by the National Credit Union Administration.